Needham Believes Smart Global Holdings (NASDAQ: SGH) Still Has Room to Grow

In a report released today, Rajvindra Gill from Needham assigned a Buy rating to Smart Global Holdings (SGHResearch Report), with a price target of $56.00. The company’s shares closed last Wednesday at $37.81, close to its 52-week high of $41.63.

According to TipRanks.com, Gill is a 5-star analyst with an average return of 10.8% and a 64.5% success rate. Gill covers the Technology sector, focusing on stocks such as Sequans Communications S A, Everspin Technologies, and Silicon Laboratories.

Currently, the analyst consensus on Smart Global Holdings is a Strong Buy with an average price target of $53.00, which is a 39.8% upside from current levels. In a report issued on January 4, Deutsche Bank also maintained a Buy rating on the stock with a $44.00 price target.

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Smart Global Holdings’ market cap is currently $975.4M and has a P/E ratio of 3647.00. The company has a Price to Book ratio of 5.61.

Based on the recent corporate insider activity of 35 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SGH in relation to earlier this year.

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SMART Global Holdings, Inc. engages in the design, manufacture, and sale of specialty memory solutions and services to the electronics industry. It deals with the computer, industrial, networking, telecommunications, aerospace, and defense markets. It has a product line that includes DRAM and Flash memory technologies. The company is founded in 1988 and is headquartered in Newark, CA.