Smart Global Holdings (SGH) Gets a Buy Rating from Needham

In a report released today, Rajvindra Gill from Needham assigned a Buy rating to Smart Global Holdings (SGHResearch Report), with a price target of $39.00. The company’s shares closed last Monday at $25.43.

According to TipRanks.com, Gill is a 4-star analyst with an average return of 4.4% and a 56.8% success rate. Gill covers the Technology sector, focusing on stocks such as Sequans Communications S A, Everspin Technologies, and Silicon Laboratories.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Smart Global Holdings with a $36.25 average price target, which is a 34.3% upside from current levels. In a report released yesterday, Rosenblatt Securities also assigned a Buy rating to the stock with a $45.00 price target.

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Based on Smart Global Holdings’ latest earnings release for the quarter ending August 31, the company reported a quarterly revenue of $297 million and net profit of $7.53 million. In comparison, last year the company earned revenue of $278 million and had a net profit of $5.63 million.

Based on the recent corporate insider activity of 26 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.