Shares of Smart Global Holdings Inc (NYSE:SGH) fell 6.1% on Friday . The stock traded as low as $21.26 and last traded at $21.56. 2,261,915 shares traded hands during trading, an increase of 1,315% from the average session volume of 159,858 shares. The stock had previously closed at $22.95.

Several brokerages have recently weighed in on SGH. Zacks Investment Research downgraded Smart Global Holdings from a “buy” rating to a “hold” rating in a research note on Tuesday, August 22nd. Roth Capital restated a “buy” rating and set a $30.00 target price (up from $24.00) on shares of Smart Global Holdings in a research note on Friday, September 8th. Barclays PLC began coverage on Smart Global Holdings in a research note on Monday, June 19th. They set an “overweight” rating and a $19.00 target price for the company. Jefferies Group LLC began coverage on Smart Global Holdings in a research note on Monday, June 19th. They set a “buy” rating and a $21.00 target price for the company. Finally, Deutsche Bank AG restated a “buy” rating and set a $25.00 target price (up from $20.00) on shares of Smart Global Holdings in a research note on Thursday. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $24.00.

The firm’s 50 day moving average is $19.60 and its 200 day moving average is $17.21. The firm has a market capitalization of $467.36 million and a P/E ratio of 308.00.

Smart Global Holdings (NYSE:SGH) last released its earnings results on Thursday, June 22nd. The company reported $0.54 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.01). The firm had revenue of $206.97 million for the quarter, compared to analyst estimates of $202.87 million. Smart Global Holdings had a return on equity of 132.75% and a net margin of 3.84%. Smart Global Holdings’s revenue for the quarter was up 38.3% on a year-over-year basis. Analysts predict that Smart Global Holdings Inc will post $1.63 EPS for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the business. Stifel Financial Corp acquired a new position in Smart Global Holdings during the 2nd quarter worth $169,000. Spark Investment Management LLC acquired a new position in shares of Smart Global Holdings during the second quarter valued at about $184,000. Laurion Capital Management LP acquired a new position in shares of Smart Global Holdings during the second quarter valued at about $324,000. Goldman Sachs Group Inc. acquired a new position in shares of Smart Global Holdings during the second quarter valued at about $429,000. Finally, Symphony Asset Management LLC acquired a new position in shares of Smart Global Holdings during the second quarter valued at about $1,286,000.

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About Smart Global Holdings

Smart Global Holdings Inc is a holding company. The Company through its subsidiaries provides specialty memory solutions. The Company manufactures memory for desktops, notebooks, servers and mobile memory for smartphones. The Company also serves original equipment manufacturer (OEM), customers to develop memory solutions.

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