Sandisk (NASDAQ:SNDK) Trading Up 4.6% – Here’s Why

Sandisk Corporation (NASDAQ:SNDK) traded up 4.6% on Friday . The stock traded as high as $650.29 and last traded at $649.97. 16,823,926 shares changed hands during mid-day trading, a decline of 15% from the average session volume of 19,794,645 shares. The stock had previously closed at $621.09.

Analyst Upgrades and Downgrades

SNDK has been the subject of several recent research reports. Raymond James Financial raised Sandisk from a “market perform” rating to an “outperform” rating and set a $725.00 price objective for the company in a research note on Friday, January 30th. Fox Advisors upgraded shares of Sandisk from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 7th. Jefferies Financial Group upped their price objective on shares of Sandisk from $600.00 to $700.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Wall Street Zen raised shares of Sandisk from a “buy” rating to a “strong-buy” rating in a research note on Saturday, January 31st. Finally, Wells Fargo & Company boosted their target price on Sandisk from $230.00 to $380.00 and gave the stock an “equal weight” rating in a report on Thursday, January 15th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $542.85.

Sandisk Stock Up 4.6%

The stock has a market capitalization of $95.94 billion and a price-to-earnings ratio of -85.64. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.11 and a quick ratio of 1.92. The business has a fifty day moving average of $427.09 and a 200 day moving average of $238.06.

Sandisk (NASDAQ:SNDK) last posted its earnings results on Thursday, January 29th. The data storage provider reported $6.20 EPS for the quarter, beating analysts’ consensus estimates of $3.31 by $2.89. The company had revenue of $3.03 billion for the quarter, compared to the consensus estimate of $2.67 billion. Sandisk had a positive return on equity of 10.11% and a negative net margin of 11.66%.The company’s quarterly revenue was up 61.2% compared to the same quarter last year.

Insider Buying and Selling

In other Sandisk news, Director Necip Sayiner sold 1,271 shares of the stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $195.14, for a total transaction of $248,022.94. Following the completion of the transaction, the director owned 3,479 shares of the company’s stock, valued at $678,892.06. This trade represents a 26.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.21% of the stock is owned by insiders.

Hedge Funds Weigh In On Sandisk

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. purchased a new stake in Sandisk in the third quarter valued at approximately $1,970,388,000. State Street Corp acquired a new stake in Sandisk in the 3rd quarter valued at about $491,053,000. Arrowstreet Capital Limited Partnership purchased a new position in Sandisk in the third quarter worth approximately $297,293,000. Norges Bank acquired a new stake in Sandisk in the fourth quarter valued at $518,889,000. Finally, Bank of America Corp DE acquired a new stake in shares of Sandisk during the 3rd quarter worth about $190,425,000.

Sandisk Company Profile

SanDisk Corporation offers flash storage solutions. The Company designs, develops and manufactures data storage solutions in a range of form factors using flash memory, controller, firmware and software technologies. The Company operates through flash memory storage products segment. Its solutions include a range of solid state drives (SSD), embedded products, removable cards, universal serial bus (USB), drives, wireless media drives, digital media players, and wafers and components. It offers SSDs for client computing applications, which encompass desktop computers, notebook computers, tablets and other computing devices.