Sandisk (NASDAQ:SNDK) Trading 3.4% Higher – Here’s What Happened

Sandisk Corporation (NASDAQ:SNDK)’s share price traded up 3.4% during mid-day trading on Thursday . The company traded as high as $634.48 and last traded at $621.09. 19,480,054 shares were traded during trading, a decline of 2% from the average session volume of 19,880,475 shares. The stock had previously closed at $600.40.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on SNDK shares. Susquehanna boosted their price target on shares of Sandisk from $250.00 to $300.00 and gave the company a “positive” rating in a research report on Monday, December 8th. Morgan Stanley set a $690.00 target price on shares of Sandisk in a research note on Friday, January 30th. China Renaissance initiated coverage on Sandisk in a report on Friday, December 5th. They issued a “buy” rating and a $322.00 target price on the stock. Benchmark raised their price target on Sandisk from $260.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, January 15th. Finally, Raymond James Financial upgraded Sandisk from a “market perform” rating to an “outperform” rating and set a $725.00 price objective for the company in a research report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $542.85.

Sandisk Stock Up 4.6%

The firm has a 50 day moving average price of $427.09 and a 200-day moving average price of $238.06. The firm has a market cap 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.

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

Insiders Place Their Bets

In other Sandisk news, Director Necip Sayiner sold 1,271 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $195.14, for a total value of $248,022.94. Following the transaction, the director directly owned 3,479 shares of the company’s stock, valued at approximately $678,892.06. This trade represents a 26.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.21% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sandisk

Hedge funds have recently added to or reduced their stakes in the stock. Blair William & Co. IL raised its holdings in shares of Sandisk by 0.3% during the fourth quarter. Blair William & Co. IL now owns 5,287 shares of the data storage provider’s stock worth $1,255,000 after acquiring an additional 17 shares during the period. Larson Financial Group LLC raised its holdings in shares of Sandisk by 20.2% in the fourth quarter. Larson Financial Group LLC now owns 220 shares of the data storage provider’s stock valued at $52,000 after purchasing an additional 37 shares during the last quarter. Composition Wealth LLC lifted its position in shares of Sandisk by 0.4% in the fourth quarter. Composition Wealth LLC now owns 10,299 shares of the data storage provider’s stock worth $2,445,000 after purchasing an additional 41 shares in the last quarter. Westfuller Advisors LLC grew its position in Sandisk by 51.8% in the fourth quarter. Westfuller Advisors LLC now owns 126 shares of the data storage provider’s stock valued at $30,000 after purchasing an additional 43 shares in the last quarter. Finally, Parkside Financial Bank & Trust lifted its position in Sandisk by 4.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,099 shares of the data storage provider’s stock worth $261,000 after buying an additional 46 shares in the last quarter.

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.