IFP Advisors Inc Makes New Investment in Sandisk Corporation $SNDK

IFP Advisors Inc bought a new stake in Sandisk Corporation (NASDAQ:SNDK) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 994 shares of the data storage provider’s stock, valued at approximately $112,000.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. purchased a new position in Sandisk during the third quarter worth approximately $1,970,388,000. State Street Corp acquired a new position in shares of Sandisk during the third quarter worth about $491,053,000. Arrowstreet Capital Limited Partnership purchased a new position in Sandisk in the 3rd quarter worth approximately $297,293,000. Bank of America Corp DE purchased a new position in shares of Sandisk in the third quarter valued at $190,425,000. Finally, AQR Capital Management LLC purchased a new position in Sandisk in the 3rd quarter valued at about $163,057,000.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. KGI Securities assumed coverage on Sandisk in a report on Wednesday, March 18th. They set an “outperform” rating and a $992.00 price objective on the stock. Jefferies Financial Group raised their price objective on shares of Sandisk from $600.00 to $700.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Sanford C. Bernstein boosted their target price on shares of Sandisk from $300.00 to $580.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 14th. Morgan Stanley set a $690.00 target price on shares of Sandisk in a research note on Friday, January 30th. Finally, Cantor Fitzgerald increased their price target on shares of Sandisk from $550.00 to $800.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $594.48.

Insider Activity

In other news, Director Miyuki Suzuki sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $627.53, for a total transaction of $2,196,355.00. Following the completion of the transaction, the director directly owned 9,907 shares in the company, valued at approximately $6,216,939.71. The trade was a 26.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.21% of the company’s stock.

Sandisk Stock Performance

Shares of NASDAQ SNDK opened at $572.50 on Tuesday. The stock has a market capitalization of $84.50 billion and a P/E ratio of -75.43. Sandisk Corporation has a 52-week low of $27.89 and a 52-week high of $777.60. The company has a quick ratio of 1.92, a current ratio of 3.11 and a debt-to-equity ratio of 0.06. The firm’s 50-day moving average price is $609.87 and its two-hundred day moving average price is $349.60.

Sandisk (NASDAQ:SNDK) last issued 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 the consensus estimate of $2.67 billion. Sandisk’s revenue was up 61.2% on a year-over-year basis.

About Sandisk

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.