Victory Capital Management Inc. Buys Shares of 1,072,754 Sandisk Corporation $SNDK

Victory Capital Management Inc. purchased a new stake in Sandisk Corporation (NASDAQ:SNDK) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,072,754 shares of the data storage provider’s stock, valued at approximately $120,363,000. Victory Capital Management Inc. owned about 0.73% of Sandisk at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in SNDK. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Sandisk in the third quarter worth $27,000. CVA Family Office LLC acquired a new stake in shares of Sandisk during the third quarter worth approximately $28,000. Covestor Ltd bought a new stake in shares of Sandisk in the 3rd quarter worth about $37,000. Cromwell Holdings LLC acquired a new stake in Sandisk during the third quarter valued at approximately $39,000. Finally, True Wealth Design LLC bought a new stake in shares of Sandisk in the 3rd quarter valued at approximately $40,000.

Insider Activity

In related news, Director Miyuki Suzuki sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $627.53, for a total value of $2,196,355.00. Following the completion of the transaction, the director owned 9,907 shares in the company, valued at $6,216,939.71. The trade was a 26.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.21% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

SNDK has been the subject of several recent research reports. Sanford C. Bernstein boosted their target price on shares of Sandisk from $300.00 to $580.00 and gave the company an “outperform” rating in a research note on Wednesday, January 14th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $650.00 target price on shares of Sandisk in a report on Friday, January 30th. China Renaissance began coverage on Sandisk in a report on Friday, December 5th. They issued a “buy” rating and a $322.00 price target on the stock. Cantor Fitzgerald raised their target price on Sandisk from $550.00 to $800.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. Finally, Citigroup lifted their price objective on shares of Sandisk from $490.00 to $750.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $542.85.

Sandisk Stock Performance

Shares of SNDK stock opened at $599.06 on Thursday. Sandisk Corporation has a fifty-two week low of $27.89 and a fifty-two week high of $725.00. The stock’s 50-day moving average is $491.04 and its two-hundred day moving average is $271.99. 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 firm has a market cap of $88.42 billion and a P/E ratio of -78.93.

Sandisk (NASDAQ:SNDK) last announced its earnings results on Thursday, January 29th. The data storage provider reported $6.20 earnings per share (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 analysts’ expectations of $2.67 billion. The business’s revenue was up 61.2% compared to the same quarter last year.

Sandisk 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.