NewEdge Wealth LLC Invests $1.58 Million in Sandisk Corporation $SNDK

NewEdge Wealth LLC purchased a new position in shares of Sandisk Corporation (NASDAQ:SNDK) during the third quarter, HoldingsChannel.com reports. The institutional investor purchased 14,047 shares of the data storage provider’s stock, valued at approximately $1,576,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SNDK. Vanguard Group Inc. acquired a new stake in Sandisk during the 3rd quarter worth approximately $1,970,388,000. Parnassus Investments LLC purchased a new stake in shares of Sandisk during the third quarter worth approximately $103,815,000. Principal Financial Group Inc. acquired a new stake in shares of Sandisk during the third quarter worth $74,265,000. Public Sector Pension Investment Board purchased a new position in Sandisk in the 3rd quarter valued at $60,415,000. Finally, GF Fund Management CO. LTD. purchased a new position in Sandisk in the 3rd quarter valued at $45,206,000.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Sanford C. Bernstein upped their price objective 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. Zacks Research lowered shares of Sandisk from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 22nd. Susquehanna increased their price target on shares of Sandisk from $250.00 to $300.00 and gave the stock a “positive” rating in a report on Monday, December 8th. Fox Advisors upgraded shares of Sandisk from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 7th. Finally, China Renaissance assumed coverage on Sandisk in a research report on Friday, December 5th. They set a “buy” rating and a $322.00 target price on the stock. One 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 given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $542.85.

Insider Activity at Sandisk

In related news, Director Necip Sayiner sold 1,271 shares of the company’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $195.14, for a total value of $248,022.94. Following the sale, the director owned 3,479 shares in the company, valued at $678,892.06. This represents a 26.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.21% of the stock is owned by company insiders.

Sandisk Stock Performance

Shares of SNDK opened at $649.97 on Friday. The company has a quick ratio of 1.92, a current ratio of 3.11 and a debt-to-equity ratio of 0.06. Sandisk Corporation has a 52-week low of $27.89 and a 52-week high of $725.00. The company has a 50-day simple moving average of $427.09 and a 200-day simple moving average of $239.43. The company has a market capitalization of $95.94 billion and a PE ratio of -85.64.

Sandisk (NASDAQ:SNDK) last issued its earnings results on Thursday, January 29th. The data storage provider reported $6.20 earnings per share for the quarter, topping the consensus estimate of $3.31 by $2.89. Sandisk had a negative net margin of 11.66% and a positive return on equity of 10.11%. The company had revenue of $3.03 billion for the quarter, compared to analyst estimates of $2.67 billion. Sandisk’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.