Sandisk (NASDAQ:SNDK) Trading Up 2.5% – Time to Buy?

Shares of Sandisk Corporation (NASDAQ:SNDK) shot up 2.5% during trading on Monday . The company traded as high as $691.54 and last traded at $666.49. 18,428,444 shares changed hands during mid-day trading, a decline of 7% from the average session volume of 19,764,855 shares. The stock had previously closed at $649.97.

Wall Street Analysts Forecast Growth

SNDK has been the topic of a number of research analyst reports. UBS Group set a $1,000.00 price objective on shares of Sandisk in a research report on Monday, February 2nd. The Goldman Sachs Group increased their price target on shares of Sandisk from $320.00 to $700.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Wedbush raised their price objective on shares of Sandisk from $600.00 to $740.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. Barclays upped their target price on Sandisk from $385.00 to $750.00 and gave the stock an “equal weight” rating in a report on Monday, February 2nd. Finally, Royal Bank Of Canada reissued a “sector perform” rating and issued a $650.00 target price on shares of Sandisk in a research report on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $542.85.

Sandisk Price Performance

The firm has a fifty day moving average price of $436.39 and a two-hundred day moving average price of $245.22. 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 stock has a market capitalization of $98.37 billion and a P/E ratio of -87.81.

Sandisk (NASDAQ:SNDK) last announced its quarterly 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. The company had revenue of $3.03 billion for the quarter, compared to analysts’ expectations of $2.67 billion. Sandisk had a negative net margin of 11.66% and a positive return on equity of 10.11%. The company’s revenue was up 61.2% on a year-over-year basis.

Insider Activity at Sandisk

In other news, Director Necip Sayiner sold 1,271 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $195.14, for a total transaction 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.21% of the stock is currently owned by insiders.

Institutional Trading of Sandisk

Institutional investors have recently added to or reduced their stakes in the business. Kera Capital Partners Inc. bought a new stake in shares of Sandisk in the 4th quarter worth $219,000. Compound Planning Inc. purchased a new stake in shares of Sandisk during the fourth quarter valued at $452,000. Invesco Ltd. boosted its position in shares of Sandisk by 88.9% during the fourth quarter. Invesco Ltd. now owns 1,326,405 shares of the data storage provider’s stock valued at $314,862,000 after buying an additional 624,348 shares during the last quarter. Corient Private Wealth LLC increased its holdings in Sandisk by 0.6% in the 4th quarter. Corient Private Wealth LLC now owns 10,902 shares of the data storage provider’s stock worth $2,363,000 after buying an additional 68 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its position in Sandisk by 2.5% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 18,973 shares of the data storage provider’s stock worth $4,504,000 after buying an additional 468 shares during the last quarter.

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.