Sandisk (NASDAQ:SNDK) Trading 9.9% Higher – Time to Buy?

Sandisk Corporation (NASDAQ:SNDK) shares were up 9.9% on Wednesday . The company traded as high as $807.99 and last traded at $780.90. Approximately 16,761,414 shares changed hands during mid-day trading, a decline of 13% from the average daily volume of 19,358,418 shares. The stock had previously closed at $710.80.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SNDK shares. The Goldman Sachs Group lifted their price objective on Sandisk from $320.00 to $700.00 and gave the company a “buy” rating in a report on Friday, January 30th. Morgan Stanley set a $690.00 price objective on Sandisk in a report on Friday, January 30th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Sandisk in a report on Monday, December 29th. Barclays lifted their price objective on Sandisk from $385.00 to $750.00 and gave the company an “equal weight” rating in a report on Monday, February 2nd. Finally, Bank of America lifted their price objective on Sandisk from $850.00 to $900.00 and gave the company a “buy” rating in a report on Monday, March 23rd. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Sandisk has a consensus rating of “Moderate Buy” and an average price target of $594.48.

Sandisk Price Performance

The company has a 50 day moving average price of $635.53 and a 200 day moving average price of $375.11. The firm has a market cap of $115.26 billion, a PE ratio of -102.89 and a beta of 5.04. The company has a current ratio of 3.11, a quick ratio of 1.92 and a debt-to-equity ratio of 0.06.

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

Insider Activity at Sandisk

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 sale, the director owned 9,907 shares of the company’s stock, valued at $6,216,939.71. The trade was a 26.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.21% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SNDK. Vanguard Group Inc. acquired a new position in shares of Sandisk during the 3rd quarter worth approximately $1,970,388,000. State Street Corp purchased a new position in Sandisk during the third quarter worth $491,053,000. Arrowstreet Capital Limited Partnership purchased a new position in Sandisk during the third quarter worth $297,293,000. Norges Bank purchased a new position in Sandisk during the fourth quarter worth $518,889,000. Finally, Bank of America Corp DE purchased a new position in Sandisk during the third quarter worth $190,425,000.

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.