Sandisk (NASDAQ:SNDK) Shares Up 6% – Here’s Why

Shares of Sandisk Corporation (NASDAQ:SNDK) rose 6% on Wednesday . The company traded as high as $607.48 and last traded at $599.06. Approximately 15,452,571 shares were traded during trading, a decline of 22% from the average daily volume of 19,910,666 shares. The stock had previously closed at $565.41.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Jefferies Financial Group increased their price objective on shares of Sandisk from $600.00 to $700.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Benchmark upped their price target on shares of Sandisk from $260.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, January 15th. Wedbush raised their price objective on Sandisk from $600.00 to $740.00 and gave the company an “outperform” rating in a research report on Friday, January 30th. Zacks Research upgraded Sandisk from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 20th. Finally, The Goldman Sachs Group upped their target price on Sandisk from $320.00 to $700.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $542.85.

Sandisk Stock Down 6.8%

The stock has a market capitalization of $77.83 billion and a P/E ratio of -69.48. The company has a current ratio of 3.11, a quick ratio of 1.92 and a debt-to-equity ratio of 0.06. The stock’s 50 day simple moving average is $497.35 and its 200 day simple moving average is $274.02.

Sandisk (NASDAQ:SNDK) last released 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. The company had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $2.67 billion. Sandisk had a negative net margin of 11.66% and a positive return on equity of 10.11%. The business’s revenue was up 61.2% compared to the same quarter last year.

Insider Buying and Selling at Sandisk

In other news, Director Miyuki Suzuki sold 3,500 shares of the firm’s stock in a transaction dated 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 transaction, the director directly owned 9,907 shares in the company, valued at approximately $6,216,939.71. This trade represents a 26.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On Sandisk

Several large investors have recently bought and sold shares of SNDK. Greenline Wealth Management LLC bought a new position in shares of Sandisk in the fourth quarter valued at approximately $26,000. Whittier Trust Co. bought a new position in Sandisk during the 4th quarter valued at $26,000. Chung Wu Investment Group LLC acquired a new position in shares of Sandisk during the 4th quarter valued at $27,000. Westfuller Advisors LLC raised its stake in shares of Sandisk by 51.8% in the 4th quarter. Westfuller Advisors LLC now owns 126 shares of the data storage provider’s stock worth $30,000 after buying an additional 43 shares in the last quarter. Finally, TD Private Client Wealth LLC lifted its holdings in shares of Sandisk by 137.9% in the fourth quarter. TD Private Client Wealth LLC now owns 138 shares of the data storage provider’s stock valued at $33,000 after buying an additional 80 shares during the period.

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.