Vanguard Group Inc. Invests $1.97 Billion in Sandisk Corporation $SNDK

Vanguard Group Inc. acquired a new stake in Sandisk Corporation (NASDAQ:SNDK) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 17,561,392 shares of the data storage provider’s stock, valued at approximately $1,970,388,000. Vanguard Group Inc. owned 0.12% of Sandisk at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Fifth Third Bancorp acquired a new position in shares of Sandisk in the 3rd quarter valued at approximately $208,000. Pallas Capital Advisors LLC bought a new stake in shares of Sandisk during the 3rd quarter worth $819,000. Addison Advisors LLC bought a new position in Sandisk in the third quarter valued at about $45,000. State of New Jersey Common Pension Fund D acquired a new position in Sandisk during the third quarter worth about $5,576,000. Finally, PNC Financial Services Group Inc. acquired a new stake in shares of Sandisk in the 3rd quarter valued at approximately $989,000.

Sandisk Trading Down 0.8%

NASDAQ:SNDK opened at $616.40 on Friday. The company has a market cap of $90.98 billion and a PE ratio of -81.21. 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 company has a 50 day simple moving average of $418.22 and a two-hundred day simple moving average of $233.84. Sandisk Corporation has a 12 month low of $27.89 and a 12 month high of $725.00.

Sandisk (NASDAQ:SNDK) last released its quarterly earnings data on Thursday, January 29th. The data storage provider reported $6.20 EPS for the quarter, beating the consensus estimate of $3.31 by $2.89. The business 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 for the quarter was up 61.2% compared to the same quarter last year.

Insider Buying and Selling at Sandisk

In other news, Director Necip Sayiner sold 1,271 shares of the firm’s stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $195.14, for a total value of $248,022.94. Following the completion of the sale, the director owned 3,479 shares in the company, valued at approximately $678,892.06. This trade represents a 26.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.21% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on SNDK shares. Raymond James Financial upgraded shares of Sandisk from a “market perform” rating to an “outperform” rating and set a $725.00 price objective on the stock in a report on Friday, January 30th. Barclays increased their price target on Sandisk from $385.00 to $750.00 and gave the stock an “equal weight” rating in a research note on Monday, February 2nd. The Goldman Sachs Group upped their price objective on shares of Sandisk from $320.00 to $700.00 and gave the company a “buy” rating in a report on Friday, January 30th. Cantor Fitzgerald upped their price target on shares of Sandisk from $550.00 to $800.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. Finally, Jefferies Financial Group raised their price target on Sandisk from $600.00 to $700.00 and gave the company a “buy” rating in a report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $542.85.

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.