Sandisk (NASDAQ:SNDK) Stock Price Up 2.4% – What’s Next?

Sandisk Corporation (NASDAQ:SNDK) traded up 2.4% on Tuesday . The company traded as high as $721.37 and last traded at $720.17. 14,392,200 shares changed hands during trading, a decline of 26% from the average session volume of 19,451,102 shares. The stock had previously closed at $703.63.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. China Renaissance initiated coverage on Sandisk in a research report on Friday, December 5th. They issued a “buy” rating and a $322.00 price objective for the company. UBS Group set a $1,000.00 price objective on shares of Sandisk in a research report on Monday, February 2nd. Zacks Research upgraded shares of Sandisk from a “hold” rating to a “strong-buy” rating in a report on Friday, February 20th. JPMorgan Chase & Co. began coverage on shares of Sandisk in a research report on Monday, December 8th. They issued a “neutral” rating and a $235.00 price objective on the stock. Finally, Mizuho set a $600.00 target price on shares of Sandisk in a research note on Tuesday, January 27th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $542.85.

Sandisk Price Performance

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 moving average of $549.66 and a 200-day moving average of $305.78. The firm has a market capitalization of $106.30 billion and a P/E ratio of -94.88.

Sandisk (NASDAQ:SNDK) last released its quarterly earnings results on Thursday, January 29th. The data storage provider reported $6.20 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $3.03 billion for the quarter, compared to analyst estimates of $2.67 billion. Sandisk’s quarterly revenue was up 61.2% on a year-over-year basis.

Insider Buying and Selling at Sandisk

In other news, Director Miyuki Suzuki sold 3,500 shares of Sandisk stock in a transaction that occurred on 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 completion of the sale, the director directly owned 9,907 shares in the company, valued at approximately $6,216,939.71. The trade was a 26.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.21% of the company’s stock.

Institutional Trading of Sandisk

A number of institutional investors and hedge funds have recently made changes to their positions in SNDK. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Sandisk during the 3rd quarter worth $1,136,000. New York State Teachers Retirement System bought a new position in Sandisk in the third quarter valued at about $13,546,000. Sage Rhino Capital LLC acquired a new position in Sandisk during the third quarter worth about $587,000. Y Intercept Hong Kong Ltd acquired a new position in Sandisk during the third quarter worth about $7,046,000. Finally, Sumitomo Mitsui Trust Group Inc. bought a new position in shares of Sandisk in the third quarter worth about $514,000.

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.