Sandisk (NASDAQ:SNDK) Now Covered by Analysts at KGI Securities

KGI Securities initiated coverage on shares of Sandisk (NASDAQ:SNDK) in a note issued to investors on Wednesday,Benzinga reports. The firm set an “outperform” rating and a $992.00 price target on the data storage provider’s stock. KGI Securities’ price target would indicate a potential upside of 31.37% from the company’s current price.

Several other equities analysts also recently weighed in on SNDK. Raymond James Financial upgraded Sandisk from a “market perform” rating to an “outperform” rating and set a $725.00 target price on the stock in a research report on Friday, January 30th. Morgan Stanley set a $690.00 price objective on Sandisk in a research note on Friday, January 30th. Bank of America boosted their price objective on Sandisk from $300.00 to $390.00 and gave the company a “buy” rating in a research note on Wednesday, January 7th. Citigroup raised their target price on shares of Sandisk from $490.00 to $750.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. Finally, Wedbush lifted their price target on shares of Sandisk from $600.00 to $740.00 and gave the company an “outperform” rating in a report on Friday, January 30th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $564.24.

Sandisk Stock Performance

NASDAQ SNDK traded up $34.97 during trading hours on Wednesday, hitting $755.14. 14,503,726 shares of the company’s stock traded hands, compared to its average volume of 19,365,836. Sandisk has a 52 week low of $27.89 and a 52 week high of $761.52. The firm has a market capitalization of $111.46 billion and a P/E ratio of -99.33. 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 business’s fifty day moving average price is $557.07 and its two-hundred day moving average price is $310.49.

Sandisk (NASDAQ:SNDK) last issued its quarterly 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. 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 analysts’ expectations of $2.67 billion. The business’s quarterly revenue was up 61.2% compared to the same quarter last year.

Insider Activity

In related news, Director Miyuki Suzuki sold 3,500 shares of Sandisk 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 approximately $6,216,939.71. This trade represents a 26.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On Sandisk

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. bought a new position in shares of Sandisk during the third quarter worth $1,970,388,000. State Street Corp bought a new stake in Sandisk in the 3rd quarter valued at $491,053,000. Arrowstreet Capital Limited Partnership purchased a new stake in Sandisk in the 3rd quarter worth $297,293,000. Norges Bank purchased a new stake in Sandisk in the 4th quarter worth $518,889,000. Finally, Bank of America Corp DE bought a new position in shares of Sandisk during the 3rd quarter valued at about $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.