Sandisk (NASDAQ:SNDK) Reaches New 1-Year High – Still a Buy?

Sandisk Corporation (NASDAQ:SNDK)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $749.60 and last traded at $740.1210, with a volume of 3223731 shares traded. The stock had previously closed at $720.17.

Analyst Ratings Changes

SNDK has been the subject of several analyst reports. Benchmark boosted their target price on shares of Sandisk from $260.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, January 15th. Mizuho set a $600.00 price objective on shares of Sandisk in a report on Tuesday, January 27th. Barclays upped their price objective on shares of Sandisk from $385.00 to $750.00 and gave the stock an “equal weight” rating in a research report on Monday, February 2nd. Raymond James Financial raised shares of Sandisk from a “market perform” rating to an “outperform” rating and set a $725.00 target price on the stock in a research note on Friday, January 30th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Sandisk in a research note on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Sandisk currently has an average rating of “Moderate Buy” and an average price target of $542.85.

Sandisk Price Performance

The company has a quick ratio of 1.92, a current ratio of 3.11 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $107.13 billion and a price-to-earnings ratio of -95.70. The stock’s 50-day simple moving average is $557.07 and its two-hundred day simple moving average is $310.49.

Sandisk (NASDAQ:SNDK) last announced its earnings results on Thursday, January 29th. The data storage provider reported $6.20 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $2.67 billion. The business’s revenue for the quarter was up 61.2% on a year-over-year basis.

Insider Buying and Selling

In other Sandisk news, Director Miyuki Suzuki sold 3,500 shares of the 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 completion of the transaction, the director owned 9,907 shares of the company’s stock, valued at $6,216,939.71. This represents a 26.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.21% of the company’s stock.

Institutional Trading of Sandisk

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

Sandisk Company Profile

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.