Sandisk (NASDAQ:SNDK) Shares Gap Up – Still a Buy?

Shares of Sandisk Corporation (NASDAQ:SNDK) gapped up before the market opened on Wednesday . The stock had previously closed at $541.64, but opened at $578.50. Sandisk shares last traded at $592.02, with a volume of 6,834,322 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Morgan Stanley set a $690.00 price objective on Sandisk in a research note on Friday, January 30th. Susquehanna increased their target price on Sandisk from $250.00 to $300.00 and gave the stock a “positive” rating in a report on Monday, December 8th. Fox Advisors raised shares of Sandisk from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 7th. Mizuho set a $600.00 price target on shares of Sandisk in a research note on Tuesday, January 27th. Finally, Barclays raised their price objective on shares of Sandisk from $385.00 to $750.00 and gave the company an “equal weight” rating in a research note on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently 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 firm has a market capitalization of $88.67 billion and a PE ratio of -79.17. The business has a 50-day moving average of $363.43 and a 200 day moving average of $208.39.

Sandisk (NASDAQ:SNDK) last posted its earnings results on Thursday, January 29th. The data storage provider reported $6.20 earnings per share (EPS) 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 firm had revenue of $3.03 billion during the quarter, compared to analyst estimates of $2.67 billion. The company’s revenue was up 61.2% on a year-over-year basis.

Insider Buying and Selling

In other Sandisk news, Director Necip Sayiner sold 1,271 shares of Sandisk stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $195.14, for a total transaction of $248,022.94. Following the transaction, the director owned 3,479 shares of the company’s stock, valued at $678,892.06. This trade represents a 26.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.21% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. bought a new stake in shares of Sandisk during the 3rd quarter worth $1,970,388,000. State Street Corp purchased a new stake in Sandisk during the third quarter worth about $491,053,000. Arrowstreet Capital Limited Partnership purchased a new stake in Sandisk during the third quarter worth about $297,293,000. Norges Bank bought a new stake in Sandisk in the fourth quarter worth about $518,889,000. Finally, Bank of America Corp DE purchased a new position in Sandisk in the third 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.