Sandisk (NASDAQ:SNDK) Shares Gap Up – Here’s What Happened

Sandisk Corporation (NASDAQ:SNDK)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $615.83, but opened at $642.12. Sandisk shares last traded at $609.4770, with a volume of 5,354,206 shares traded.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SNDK. Sanford C. Bernstein lifted their price objective on Sandisk from $300.00 to $580.00 and gave the company an “outperform” rating in a research note on Wednesday, January 14th. Weiss Ratings restated a “sell (d+)” rating on shares of Sandisk in a report on Monday, December 29th. Cantor Fitzgerald lifted their price target on shares of Sandisk from $550.00 to $800.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. Mizuho set a $600.00 price objective on shares of Sandisk in a research note on Tuesday, January 27th. Finally, KGI Securities started coverage on shares of Sandisk in a research report on Wednesday, March 18th. They issued an “outperform” rating and a $992.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $594.48.

Sandisk Stock Down 6.2%

The stock has a market capitalization of $85.26 billion and a price-to-earnings ratio of -76.11. The firm has a 50-day moving average of $606.69 and a 200 day moving average of $346.09. The company has a current ratio of 3.11, a quick ratio of 1.92 and a debt-to-equity ratio of 0.06.

Sandisk (NASDAQ:SNDK) last issued its quarterly earnings data 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. The company 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.

Insiders Place Their Bets

In related news, Director Miyuki Suzuki sold 3,500 shares of the firm’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $627.53, for a total transaction of $2,196,355.00. Following the completion of the sale, the director directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On Sandisk

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Whittier Trust Co. acquired a new stake in shares of Sandisk during the fourth quarter valued at about $26,000. Greenline Wealth Management LLC acquired a new position in shares of Sandisk in the fourth quarter worth about $26,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Sandisk in the third quarter valued at about $27,000. Chung Wu Investment Group LLC purchased a new position in Sandisk in the fourth quarter valued at about $27,000. Finally, CVA Family Office LLC acquired a new stake in Sandisk during the 3rd quarter valued at approximately $28,000.

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.