Sandisk (NASDAQ:SNDK) Price Target Cut to $2,720.00 by Analysts at Susquehanna

Sandisk (NASDAQ:SNDK) had its price objective reduced by investment analysts at Susquehanna from $2,745.00 to $2,720.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “positive” rating on the data storage provider’s stock. Susquehanna‘s price target indicates a potential upside of 104.50% from the stock’s current price.

Several other analysts also recently weighed in on SNDK. Jefferies Financial Group reissued a “buy” rating and set a $1,400.00 target price (up from $1,000.00) on shares of Sandisk in a research report on Thursday, August 6th. Wedbush reiterated an “outperform” rating and set a $2,000.00 price objective on shares of Sandisk in a research note on Friday, August 14th. Citigroup reissued a “buy” rating on shares of Sandisk in a report on Thursday, October 1st. UBS Group reissued an “overweight” rating and issued a $1,750.00 target price on shares of Sandisk in a research report on Friday, August 14th. Finally, Raymond James Financial raised their target price on Sandisk from $1,470.00 to $2,000.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $2,073.54.

Sandisk Trading Down 5.3%

NASDAQ SNDK opened at $1,330.05 on Friday. The firm’s fifty day simple moving average is $1,566.91 and its two-hundred day simple moving average is $1,247.03. The firm has a market capitalization of $192.23 billion, a P/E ratio of 18.24, a P/E/G ratio of 0.14 and a beta of 5.23. Sandisk has a 12-month low of $183.00 and a 12-month high of $2,354.39.

Sandisk (NASDAQ:SNDK) last released its quarterly earnings results on Thursday, October 29th. The data storage provider reported $49.51 EPS for the quarter, beating analysts’ consensus estimates of $46.19 by $3.32. Sandisk had a return on equity of 87.84% and a net margin of 56.47%. The company had revenue of $11.03 billion during the quarter. During the same quarter last year, the business posted $1.22 earnings per share. The company’s quarterly revenue was up 23.0% compared to the same quarter last year. As a group, sell-side analysts predict that Sandisk will post 210.92 earnings per share for the current fiscal year.

Sandisk announced that its board has approved a share buyback plan on Wednesday, August 5th that allows the company to buy back $14 billion in shares. This buyback authorization allows the data storage provider to repurchase up to 6.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, CFO Luis Visoso sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $1,568.83, for a total value of $1,568,830.00. Following the completion of the sale, the chief financial officer directly owned 130,976 shares in the company, valued at $205,479,078.08. The trade was a 0.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Bernard Shek sold 2,308 shares of the stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $1,767.33, for a total value of $4,078,997.64. Following the transaction, the insider owned 25,305 shares in the company, valued at $44,722,285.65. This trade represents a 8.36% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 77,899 shares of company stock worth $121,159,122. Company insiders own 0.29% of the company’s stock.

Institutional Trading of Sandisk

A number of institutional investors and hedge funds have recently modified their holdings of SNDK. Integrity Alliance LLC. increased its position in shares of Sandisk by 192.6% during the third quarter. Integrity Alliance LLC. now owns 635 shares of the data storage provider’s stock worth $1,105,000 after purchasing an additional 418 shares in the last quarter. Integrity Advisory Solutions LLC raised its stake in Sandisk by 15.2% in the 3rd quarter. Integrity Advisory Solutions LLC now owns 524 shares of the data storage provider’s stock valued at $913,000 after purchasing an additional 69 shares during the last quarter. IPG Investment Advisors LLC lifted its holdings in Sandisk by 56.2% in the 3rd quarter. IPG Investment Advisors LLC now owns 1,907 shares of the data storage provider’s stock valued at $3,318,000 after purchasing an additional 686 shares in the last quarter. Aware Super Pty Ltd as trustee of Aware Super lifted its holdings in Sandisk by 33.2% in the 3rd quarter. Aware Super Pty Ltd as trustee of Aware Super now owns 23,703 shares of the data storage provider’s stock valued at $41,241,000 after purchasing an additional 5,907 shares in the last quarter. Finally, Tucker Asset Management LLC boosted its stake in Sandisk by 11.5% during the 3rd quarter. Tucker Asset Management LLC now owns 535 shares of the data storage provider’s stock worth $931,000 after purchasing an additional 55 shares during the last quarter.

More Sandisk News

Here are the key news stories impacting Sandisk this week:

• Positive Sentiment: Strong results and outlook: Sandisk reported $11.03 billion in quarterly revenue, up 378% year over year, and $49.51 in EPS, exceeding estimates. Fiscal second-quarter revenue guidance of $12.2 billion to $12.6 billion also came in strongly, supported by AI-related data-center demand. Sandisk earnings report
• Positive Sentiment: Demand visibility is improving: Management said customers are securing memory supply through the end of the decade, while data-center revenue increased 61% sequentially. Long-term contracts and approximately $89 billion in remaining performance obligations could provide greater revenue visibility. Sandisk CEO discusses customer demand
• Positive Sentiment: Share split announced: Sandisk’s board approved an eight-for-one forward stock split, effective November 19. The move may improve trading accessibility, although it does not change the company’s fundamental value. Sandisk earnings and stock split

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.