Vanguard Group Inc. Acquires New Holdings in Sandisk Corporation $SNDK

Vanguard Group Inc. bought a new stake in Sandisk Corporation (NASDAQ:SNDK) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 17,561,392 shares of the data storage provider’s stock, valued at approximately $1,970,388,000. Vanguard Group Inc. owned about 12.00% of Sandisk at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Osaic Holdings Inc. purchased a new position in Sandisk in the second quarter valued at approximately $317,000. Corient Private Wealth LLC acquired a new stake in Sandisk in the second quarter valued at $353,000. Praxis Investment Management Inc. acquired a new stake in shares of Sandisk in the third quarter valued at about $533,000. GAMMA Investing LLC purchased a new position in Sandisk during the third quarter worth $439,000. Finally, Voya Investment Management LLC purchased a new position in shares of Sandisk in the 3rd quarter worth $8,917,000.

Sandisk Trading Down 0.8%

Shares of NASDAQ:SNDK opened at $616.40 on Friday. Sandisk Corporation has a 1 year low of $27.89 and a 1 year high of $725.00. 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 fifty day moving average price of $418.22 and a 200 day moving average price of $233.84. The stock has a market capitalization of $90.98 billion and a PE ratio of -81.21.

Sandisk (NASDAQ:SNDK) last posted its quarterly earnings data 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. The business 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%. Sandisk’s quarterly revenue was up 61.2% on a year-over-year basis.

Insiders Place Their Bets

In other Sandisk news, Director Necip Sayiner sold 1,271 shares of the company’s stock in a transaction on Wednesday, December 3rd. The stock was 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 approximately $678,892.06. This represents a 26.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.21% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

SNDK has been the topic of several analyst reports. Citigroup lifted their price objective on Sandisk from $490.00 to $750.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. Morgan Stanley set a $690.00 price target on shares of Sandisk in a report on Friday, January 30th. Barclays raised their target price on shares of Sandisk from $385.00 to $750.00 and gave the stock an “equal weight” rating in a report on Monday, February 2nd. Fox Advisors upgraded shares of Sandisk from a “hold” rating to a “strong-buy” rating in a report on Friday, November 7th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Sandisk in a research report on Monday, December 8th. They issued a “neutral” rating and a $235.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $542.85.

Sandisk 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.