Sandisk (NASDAQ:SNDK) Now Covered by KGI Securities

Investment analysts at KGI Securities initiated coverage on shares of Sandisk (NASDAQ:SNDK) in a report issued on Wednesday,Benzinga reports. The firm set an “outperform” rating and a $992.00 price target on the data storage provider’s stock. KGI Securities’ price target would indicate a potential upside of 31.37% from the stock’s current price.

Several other equities analysts also recently weighed in on the company. The Goldman Sachs Group raised their price target on Sandisk from $320.00 to $700.00 and gave the company a “buy” rating in a report on Friday, January 30th. JPMorgan Chase & Co. began coverage on shares of Sandisk in a research report on Monday, December 8th. They set a “neutral” rating and a $235.00 price objective on the stock. Sanford C. Bernstein lifted their target price on shares of Sandisk from $300.00 to $580.00 and gave the stock an “outperform” rating in a report on Wednesday, January 14th. Jefferies Financial Group upped their target price on shares of Sandisk from $600.00 to $700.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Finally, Cantor Fitzgerald raised 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. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $564.24.

Sandisk Stock Up 4.9%

Shares of NASDAQ SNDK traded up $34.97 on Wednesday, reaching $755.14. 14,503,726 shares of the company’s stock traded hands, compared to its average volume of 19,365,836. 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 business’s 50 day simple moving average is $557.07 and its two-hundred day simple moving average is $310.49. Sandisk has a 12 month low of $27.89 and a 12 month high of $761.52. The company has a market cap of $111.46 billion and a price-to-earnings ratio of -99.33.

Sandisk (NASDAQ:SNDK) last posted its quarterly earnings results on Thursday, January 29th. The data storage provider reported $6.20 earnings per share for the quarter, topping the consensus estimate of $3.31 by $2.89. The company had revenue of $3.03 billion for the quarter, compared to the consensus estimate of $2.67 billion. Sandisk had a positive return on equity of 10.11% and a negative net margin of 11.66%.The business’s revenue was up 61.2% compared to the same quarter last year.

Insider Activity

In other news, Director Miyuki Suzuki sold 3,500 shares of the firm’s stock in a transaction dated 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 sale, the director owned 9,907 shares of the company’s stock, valued at $6,216,939.71. This trade represents a 26.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.21% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. bought a new stake in Sandisk in the 3rd quarter worth approximately $1,970,388,000. State Street Corp purchased a new position in shares of Sandisk in the 3rd quarter worth $491,053,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of Sandisk in the 3rd quarter worth $297,293,000. Norges Bank bought a new stake in shares of Sandisk in the fourth quarter worth $518,889,000. Finally, Bank of America Corp DE purchased a new stake in Sandisk during the third quarter valued at $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.