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.

Analyst Ratings Changes

A number of equities research analysts recently commented on SNDK shares. Benchmark increased their price objective on shares of Sandisk from $260.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, January 15th. Sanford C. Bernstein upped their price target on shares of Sandisk from $300.00 to $580.00 and gave the company an “outperform” rating in a report on Wednesday, January 14th. Zacks Research upgraded shares of Sandisk from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 20th. Wells Fargo & Company raised their price objective on shares of Sandisk from $230.00 to $380.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 15th. Finally, Raymond James Financial upgraded Sandisk from a “market perform” rating to an “outperform” rating and set a $725.00 price objective for the company in a research report on Friday, January 30th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $594.48.

Sandisk Trading Down 6.2%

The business’s fifty day moving average price is $606.69 and its 200 day moving average price is $346.09. 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 firm has a market capitalization of $85.26 billion and a PE ratio of -76.11.

Sandisk (NASDAQ:SNDK) last announced its earnings results on Thursday, January 29th. The data storage provider reported $6.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.31 by $2.89. The firm had revenue of $3.03 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis.

Insider Activity

In other news, Director Miyuki Suzuki sold 3,500 shares of Sandisk stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $627.53, for a total value of $2,196,355.00. Following the completion of the sale, the director owned 9,907 shares of the company’s stock, valued at $6,216,939.71. The trade was a 26.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.21% of the stock is owned by company insiders.

Institutional Trading of Sandisk

A number of hedge funds have recently added to or reduced their stakes in the business. Whittier Trust Co. acquired a new stake in shares of Sandisk in the fourth quarter worth approximately $26,000. Greenline Wealth Management LLC purchased a new position in shares of Sandisk in the 4th quarter worth $26,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Sandisk in the 3rd quarter worth $27,000. Chung Wu Investment Group LLC acquired a new position in Sandisk in the fourth quarter valued at $27,000. Finally, CVA Family Office LLC purchased a new stake in Sandisk during the third quarter valued at about $28,000.

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.