Sandisk (NASDAQ:SNDK) Stock Price Down 2.6% – Time to Sell?

Sandisk Corporation (NASDAQ:SNDK) traded down 2.6% during mid-day trading on Monday . The company traded as low as $597.60 and last traded at $619.08. 17,427,420 shares traded hands during trading, a decline of 13% from the average session volume of 20,004,906 shares. The stock had previously closed at $635.36.

Analyst Ratings Changes

A number of research firms have weighed in on SNDK. Morgan Stanley set a $690.00 target price on Sandisk in a report on Friday, January 30th. Susquehanna boosted their price target on Sandisk from $250.00 to $300.00 and gave the stock a “positive” rating in a research report on Monday, December 8th. Wedbush upped their price objective on Sandisk from $600.00 to $740.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Mizuho set a $600.00 target price on Sandisk in a research note on Tuesday, January 27th. Finally, Bank of America increased their price target on shares of Sandisk from $300.00 to $390.00 and gave the company a “buy” rating in a research report on Wednesday, January 7th. Two analysts have rated the stock with a Strong Buy rating, fourteen 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.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $542.85.

Sandisk Price Performance

The stock has a 50-day moving average price of $470.09 and a two-hundred day moving average price of $262.00. 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 stock has a market cap of $91.38 billion and a price-to-earnings ratio of -81.57.

Sandisk (NASDAQ:SNDK) last released its quarterly earnings results on Thursday, January 29th. The data storage provider reported $6.20 EPS for the quarter, beating analysts’ consensus estimates of $3.31 by $2.89. The company had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Sandisk had a positive return on equity of 10.11% and a negative net margin of 11.66%.The firm’s revenue for the quarter was up 61.2% on a year-over-year basis.

Insider Activity at Sandisk

In related news, Director Necip Sayiner sold 1,271 shares of Sandisk stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $195.14, for a total value of $248,022.94. Following the completion of the sale, the director directly owned 3,479 shares in the company, valued at $678,892.06. This trade represents a 26.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Miyuki Suzuki sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $627.53, for a total transaction of $2,196,355.00. Following the sale, the director directly owned 9,907 shares in the company, valued at approximately $6,216,939.71. This represents a 26.11% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On Sandisk

Several hedge funds have recently made changes to their positions in SNDK. Osaic Holdings Inc. acquired a new stake in Sandisk during the 2nd quarter worth about $317,000. Corient Private Wealth LLC acquired a new position in shares of Sandisk in the second quarter valued at about $353,000. Praxis Investment Management Inc. purchased a new position in shares of Sandisk in the third quarter worth about $533,000. GAMMA Investing LLC acquired a new stake in shares of Sandisk during the third quarter worth about $439,000. Finally, Voya Investment Management LLC purchased a new stake in Sandisk in the third quarter valued at approximately $8,917,000.

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.