Sandisk (NASDAQ:SNDK) Trading 2.4% Higher – Here’s Why

Shares of Sandisk Corporation (NASDAQ:SNDK) rose 2.4% on Tuesday . The stock traded as high as $721.37 and last traded at $720.17. Approximately 14,392,200 shares changed hands during trading, a decline of 26% from the average daily volume of 19,451,102 shares. The stock had previously closed at $703.63.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. China Renaissance assumed coverage on Sandisk in a report on Friday, December 5th. They set a “buy” rating and a $322.00 price objective on the stock. JPMorgan Chase & Co. assumed coverage on Sandisk in a research note on Monday, December 8th. They set a “neutral” rating and a $235.00 target price for the company. Wall Street Zen upgraded shares of Sandisk from a “buy” rating to a “strong-buy” rating in a report on Saturday, January 31st. Wells Fargo & Company upped their price target on shares of Sandisk from $230.00 to $380.00 and gave the company an “equal weight” rating in a report on Thursday, January 15th. Finally, Susquehanna increased their price objective on shares of Sandisk from $250.00 to $300.00 and gave the stock a “positive” rating in a research report on Monday, December 8th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $542.85.

Sandisk Trading Up 2.4%

The company has a debt-to-equity ratio of 0.06, a current ratio of 3.11 and a quick ratio of 1.92. The business’s 50-day moving average is $549.66 and its two-hundred day moving average is $305.78. The firm has a market cap of $106.30 billion and a P/E ratio of -94.88.

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

Insiders Place Their Bets

In other Sandisk news, 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 transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.21% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sandisk

Several large investors have recently made changes to their positions in SNDK. Whittier Trust Co. bought a new stake in Sandisk during the fourth quarter worth $26,000. Greenline Wealth Management LLC bought a new position in shares of Sandisk in the 4th quarter valued at about $26,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Sandisk during the 3rd quarter worth about $27,000. Chung Wu Investment Group LLC bought a new stake in shares of Sandisk in the 4th quarter valued at about $27,000. Finally, CVA Family Office LLC bought a new stake in shares of Sandisk in the 3rd quarter valued at about $28,000.

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.