Sandisk (NASDAQ:SNDK) Reaches New 52-Week High – Here’s What Happened

Sandisk Corporation (NASDAQ:SNDK)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $749.60 and last traded at $740.1210, with a volume of 3223731 shares. The stock had previously closed at $720.17.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SNDK. Barclays lifted their target price on Sandisk from $385.00 to $750.00 and gave the company an “equal weight” rating in a research report on Monday, February 2nd. JPMorgan Chase & Co. initiated coverage on Sandisk in a research note on Monday, December 8th. They set a “neutral” rating and a $235.00 price target on the stock. Raymond James Financial raised shares of Sandisk from a “market perform” rating to an “outperform” rating and set a $725.00 price objective for the company in a research note on Friday, January 30th. Wells Fargo & Company raised their target price on shares of Sandisk from $230.00 to $380.00 and gave the company an “equal weight” rating in a research report on Thursday, January 15th. Finally, Zacks Research upgraded shares of Sandisk from a “hold” rating to a “strong-buy” rating in a report on Friday, February 20th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $542.85.

Sandisk Stock Up 0.8%

The company’s 50 day moving average price is $557.07 and its 200 day moving average price is $310.49. 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 $107.13 billion and a price-to-earnings ratio of -95.70.

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

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 stock was sold at an average price of $627.53, for a total value of $2,196,355.00. Following the completion of the transaction, the director directly owned 9,907 shares in the company, valued at $6,216,939.71. This trade represents a 26.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.21% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sandisk

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Sandisk during the 3rd quarter valued at about $1,136,000. New York State Teachers Retirement System acquired a new stake in Sandisk during the third quarter worth about $13,546,000. Sage Rhino Capital LLC acquired a new stake in Sandisk during the third quarter worth about $587,000. Y Intercept Hong Kong Ltd purchased a new position in Sandisk during the third quarter valued at approximately $7,046,000. Finally, Sumitomo Mitsui Trust Group Inc. acquired a new position in Sandisk in the third quarter valued at approximately $514,000.

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.