Sandisk (NASDAQ:SNDK) Sets New 1-Year High – Here’s What Happened

Sandisk Corporation (NASDAQ:SNDK)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $807.99 and last traded at $785.5850, with a volume of 6528472 shares trading hands. The stock had previously closed at $710.80.

Wall Street Analysts Forecast Growth

SNDK has been the topic of several research reports. Raymond James Financial raised Sandisk from a “market perform” rating to an “outperform” rating and set a $725.00 target price on the stock in a research report on Friday, January 30th. Bank of America upped their target price on Sandisk from $850.00 to $900.00 and gave the stock a “buy” rating in a research report on Monday, March 23rd. Benchmark upped their target price on Sandisk from $260.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, January 15th. Citigroup upped their target price on Sandisk from $750.00 to $875.00 and gave the stock a “buy” rating in a research report on Thursday, March 19th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Sandisk in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Sandisk presently has an average rating of “Moderate Buy” and an average target price of $594.48.

Sandisk Stock Performance

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 firm has a 50-day simple moving average of $635.53 and a two-hundred day simple moving average of $375.11. The company has a market capitalization of $114.42 billion, a price-to-earnings ratio of -101.35 and a beta of 5.04.

Sandisk (NASDAQ:SNDK) last released its quarterly earnings results on Thursday, January 29th. The data storage provider reported $6.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $2.89. The company had revenue of $3.03 billion during 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 company’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 the company’s stock in a transaction dated 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 completion of the sale, the director owned 9,907 shares in the company, valued at approximately $6,216,939.71. This represents a 26.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.21% of the company’s stock.

Institutional Trading of Sandisk

Large investors have recently made changes to their positions in the stock. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Sandisk during the 3rd quarter worth about $1,136,000. New York State Teachers Retirement System bought a new stake in Sandisk during the 3rd quarter valued at approximately $13,546,000. Y Intercept Hong Kong Ltd bought a new stake in Sandisk during the 3rd quarter valued at approximately $7,046,000. Sage Rhino Capital LLC bought a new stake in Sandisk during the 3rd quarter valued at approximately $587,000. Finally, Sumitomo Mitsui Trust Group Inc. bought a new stake in Sandisk during the 3rd 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.