Lombard Odier Asset Management USA Corp Takes Position in Sandisk Corporation $SNDK

Lombard Odier Asset Management USA Corp acquired a new stake in Sandisk Corporation (NASDAQ:SNDK) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 31,334 shares of the data storage provider’s stock, valued at approximately $3,516,000.

Several other hedge funds have also added to or reduced their stakes in SNDK. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Sandisk during the third quarter worth about $1,136,000. New York State Teachers Retirement System acquired a new stake in shares of Sandisk during the third quarter worth $13,546,000. Sage Rhino Capital LLC bought a new stake in Sandisk in the 3rd quarter valued at $587,000. Y Intercept Hong Kong Ltd bought a new stake in Sandisk in the 3rd quarter valued at $7,046,000. Finally, Sumitomo Mitsui Trust Group Inc. acquired a new position in Sandisk in the 3rd quarter worth $514,000.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on SNDK shares. Wall Street Zen upgraded Sandisk from a “buy” rating to a “strong-buy” rating in a report on Saturday, January 31st. Weiss Ratings restated a “sell (d+)” rating on shares of Sandisk in a report on Monday, December 29th. Citigroup upped their price objective on Sandisk from $490.00 to $750.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. China Renaissance initiated coverage on Sandisk in a report on Friday, December 5th. They set a “buy” rating and a $322.00 price objective for the company. Finally, Wells Fargo & Company lifted their target price on Sandisk from $230.00 to $380.00 and gave the company an “equal weight” rating in a research report on Thursday, January 15th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned 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 company has an average rating of “Moderate Buy” and an average price target of $542.85.

Insider Activity

In related 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.21% of the company’s stock.

Sandisk Stock Up 6.3%

Sandisk stock opened at $703.63 on Tuesday. The company has a current ratio of 3.11, a quick ratio of 1.92 and a debt-to-equity ratio of 0.06. Sandisk Corporation has a 1-year low of $27.89 and a 1-year high of $725.00. The company has a fifty day simple moving average of $549.66 and a 200 day simple moving average of $305.78. The company has a market cap of $103.86 billion and a P/E ratio of -92.70.

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. Sandisk had a negative net margin of 11.66% and a positive return on equity of 10.11%. The firm had revenue of $3.03 billion for the quarter, compared to analysts’ expectations of $2.67 billion. Sandisk’s revenue for the quarter was up 61.2% compared to the same quarter last year.

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.