Sandisk (NASDAQ:SNDK) Price Target Raised to $875.00 at Citigroup

Sandisk (NASDAQ:SNDK) had its price objective boosted by Citigroup from $750.00 to $875.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the data storage provider’s stock. Citigroup’s price objective points to a potential upside of 18.85% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. Wedbush lifted their target price on Sandisk from $600.00 to $740.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. Sanford C. Bernstein raised their price target on shares of Sandisk from $300.00 to $580.00 and gave the stock an “outperform” rating in a report on Wednesday, January 14th. UBS Group set a $1,000.00 price objective on shares of Sandisk in a research report on Monday, February 2nd. Barclays increased their target price on shares of Sandisk from $385.00 to $750.00 and gave the stock an “equal weight” rating in a research report on Monday, February 2nd. Finally, Wall Street Zen raised shares of Sandisk from a “buy” rating to a “strong-buy” rating in a research note on Saturday, January 31st. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Sandisk has a consensus rating of “Moderate Buy” and an average target price of $570.19.

Sandisk Stock Down 2.3%

NASDAQ:SNDK traded down $17.47 during trading hours on Thursday, hitting $736.22. 10,859,695 shares of the stock traded hands, compared to its average volume of 19,320,924. The firm has a 50 day moving average price of $565.08 and a 200 day moving average price of $313.59. The firm has a market cap of $108.67 billion and a price-to-earnings ratio of -96.88. Sandisk has a fifty-two week low of $27.89 and a fifty-two week high of $761.52. 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 (NASDAQ:SNDK) last issued its quarterly earnings results on Thursday, January 29th. The data storage provider reported $6.20 earnings per share for the quarter, beating analysts’ consensus estimates of $3.31 by $2.89. The business had revenue of $3.03 billion for 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 quarterly revenue 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 Sandisk stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $627.53, for a total value of $2,196,355.00. Following the completion of the sale, the director directly owned 9,907 shares in the company, valued at $6,216,939.71. The trade was a 26.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.21% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Whittier Trust Co. acquired a new stake in shares of Sandisk in the 4th quarter valued at $26,000. Greenline Wealth Management LLC acquired a new position in Sandisk during the fourth quarter worth $26,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Sandisk during the third quarter valued at about $27,000. Chung Wu Investment Group LLC bought a new position in Sandisk during the fourth quarter valued at about $27,000. Finally, CVA Family Office LLC acquired a new stake in shares of Sandisk in the third quarter worth about $28,000.

Key Stories Impacting Sandisk

Here are the key news stories impacting Sandisk this week:

• Positive Sentiment: KGI Securities initiated coverage with an “outperform” rating and a $992 price target, giving an analyst-driven near?term upside thesis that may support buying interest. KGI Initiates Coverage
• Positive Sentiment: Company fundamentals: strong Q4/quarterly results and AI-driven NAND demand have driven margin expansion and multi?year customer agreements, improving revenue visibility and earnings growth expectations. That underpins longer?term investor conviction. Seeking Alpha: AI Boom
• Positive Sentiment: Technical momentum: SNDK recently hit an all?time high and analysts point to continuing strong demand for AI storage as a driver of price momentum. Positive headlines and momentum trading can attract additional flows. TipRanks: All-Time High
• Positive Sentiment: Institutional buying has been flagged as a major driver of the recent run — large inflows can sustain price strength and reduce volatility as positions build. FXEmpire: Big Money Buys
• Positive Sentiment: Technical setup: analysts and chartists noted a golden?cross on weekly/daily charts, a bullish signal that can attract trend followers and momentum traders into SNDK. 247WallSt: Golden Crosses
• Neutral Sentiment: Explanatory coverage pieces and commentaries (Q4 reviews, market?thinking articles) provide context for the rally but are less likely to move price by themselves. MSN: Q4 Review
• Neutral Sentiment: General market and education pieces discussing investing principles and company history explain the move from $27 to ~$700 but don’t add new catalyst information. Travel News Explainer
• Negative Sentiment: Short?term selling pressure: SNDK moved lower in pre?market trade following its record high as some investors took profits; that dip is the primary reason for today’s weaker price action. TipRanks: Pre-Market Dip

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.