Sandisk (NASDAQ:SNDK) Shares Up 10.7% – Still a Buy?

Sandisk Corporation (NASDAQ:SNDK)’s share price was up 10.7% during trading on Wednesday . The company traded as high as $612.80 and last traded at $599.34. Approximately 20,183,576 shares changed hands during trading, an increase of 4% from the average daily volume of 19,467,926 shares. The stock had previously closed at $541.64.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SNDK shares. Benchmark upped their target price on Sandisk from $260.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, January 15th. Jefferies Financial Group upped their price objective on shares of Sandisk from $600.00 to $700.00 and gave the company a “buy” rating in a report on Friday, January 30th. Sanford C. Bernstein raised their price objective on shares of Sandisk from $300.00 to $580.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 14th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $650.00 target price on shares of Sandisk in a report on Friday, January 30th. Finally, Raymond James Financial upgraded shares of Sandisk from a “market perform” rating to an “outperform” rating and set a $725.00 price target for the company in a report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $542.85.

Sandisk Stock Performance

The firm has a market capitalization of $88.44 billion and a price-to-earnings ratio of -78.96. 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 firm has a 50 day moving average price of $363.43 and a 200-day moving average price of $208.39.

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, topping the consensus estimate of $3.31 by $2.89. The company 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 revenue for the quarter was up 61.2% on a year-over-year basis.

Insider Transactions at Sandisk

In other Sandisk news, Director Necip Sayiner sold 1,271 shares of the business’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $195.14, for a total transaction of $248,022.94. Following the completion of the transaction, the director owned 3,479 shares in the company, valued at $678,892.06. The trade was a 26.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.21% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sandisk

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC purchased a new position in Sandisk in the third quarter valued at approximately $1,136,000. New York State Teachers Retirement System acquired a new position in shares of Sandisk in the 3rd quarter valued at $13,546,000. Sage Rhino Capital LLC acquired a new position in shares of Sandisk in the 3rd quarter valued at $587,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Sandisk in the 3rd quarter valued at $7,046,000. Finally, HB Wealth Management LLC acquired a new stake in Sandisk during the 3rd quarter worth $348,000.

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.