Sandisk (NASDAQ:SNDK) Trading Up 3.4% – Time to Buy?

Sandisk Corporation (NASDAQ:SNDK)’s stock price traded up 3.4% on Thursday . The stock traded as high as $634.48 and last traded at $621.09. 19,480,054 shares were traded during trading, a decline of 2% from the average session volume of 19,880,475 shares. The stock had previously closed at $600.40.

Analyst Ratings Changes

SNDK has been the topic of several research reports. Sanford C. Bernstein lifted their price target on shares of Sandisk from $300.00 to $580.00 and gave the company an “outperform” rating in a report on Wednesday, January 14th. Barclays increased their target price on Sandisk from $385.00 to $750.00 and gave the stock an “equal weight” rating in a research report on Monday, February 2nd. Bank of America increased their price objective on Sandisk from $300.00 to $390.00 and gave the company a “buy” rating in a research report on Wednesday, January 7th. Mizuho set a $600.00 price objective on shares of Sandisk in a report on Tuesday, January 27th. Finally, Wells Fargo & Company lifted their target price on shares of Sandisk from $230.00 to $380.00 and gave the stock an “equal weight” rating in a report on Thursday, January 15th. 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. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $542.85.

Sandisk Stock Performance

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 company has a market cap of $91.65 billion and a P/E ratio of -81.83. The business has a 50-day moving average of $410.63 and a two-hundred day moving average of $231.13.

Sandisk (NASDAQ:SNDK) last released its 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. Sandisk had a negative net margin of 11.66% and a positive return on equity of 10.11%. The company had revenue of $3.03 billion for the quarter, compared to the consensus estimate of $2.67 billion. The company’s quarterly revenue was up 61.2% on a year-over-year basis.

Insiders Place Their Bets

In other news, Director Necip Sayiner sold 1,271 shares of the stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $195.14, for a total value of $248,022.94. Following the completion of the sale, the director directly owned 3,479 shares in the company, valued at $678,892.06. This represents a 26.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.21% of the company’s stock.

Institutional Inflows and Outflows

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