Lombard Odier Asset Management USA Corp Purchases New Holdings in Sandisk Corporation $SNDK

Key Points

• Lombard Odier Asset Management USA initiated a new stake in Sandisk, acquiring 31,334 shares in Q3 valued at about $3.52 million according to its 13F filing.
• Sandisk posted a strong quarter—EPS $6.20 vs. $3.31 estimate and revenue $3.03 billion (up 61.2% YoY)—and the stock is trading near recent highs (opened $703.63; 1-year high $725) with a market cap around $103.9 billion.
• Analysts have raised targets (Goldman to $700, Citi to $750, Wedbush to $740), leaving a consensus rating of Moderate Buy and an average price target of $542.85.

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

Several other large investors have also recently bought and sold shares of SNDK. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Sandisk in the 3rd quarter valued at $27,000. CVA Family Office LLC acquired a new position in shares of Sandisk during the third quarter valued at $28,000. Parallel Advisors LLC acquired a new position in shares of Sandisk during the third quarter valued at $30,000. Covestor Ltd bought a new position in Sandisk in the third quarter valued at about $37,000. Finally, Cromwell Holdings LLC bought a new position in Sandisk in the third quarter valued at about $39,000.

Sandisk Trading Up 6.3%

NASDAQ:SNDK opened at $703.63 on Tuesday. Sandisk Corporation has a 1-year low of $27.89 and a 1-year high of $725.00. The business's 50-day moving average price is $549.66 and its two-hundred day moving average price is $305.78. 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 market capitalization of $103.86 billion and a price-to-earnings ratio of -92.70.

Sandisk (NASDAQ:SNDK - Get Free Report) last posted its 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 analyst estimates of $2.67 billion. Sandisk had a positive return on equity of 10.11% and a negative net margin of 11.66%.The firm's revenue was up 61.2% compared to the same quarter last year.

Analysts Set New Price Targets

Several brokerages have weighed in on SNDK. The Goldman Sachs Group boosted their price objective on Sandisk from $320.00 to $700.00 and gave the stock a "buy" rating in a report on Friday, January 30th. Wedbush raised their target price on shares of Sandisk from $600.00 to $740.00 and gave the company an "outperform" rating in a research note on Friday, January 30th. China Renaissance assumed coverage on shares of Sandisk in a research report on Friday, December 5th. They set a "buy" rating and a $322.00 price target for the company. Citigroup boosted their price target on shares of Sandisk from $490.00 to $750.00 and gave the stock a "buy" rating in a research note on Monday, February 2nd. Finally, Sanford C. Bernstein increased their price objective on shares of Sandisk from $300.00 to $580.00 and gave the company an "outperform" rating in a report on Wednesday, January 14th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Sandisk has a consensus rating of "Moderate Buy" and an average price target of $542.85.

Insiders Place Their Bets

In related 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 transaction of $2,196,355.00. Following the transaction, the director owned 9,907 shares of the company's stock, valued at $6,216,939.71. This trade represents a 26.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.21% of the stock is owned by insiders.

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.

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