Sandisk (NASDAQ:SNDK) Given New $1,080.00 Price Target at Bank of America

Key Points

• Bank of America lifted its price target on Sandisk to $1,080 (from $900) and maintained a "buy" rating, implying about a 17.46% upside from the previous close.
• Sandisk beat quarterly estimates with $6.20 EPS and $3.03 billion in revenue (up 61.2% YoY), but still shows mixed profitability metrics including a negative net margin and a negative PE ratio.
• Analyst opinions vary: MarketBeat shows a consensus "Moderate Buy" with an average target of $692.68, while individual targets range widely from a Weiss "sell" to Sanford C. Bernstein's $1,250 outperform call.

Sandisk (NASDAQ:SNDK - Get Free Report) had its target price hoisted by investment analysts at Bank of America from $900.00 to $1,080.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the data storage provider's stock. Bank of America's price target would suggest a potential upside of 17.46% from the company's previous close.

Several other research analysts have also commented on the stock. Weiss Ratings reissued a "sell (d+)" rating on shares of Sandisk in a research note on Monday, December 29th. Sanford C. Bernstein set a $1,250.00 price target on shares of Sandisk and gave the stock an "outperform" rating in a research note on Thursday, April 9th. UBS Group set a $1,000.00 price target on shares of Sandisk in a research note on Monday, February 2nd. The Goldman Sachs Group lifted their price target on shares of Sandisk from $320.00 to $700.00 and gave the stock a "buy" rating in a research note on Friday, January 30th. Finally, Morgan Stanley set a $690.00 price target on shares of Sandisk in a research note on Friday, January 30th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Sandisk presently has a consensus rating of "Moderate Buy" and an average price target of $692.68.

Sandisk Price Performance

Shares of SNDK opened at $919.47 on Friday. Sandisk has a 1-year low of $28.94 and a 1-year high of $965.00. The stock has a market cap of $135.71 billion, a PE ratio of -121.14 and a beta of 5.04. The firm has a 50-day simple moving average of $676.08 and a two-hundred day simple moving average of $409.39. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.11 and a quick ratio of 1.92.

Sandisk (NASDAQ:SNDK - Get Free Report) last announced 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. Sandisk had a negative net margin of 11.66% and a positive return on equity of 10.11%. The business had revenue of $3.03 billion during the quarter, compared to analysts' expectations of $2.67 billion. Sandisk's quarterly revenue was up 61.2% on a year-over-year basis.

Insider Activity at Sandisk

In other news, Director Miyuki Suzuki sold 3,500 shares of Sandisk stock in a transaction 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 transaction, the director directly owned 9,907 shares of the company's stock, valued at $6,216,939.71. The trade was a 26.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.21% of the stock is owned by insiders.

Hedge Funds Weigh In On Sandisk

A number of institutional investors have recently modified their holdings of the business. Ocean Park Asset Management LLC acquired a new position in shares of Sandisk in the 1st quarter valued at $355,000. Clark Asset Management LLC acquired a new position in shares of Sandisk in the 1st quarter valued at $341,000. Brookstone Capital Management acquired a new position in shares of Sandisk in the 1st quarter valued at $287,000. Roble Belko & Company Inc acquired a new position in shares of Sandisk in the 1st quarter valued at $39,000. Finally, Town & Country Bank & Trust CO dba First Bankers Trust CO acquired a new position in shares of Sandisk in the 1st quarter valued at $231,000.

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.

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