Sandisk (NASDAQ:SNDK) Sets New 1-Year High - Here's What Happened

Key Points

• Sandisk hit a new 52-week high, trading as high as $807.99 and last at $785.5850 on heavy volume, with the stock up roughly 9.1% during the move.
• Analysts have lifted targets and ratings, leaving a MarketBeat consensus of "Moderate Buy" with an average price target of $594.48 (notable raises include Jefferies $700, Barclays $750, Raymond James $725).
• Quarterly results beat expectations: EPS $6.20 vs. $3.31 estimate and revenue $3.03B vs. $2.67B (revenue +61.2% YoY), although the company reported a negative net margin of -11.66%.

Sandisk Corporation (NASDAQ:SNDK - Get Free Report)'s share price hit a new 52-week high on Wednesday . The stock traded as high as $807.99 and last traded at $785.5850, with a volume of 6528472 shares trading hands. The stock had previously closed at $710.80.

Wall Street Analyst Weigh In

SNDK has been the subject of several research analyst reports. Jefferies Financial Group upped their price objective on Sandisk from $600.00 to $700.00 and gave the company a "buy" rating in a report on Friday, January 30th. Barclays boosted 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. Benchmark boosted their target price on Sandisk from $260.00 to $450.00 and gave the stock a "buy" rating in a research report on Thursday, January 15th. Sanford C. Bernstein boosted their target price on Sandisk from $300.00 to $580.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 14th. Finally, Raymond James Financial raised Sandisk from a "market perform" rating to an "outperform" rating and set a $725.00 target price on the stock in a research report on Friday, January 30th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Sandisk currently has an average rating of "Moderate Buy" and a consensus price target of $594.48.

Sandisk Stock Up 9.1%

The business has a 50-day moving average price of $635.53 and a 200-day moving average price of $375.11. The company has a market capitalization of $114.42 billion, a price-to-earnings ratio of -101.35 and a beta of 5.04. The company has a quick ratio of 1.92, a current ratio of 3.11 and a debt-to-equity ratio of 0.06.

Sandisk (NASDAQ:SNDK - Get Free Report) last posted its quarterly earnings results on Thursday, January 29th. The data storage provider reported $6.20 earnings per share for the quarter, beating the consensus estimate of $3.31 by $2.89. The firm had revenue of $3.03 billion for 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.

Insiders Place Their Bets

In related news, Director Miyuki Suzuki sold 3,500 shares of the company's stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $627.53, for a total transaction of $2,196,355.00. Following the transaction, the director directly owned 9,907 shares of the company's stock, valued at approximately $6,216,939.71. The trade was a 26.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.21% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Galaxy Digital Capital Management GP LLC acquired a new position in Sandisk during the fourth quarter valued at $1,688,000. Purpose Unlimited Inc. acquired a new position in Sandisk during the fourth quarter valued at $237,000. Hsbc Holdings PLC raised its position in Sandisk by 351.1% during the fourth quarter. Hsbc Holdings PLC now owns 176,439 shares of the data storage provider's stock valued at $41,959,000 after buying an additional 246,699 shares during the period. Stance Capital LLC acquired a new position in Sandisk during the fourth quarter valued at $1,373,000. Finally, Rockefeller Capital Management L.P. raised its position in Sandisk by 2.8% during the fourth quarter. Rockefeller Capital Management L.P. now owns 3,313 shares of the data storage provider's stock valued at $786,000 after buying an additional 89 shares during the period.

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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