Sandisk (NASDAQ:SNDK) Stock Price Down 2.6% – Here’s What Happened

Sandisk Corporation (NASDAQ:SNDK)’s share price dropped 2.6% during mid-day trading on Monday . The company traded as low as $597.60 and last traded at $619.08. Approximately 17,427,420 shares traded hands during trading, a decline of 13% from the average daily volume of 20,004,906 shares. The stock had previously closed at $635.36.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Bank of America lifted their price objective on shares of Sandisk from $300.00 to $390.00 and gave the stock a “buy” rating in a research note on Wednesday, January 7th. Citigroup lifted their price target on Sandisk from $490.00 to $750.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. Jefferies Financial Group boosted their price objective on Sandisk from $600.00 to $700.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Wedbush raised their price objective on Sandisk from $600.00 to $740.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. Finally, Wells Fargo & Company lifted their target price on Sandisk from $230.00 to $380.00 and gave the stock an “equal weight” rating in a report on Thursday, January 15th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $542.85.

Sandisk Stock Down 2.6%

The company has a 50-day simple moving average of $470.09 and a 200 day simple moving average of $262.00. The company has a market cap of $91.38 billion and a P/E ratio of -81.57. The company has a current ratio of 3.11, a quick ratio of 1.92 and a debt-to-equity ratio of 0.06.

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. The business had revenue of $3.03 billion during 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 firm’s revenue for the quarter was up 61.2% on a year-over-year basis.

Insider Activity

In other Sandisk news, Director Necip Sayiner sold 1,271 shares of the company’s 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 transaction, the director directly owned 3,479 shares in the company, valued at $678,892.06. This represents a 26.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Miyuki Suzuki sold 3,500 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $6,216,939.71. This trade represents a 26.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.21% of the stock is owned by insiders.

Institutional Investors Weigh In On Sandisk

A number of institutional investors and hedge funds have recently bought and sold shares of SNDK. Greenline Wealth Management LLC bought a new position in shares of Sandisk during the 4th quarter worth $26,000. Whittier Trust Co. purchased a new stake in Sandisk in the fourth quarter worth about $26,000. Chung Wu Investment Group LLC bought a new position in Sandisk during the 4th quarter worth about $27,000. Westfuller Advisors LLC increased its position in Sandisk by 51.8% during the 4th quarter. Westfuller Advisors LLC now owns 126 shares of the data storage provider’s stock valued at $30,000 after purchasing an additional 43 shares during the period. Finally, TD Private Client Wealth LLC raised its holdings in shares of Sandisk by 137.9% in the 4th quarter. TD Private Client Wealth LLC now owns 138 shares of the data storage provider’s stock valued at $33,000 after purchasing an additional 80 shares in the last quarter.

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.