Sandisk (NASDAQ:SNDK) Price Target Raised to $900.00 at Bank of America

Sandisk (NASDAQ:SNDK) had its target price hoisted by Bank of America from $850.00 to $900.00 in a report released on Monday,Benzinga reports. The firm currently has a buy rating on the data storage provider’s stock.

Several other research firms have also issued reports on SNDK. KGI Securities started coverage on shares of Sandisk in a research note on Wednesday, March 18th. They issued an “outperform” rating and a $992.00 price objective for the company. Sanford C. Bernstein raised their target price on Sandisk from $300.00 to $580.00 and gave the company an “outperform” rating in a report on Wednesday, January 14th. Wells Fargo & Company boosted their price target on Sandisk from $230.00 to $380.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 15th. Wall Street Zen upgraded Sandisk from a “buy” rating to a “strong-buy” rating in a research note on Saturday, January 31st. Finally, Citigroup increased their price objective on Sandisk from $750.00 to $875.00 and gave the company a “buy” rating in a report on Thursday, March 19th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $594.48.

Sandisk Price Performance

Shares of SNDK opened at $701.34 on Monday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.92 and a current ratio of 3.11. The firm has a market cap of $103.52 billion and a PE ratio of -92.40. The firm’s 50 day moving average price is $586.72 and its 200 day moving average price is $329.70. Sandisk has a twelve month low of $27.89 and a twelve month high of $777.60.

Sandisk (NASDAQ:SNDK) last posted its earnings results on Thursday, January 29th. The data storage provider reported $6.20 EPS 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 during the quarter, compared to the consensus estimate of $2.67 billion. The firm’s quarterly revenue was up 61.2% compared to the same quarter last year.

Insider Buying and Selling

In related 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 owned 9,907 shares in the company, valued at $6,216,939.71. This trade represents 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 company insiders.

Institutional Investors Weigh In On Sandisk

Several hedge funds and other institutional investors have recently made changes to their positions in SNDK. Blair William & Co. IL increased its stake in shares of Sandisk by 0.3% in the fourth quarter. Blair William & Co. IL now owns 5,287 shares of the data storage provider’s stock worth $1,255,000 after purchasing an additional 17 shares during the period. Larson Financial Group LLC boosted its stake in Sandisk by 20.2% during the 4th quarter. Larson Financial Group LLC now owns 220 shares of the data storage provider’s stock valued at $52,000 after purchasing an additional 37 shares during the period. Composition Wealth LLC grew its holdings in Sandisk by 0.4% in the 4th quarter. Composition Wealth LLC now owns 10,299 shares of the data storage provider’s stock valued at $2,445,000 after buying an additional 41 shares during the last quarter. Westfuller Advisors LLC grew its holdings in Sandisk by 51.8% in the 4th quarter. Westfuller Advisors LLC now owns 126 shares of the data storage provider’s stock valued at $30,000 after buying an additional 43 shares during the last quarter. Finally, Parkside Financial Bank & Trust increased its position in Sandisk by 4.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,099 shares of the data storage provider’s stock worth $261,000 after buying an additional 46 shares during the period.

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.