Allspring Global Investments Holdings LLC Purchases New Shares in Sandisk Corporation $SNDK

Allspring Global Investments Holdings LLC purchased a new stake in Sandisk Corporation (NASDAQ:SNDK) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,398 shares of the data storage provider’s stock, valued at approximately $1,519,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Sandisk in the third quarter valued at about $27,000. CVA Family Office LLC acquired a new stake in Sandisk during the third quarter worth about $28,000. Parallel Advisors LLC acquired a new stake in Sandisk during the third quarter worth about $30,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Sandisk during the third quarter worth about $32,000. Finally, Covestor Ltd acquired a new stake in Sandisk during the third quarter worth about $37,000.

Sandisk Stock Up 9.9%

Shares of NASDAQ SNDK opened at $780.90 on Thursday. The company has a 50 day simple moving average of $640.59 and a 200 day simple moving average of $377.95. The firm has a market cap of $115.26 billion, a PE ratio of -102.89 and a beta of 5.04. Sandisk Corporation has a 1 year low of $28.27 and a 1 year high of $807.99. 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) last issued its quarterly earnings data on Thursday, January 29th. The data storage provider reported $6.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.31 by $2.89. The business had revenue of $3.03 billion during the quarter, compared to analyst estimates of $2.67 billion. Sandisk had a negative net margin of 11.66% and a positive return on equity of 10.11%. The company’s revenue for the quarter was up 61.2% on a year-over-year basis.

Insider Transactions at Sandisk

In other Sandisk news, Director Miyuki Suzuki sold 3,500 shares of the firm’s 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 completion of the transaction, the director owned 9,907 shares in the company, valued at approximately $6,216,939.71. This trade represents a 26.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.21% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on SNDK. Wall Street Zen upgraded shares of Sandisk from a “buy” rating to a “strong-buy” rating in a research note on Saturday, January 31st. Royal Bank Of Canada reiterated a “sector perform” rating and set a $650.00 price objective on shares of Sandisk in a research note on Friday, January 30th. Morgan Stanley set a $690.00 price objective on shares of Sandisk in a research note on Friday, January 30th. Wedbush increased their price objective on shares of Sandisk from $600.00 to $740.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Finally, Raymond James Financial upgraded shares of Sandisk from a “market perform” rating to an “outperform” rating and set a $725.00 price objective on the stock in a research note 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $594.48.

Sandisk 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.