Fifth Third Bancorp Purchases New Shares in Sandisk Corporation $SNDK

Fifth Third Bancorp purchased a new position in Sandisk Corporation (NASDAQ:SNDK) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 1,851 shares of the data storage provider’s stock, valued at approximately $208,000.

A number of other hedge funds also recently bought and sold shares of SNDK. CVA Family Office LLC purchased a new position in shares of Sandisk in the third quarter worth approximately $28,000. Covestor Ltd acquired a new position in Sandisk in the 3rd quarter worth approximately $37,000. Cromwell Holdings LLC acquired a new position in Sandisk in the 3rd quarter worth approximately $39,000. True Wealth Design LLC purchased a new position in Sandisk during the 3rd quarter worth approximately $40,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in Sandisk during the 3rd quarter valued at $41,000.

Insider Buying and Selling at Sandisk

In related news, Director Necip Sayiner sold 1,271 shares of Sandisk stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $195.14, for a total transaction of $248,022.94. Following the sale, the director directly owned 3,479 shares of the company’s stock, valued at $678,892.06. This trade represents a 26.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.21% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on SNDK. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $650.00 target price on shares of Sandisk in a research report on Friday, January 30th. Wall Street Zen upgraded Sandisk from a “buy” rating to a “strong-buy” rating in a research report on Saturday, January 31st. Fox Advisors upgraded Sandisk from a “hold” rating to a “strong-buy” rating in a report on Friday, November 7th. Wells Fargo & Company increased their price target on shares of Sandisk from $230.00 to $380.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 15th. Finally, Zacks Research downgraded shares of Sandisk from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $542.85.

Sandisk Stock Up 4.6%

Shares of SNDK stock opened at $649.97 on Monday. Sandisk Corporation has a 12 month low of $27.89 and a 12 month high of $725.00. The company has a quick ratio of 1.92, a current ratio of 3.11 and a debt-to-equity ratio of 0.06. The firm has a market cap of $95.94 billion and a PE ratio of -85.64. The stock has a 50 day moving average of $427.09 and a 200-day moving average of $240.82.

Sandisk (NASDAQ:SNDK) last released its earnings results on Thursday, January 29th. The data storage provider reported $6.20 EPS for the quarter, beating the consensus estimate of $3.31 by $2.89. The firm had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Sandisk had a negative net margin of 11.66% and a positive return on equity of 10.11%. The firm’s revenue was up 61.2% on a year-over-year basis.

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.