CI Investments Inc. Takes $102,000 Position in Sandisk Corporation $SNDK

CI Investments Inc. bought a new position in Sandisk Corporation (NASDAQ:SNDK) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 907 shares of the data storage provider’s stock, valued at approximately $102,000.

Several other hedge funds also recently made changes to their positions in SNDK. Vanguard Group Inc. purchased a new stake in Sandisk during the 3rd quarter valued at $1,970,388,000. Parnassus Investments LLC bought a new position in shares of Sandisk during the third quarter valued at about $103,815,000. DNB Asset Management AS purchased a new stake in shares of Sandisk during the third quarter worth about $94,540,000. Principal Financial Group Inc. purchased a new stake in shares of Sandisk during the third quarter worth about $74,265,000. Finally, Clal Insurance Enterprises Holdings Ltd bought a new stake in shares of Sandisk in the third quarter worth about $66,759,000.

Sandisk Stock Performance

Sandisk stock opened at $588.76 on Tuesday. Sandisk Corporation has a fifty-two week low of $27.89 and a fifty-two week high of $725.00. The stock’s 50 day simple moving average is $509.78 and its two-hundred day simple moving average is $284.48. 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 stock has a market cap of $86.90 billion and a price-to-earnings ratio of -77.57.

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on SNDK. The Goldman Sachs Group boosted their price target on Sandisk from $320.00 to $700.00 and gave the company a “buy” rating in a 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. Morgan Stanley set a $690.00 target price on Sandisk in a research note on Friday, January 30th. Cantor Fitzgerald raised their price target on Sandisk from $550.00 to $800.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. Finally, China Renaissance assumed coverage on shares of Sandisk in a report on Friday, December 5th. They issued a “buy” rating and a $322.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Sandisk currently has a consensus rating of “Moderate Buy” and an average price target of $542.85.

Insider Transactions at Sandisk

In other Sandisk news, Director Miyuki Suzuki sold 3,500 shares of the firm’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 completion of the transaction, the director owned 9,907 shares of the company’s stock, valued at approximately $6,216,939.71. This trade represents a 26.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.21% of the company’s stock.

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.