SanDisk Hits New 52-Week High Following Analyst Upgrade (SNDK)
SanDisk (NASDAQ:SNDK) reached a new 52-week high during trading on Monday after Pacific Crest raised their price target on the stock from $97.00 to $123.00, Analyst Ratings Network.com reports. Pacific Crest currently has an outperform rating on the stock. SanDisk traded as high as $104.00 and last traded at $103.89, with a volume of 1,176,263 shares. The stock had previously closed at $102.74.
A number of other firms have also recently commented on SNDK. Analysts at Argus reiterated a “buy” rating on shares of SanDisk in a research note on Tuesday, June 17th. They now have a $112.00 price target on the stock. Separately, analysts at Credit Agricole upgraded shares of SanDisk from an “underperform” rating to an “outperform” rating in a research note on Tuesday, June 17th. Finally, analysts at Cowen and Company raised their price target on shares of SanDisk from $80.00 to $90.00 in a research note on Tuesday, June 17th. They now have a “market perform” rating on the stock. Ten research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $101.52.
In other SanDisk news, Director Catherine P. Lego unloaded 2,500 shares of the stock on the open market in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $98.19, for a total value of $245,475.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
The stock’s 50-day moving average is $97.05 and its 200-day moving average is $80.7. The company has a market cap of $23.594 billion and a P/E ratio of 21.35.
SanDisk (NASDAQ:SNDK) last announced its earnings results on Wednesday, April 16th. The company reported $1.44 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.25 by $0.19. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter last year, the company posted $0.84 earnings per share. SanDisk’s revenue was up 12.8% compared to the same quarter last year. On average, analysts predict that SanDisk will post $6.08 earnings per share for the current fiscal year.
SanDisk Corporation designs, develops and manufactures data storage solutions in a range of form factors using its flash memory, controller and firmware technologies.
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