Insider Selling: Sumit Sadana Sells 11,849 Shares of SanDisk Stock (SNDK)
SanDisk (NASDAQ:SNDK) EVP Sumit Sadana sold 11,849 shares of SanDisk stock on the open market in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $98.77, for a total value of $1,170,325.73. Following the transaction, the executive vice president now directly owns 6,224 shares of the company’s stock, valued at approximately $614,744. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
SanDisk (NASDAQ:SNDK) traded up 0.30% during mid-day trading on Wednesday, hitting $98.84. The stock had a trading volume of 2,307,028 shares. SanDisk has a 52 week low of $53.91 and a 52 week high of $108.77. The stock has a 50-day moving average of $96.28 and a 200-day moving average of $89.00. The company has a market cap of $22.163 billion and a P/E ratio of 20.12. SanDisk also saw a significant decline in short interest in August. As of August 15th, there was short interest totalling 16,265,604 shares, a decline of 9.3% from the July 31st total of 17,927,150 shares. Based on an average daily volume of 2,790,343 shares, the days-to-cover ratio is presently 5.8 days. Approximately 7.2% of the shares of the stock are short sold.
SanDisk (NASDAQ:SNDK) last posted its quarterly earnings results on Wednesday, July 16th. The company reported $1.41 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.39 by $0.02. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the prior year, the company posted $1.21 earnings per share. The company’s quarterly revenue was up 10.7% on a year-over-year basis. Analysts expect that SanDisk will post $5.91 EPS for the current fiscal year.
A number of research firms have recently commented on SNDK. Analysts at Zacks reiterated a “neutral” rating on shares of SanDisk in a research note on Thursday, August 14th. They now have a $98.00 price target on the stock. Separately, analysts at Wedbush reiterated an “outperform” rating on shares of SanDisk in a research note on Thursday, July 17th. They now have a $105.00 price target on the stock, down previously from $115.00. Finally, analysts at Susquehanna raised their price target on shares of SanDisk from $110.00 to $120.00 in a research note on Thursday, July 17th. They now have a “positive” rating on the stock. Eleven investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. SanDisk currently has a consensus rating of “Buy” and a consensus price target of $105.03.
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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