SanDisk Receives New Coverage from Analysts at Deutsche Bank (SNDK)
Deutsche Bank began coverage on shares of SanDisk (NASDAQ:SNDK) in a research note issued on Thursday. The firm set a “buy” rating and a $110.00 price target on the stock. Deutsche Bank’s price objective would suggest a potential upside of 14.91% from the stock’s previous close.
Several other analysts have also recently commented on the stock. Analysts at BNP Paribas initiated coverage on shares of SanDisk in a research note on Tuesday. They set a “hold” rating on the stock. Separately, 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. Finally, 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. Eleven analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $106.24.
In other SanDisk news, SVP Eric S. Whitaker sold 9,375 shares of SanDisk stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $99.00, for a total transaction of $928,125.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
SanDisk (NASDAQ:SNDK) traded up 1.08% during mid-day trading on Thursday, hitting $96.76. The stock had a trading volume of 1,016,794 shares. SanDisk has a 52-week low of $57.04 and a 52-week high of $108.77. The stock has a 50-day moving average of $94.9 and a 200-day moving average of $89.80. The company has a market cap of $21.696 billion and a P/E ratio of 19.55. SanDisk also was the recipient of a significant drop in short interest during the month of August. As of August 15th, there was short interest totalling 16,265,604 shares, a drop 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 currently 5.8 days. Approximately 7.2% of the shares of the stock are sold short.
SanDisk (NASDAQ:SNDK) last released its earnings data 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. On average, analysts predict that SanDisk will post $5.90 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.