RWC Asset Management LLP has taken a significant step by acquiring a new position in Sandisk Corporation, a leading data storage provider. In a recent filing with the Securities and Exchange Commission, the firm disclosed that it purchased 61,426 shares of Sandisk during the third quarter, valued at approximately $6.89 million.
This investment follows a trend of increased institutional interest in Sandisk. Other firms have also expanded their holdings in the company. Notably, Parnassus Investments LLC acquired a new position worth $103.82 million, while Deprince Race & Zollo Inc. purchased shares valued at $39.48 million. In addition, the New York State Teachers Retirement System and FengHe Fund Management Pte. Ltd. made new investments of approximately $13.55 million and $10.88 million respectively.
Recent Insider Activity and Stock Performance
In related news, Sandisk’s Director Necip Sayiner sold 1,271 shares on December 3, 2023, at an average price of $195.14, amounting to a total of $248,022.94. This sale represents a 26.76% decrease in Sayiner’s ownership, leaving him with 3,479 shares valued at around $678,892.06. Currently, corporate insiders hold approximately 0.21% of Sandisk’s stock.
On the stock market, shares of Sandisk (NASDAQ:SNDK) opened at $389.27. The company has demonstrated solid financial metrics, including a debt-to-equity ratio of 0.14 and a current ratio of 3.29. Over the past year, Sandisk’s stock has fluctuated between a low of $27.89 and a high of $395.16, with a market capitalization of $57.05 billion.
Sandisk reported its quarterly earnings on November 6, 2023. The company achieved earnings per share of $1.22, significantly surpassing analysts’ expectations of $0.58. Additionally, Sandisk generated revenue of $2.31 billion, exceeding the projected $2.12 billion and reflecting a year-over-year growth of 22.6%. The company has provided guidance for Q2 2026, estimating earnings per share between $3.00 and $3.40.
Analyst Ratings and Market Outlook
Sandisk has received attention from several analysts, leading to various upgrades and changes in ratings. Fox Advisors recently upgraded the stock from a “hold” to a “strong-buy” rating. Meanwhile, Barclays raised its price target from $39.00 to $220.00 while maintaining an “equal weight” rating. Cantor Fitzgerald has also increased its price target from $240.00 to $300.00 and rated Sandisk as “overweight.”
Further, analysts at Sanford C. Bernstein upgraded Sandisk to “strong-buy,” and Morgan Stanley increased their price target from $263.00 to $273.00. Currently, three analysts have assigned a “strong buy” rating to Sandisk, while twelve have rated it as a buy, six as hold, and one as sell. According to MarketBeat, Sandisk holds an average rating of “Moderate Buy,” with a consensus price target of $239.17.
The recent investment activity and positive earnings report position Sandisk favorably as it continues to innovate in the data storage sector. As the demand for robust data solutions grows, the company’s performance and strategic investments will be closely monitored by analysts and investors alike.
