SanDisk Corporation (NASDAQ:SNDK) announced lower net income and revenue for the Q3 as the corporation vended fewer of its memory chips to device manufacturers. The financial results of the company beat Wall Street’s forecasts and SanDisk reported that it is gaining market share from rivals.
The company reported on Thursday that it made $76.5 million or 31 cents a share in earnings in the quarter through July-September. That’s low 67% from $233.3 million or 96 cents a share in the similar quarter previous year. The company reported adjusted earnings of $117.8 million or 48 cents a share in the most recent quarter.
Piper Jaffray analyst Jagadish Iyer boosted his rating on SandDisk to overweight from “neutral” and also boosted his price target on the security to $53 per share from $35.
Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. OCZ Technology Group Inc. (NASDAQ:OCZ) fell -5.80% to settle at $1.30, STEC, Inc. (NASDAQ:STEC) moved down -3.69% to end at $6.01 while Seagate Technology PLC (NASDAQ:STX) dropped -0.25% to finish at $27.90 on Friday.
SanDisk Corporation (NASDAQ:SNDK) on Oct 19, 2012 increased +2.71% to the closing price of $44.02. The overall volume in the last trading session was 21.76 million shares. Its fifty two weeks range was $30.99 – $53.46. The total market capitalization remained at $11.63 billion.
SNDK is ahead of its 52-week low with 42.05% and lagging behind from its 52-week high price with -17.66%. SNDK’s last month’s stock price volatility remained 3.13%. In its share capital SNDK has 241.54 million outstanding shares, among them 240.90 million shares have been floated in market exchange. SNDK’s stock’s institutional ownership remained 90.63% while insider ownership included 0.09%.
The stock price of SNDK is moving forward from its 20 days moving average with 0.82% and remote positively from 50 days moving average with 1.64%. SNDK’s current year’s earnings per share experienced a downfall of -25.85% while its current quarter performance remained at 10.38%. Company’s beta coefficient included 1.82. Beta factors measure the amount of market risk associated with market trade.
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