Hedge Funds Think Barclays Has It Wrong On These Semiconductor Stocks

Moving on to our next candidate, SanDisk Corporation (NASDAQ:SNDK) received an ‘Equal Weight’ rating and a price target of $60. This freshly-established price target yields an upside potential of over 11% from the current share price. The shares of SanDisk have been moving towards reaching this target, after advancing by 1.89% so far in today’s trading session. SanDisk’s stock performance has been disappointing as well in 2015, as its shares have slipped by 43% year-to-date. SanDisk Corporation lost one of its major clients of solid state drives (SSD) in the first quarter, which was reflected in the company’s second-quarter financial results. Allegedly, this key client was Apple Inc. (NASDAQ:AAPL), which switched to another SSD supplier for its recently-launched iPhone 6s.

There were 50 hedge funds observed by our team that owned SanDisk at the end of the second quarter, compared to 40 registered a quarter earlier. Nevertheless, the value of the money invested in the stock shrank to $1.33 billion from $1.35 billion quarter-over-quarter, though the decline in its share price of 8.4% means funds actually did add some shares to their portfolios collectively, exhibiting some clear bullishness towards the stock. David Cohen and Harold Levy’s Iridian Asset Management is among the most bullish hedge funds on SanDisk within our database, owning 7.02 million shares as of June 30. Michael Lowenstein’s Kensico Capital is another top shareholder of SanDisk Corporation (NASDAQ:SNDK), holding a 4.37 million-share position.

Disclosure: None