SanDisk Corporation (SNDK) Posts Better than Expected Second Quarter of 2015 Earnings

With that in mind, let’s have a quick look at what hedge funds think about SanDisk Corporation (NASDAQ:SNDK). Going into the second quarter, hedge funds seemed bearish on the stock. A total of 40 hedge funds out of the more than 700 that we tracked were long on the stock with aggregate investment value of $1.35 billion, down from 58 investors with $2.76 billion going into the first quarter of 2015. The biggest shareholder at the end of March was Iridian Asset Management, led by David Cohen and Harold Levy. The fund held a total of 6.35 million shares after raising its position by 25% on the quarter. Michael Lowenstein’s Kensico Capital was also invested in the stock with 6.27 million shares, representing 7.89% of its total equity portfolio. Jean-Marie Eveillard‘s First Eagle Investment Management came in a distant third with 1.97 million shares, having trimmed its position by 12%.

The stock of SanDisk Corporation (NASDAQ:SNDK) jumped on the back of the earnings announcement, sending the stock up by more than 7% on Wednesday. On Thursday, the stock was trading at about 17% in green. The rise is good news to investors who’ve had to put up with poor performance during the year, seeing the stock fall by more than 40% year-to-date.

In the current quarter, the company is expecting an increase in revenue, forecasting between $1.35 and $1.45 billion, while analysts expect $1.41 billion. With the company’s sales expected to rise, and having introduced products that are likely to see revenue growth, many investors will be rushing to open new or up their positions in the stock. SanDisk Corporation’s charge into the external storage segment and its promise to deliver faster, more reliable, and cost effective solid state drives is likely to boost its revenue and spark greater interest.

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