Sandisk (NASDAQ:SNDK) Hits New 12-Month High - Here's Why

Key Points

• Sandisk Corporation's stock reached a new 52-week high of $152.63 and last traded at $148.04 with a trading volume of over 6.6 million shares.
• Brokerages have shown optimism, with notable upgrades including Wells Fargo's price target increase from $50.00 to $115.00 and Mizuho's lift from $112.00 to $180.00, indicating strong demand for the stock.
• Institutional investments are rising, highlighting growing confidence in Sandisk, with several firms acquiring new stakes valued at amounts up to $4 million in the third quarter.

Shares of Sandisk Corporation (NASDAQ:SNDK - Get Free Report) reached a new 52-week high during trading on Tuesday . The stock traded as high as $152.63 and last traded at $148.04, with a volume of 6618688 shares. The stock had previously closed at $140.16.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SNDK. Sanford C. Bernstein raised shares of Sandisk to a "strong-buy" rating in a research note on Tuesday, September 16th. Wells Fargo & Company upped their price target on shares of Sandisk from $50.00 to $115.00 and gave the company an "equal weight" rating in a research report on Monday, October 13th. Jefferies Financial Group initiated coverage on Sandisk in a report on Monday, July 7th. They issued a "buy" rating and a $60.00 price objective on the stock. The Goldman Sachs Group increased their target price on Sandisk from $55.00 to $140.00 and gave the company a "buy" rating in a report on Thursday, October 9th. Finally, Mizuho lifted their price target on Sandisk from $112.00 to $180.00 and gave the stock an "outperform" rating in a research note on Friday. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Sandisk has an average rating of "Moderate Buy" and a consensus price target of $92.69.

Sandisk Price Performance

The business has a 50-day simple moving average of $85.95 and a 200 day simple moving average of $55.70. The company has a current ratio of 3.56, a quick ratio of 2.11 and a debt-to-equity ratio of 0.20.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Miracle Mile Advisors LLC bought a new stake in shares of Sandisk during the 3rd quarter valued at about $1,151,000. Merit Financial Group LLC purchased a new stake in Sandisk in the third quarter worth about $408,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Sandisk during the 3rd quarter valued at approximately $4,047,000. Ethic Inc. purchased a new position in shares of Sandisk during the 3rd quarter worth approximately $744,000. Finally, Chesapeake Asset Management LLC purchased a new position in shares of Sandisk during the 3rd quarter worth approximately $265,000.

Sandisk Company Profile

SanDisk Corporation offers flash storage solutions. The Company designs, develops and manufactures data storage solutions in a range of form factors using flash memory, controller, firmware and software technologies. The Company operates through flash memory storage products segment. Its solutions include a range of solid state drives (SSD), embedded products, removable cards, universal serial bus (USB), drives, wireless media drives, digital media players, and wafers and components.

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