Sandisk (NASDAQ:SNDK) Hits New 52-Week High - Should You Buy?

Key Points

• Sandisk (NASDAQ:SNDK) reached a new 52-week high of $138.89 during trading, with the last price at $138.68, marking a notable increase from its previous close of $127.29.
• Recent analyst reports show a mixed outlook, with Benchmark raising its target price to $125 and Citigroup setting a price objective of $150, while Zacks downgraded the stock to a strong sell rating.
• Several hedge funds have significantly increased their stakes in Sandisk, indicating a growing interest among institutional investors in the company.

Sandisk Corporation (NASDAQ:SNDK - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $138.89 and last traded at $138.68, with a volume of 2326770 shares. The stock had previously closed at $127.29.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SNDK. Benchmark upped their target price on shares of Sandisk from $85.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, September 24th. Zacks Research downgraded shares of Sandisk from a "hold" rating to a "strong sell" rating in a research note on Friday, August 22nd. Wells Fargo & Company boosted their price objective on shares of Sandisk from $50.00 to $115.00 and gave the company an "equal weight" rating in a report on Monday. Citigroup boosted their price objective on shares of Sandisk to $150.00 and gave the company a "buy" rating in a report on Monday. Finally, Jefferies Financial Group initiated coverage on shares of Sandisk in a report on Monday, July 7th. They set a "buy" rating and a $60.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Sandisk has a consensus rating of "Moderate Buy" and a consensus price target of $88.44.

Sandisk Price Performance

The stock's 50 day moving average price is $77.79 and its 200-day moving average price is $53.12. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.56 and a quick ratio of 2.11.

Hedge Funds Weigh In On Sandisk

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Farther Finance Advisors LLC bought a new position in shares of Sandisk during the third quarter worth $108,000. Parcion Private Wealth LLC bought a new position in Sandisk during the third quarter valued at $200,000. ARS Investment Partners LLC bought a new position in Sandisk during the third quarter valued at $248,000. S.A. Mason LLC bought a new position in Sandisk during the third quarter valued at $252,000. Finally, GAMMA Investing LLC bought a new position in Sandisk during the third quarter valued at $439,000.

About Sandisk

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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