Sandisk (NASDAQ:SNDK) Reaches New 1-Year High - Time to Buy?

Key Points

• Sandisk's stock reached a new 52-week high of $123.67, closing at $123.25 with a trading volume of 6.9 million shares.
• Analysts have set a consensus price target of $77.50, with ratings ranging from "Strong Buy" to "Strong Sell" based on recent reports.
• Institutional investments in Sandisk are increasing, with firms like Praxis Investment Management and Osaic Holdings purchasing new stakes in the company.

Sandisk Corporation (NASDAQ:SNDK - Get Free Report) reached a new 52-week high on Wednesday . The stock traded as high as $123.67 and last traded at $123.25, with a volume of 6916225 shares trading hands. The stock had previously closed at $112.20.

Analysts Set New Price Targets

SNDK has been the subject of several research analyst reports. Jefferies Financial Group initiated coverage on Sandisk in a report on Monday, July 7th. They set a "buy" rating and a $60.00 price target for the company. Citigroup lifted their target price on Sandisk from $80.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. Zacks Research cut Sandisk from a "hold" rating to a "strong sell" rating in a report on Friday, August 22nd. Mizuho lifted their target price on Sandisk from $57.00 to $112.00 and gave the stock an "outperform" rating in a report on Friday, September 19th. Finally, The Goldman Sachs Group began coverage on Sandisk in a report on Thursday, July 10th. They issued a "buy" rating and a $55.00 target price 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 one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $77.50.

Sandisk Stock Up 7.3%

The company has a quick ratio of 2.11, a current ratio of 3.56 and a debt-to-equity ratio of 0.20.

Institutional Investors Weigh In On Sandisk

Institutional investors and hedge funds have recently bought and sold shares of the company. Praxis Investment Management Inc. bought a new stake in Sandisk during the 3rd quarter valued at $533,000. Osaic Holdings Inc. bought a new stake in Sandisk during the 2nd quarter valued at $317,000. Finally, Corient Private Wealth LLC bought a new position in shares of Sandisk in the 2nd quarter worth $353,000.

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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