Sandisk (NASDAQ:SNDK) Shares Gap Down - Here's Why

Key Points

• SanDisk shares gapped down from a previous close of $131.88 to open at $127.00 on Thursday, with the last traded price at $128.88.
• Analysts have set several price target increases for SanDisk, with Goldman Sachs raising their target to $140.00 and Bank of America to $125.00, both maintaining a "buy" rating.
• Despite the positive ratings from multiple analysts, Zacks Research dropped SanDisk's rating from "hold" to "strong sell," reflecting mixed investor sentiment.

Shares of Sandisk Corporation (NASDAQ:SNDK - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $131.88, but opened at $127.00. Sandisk shares last traded at $128.88, with a volume of 654,217 shares.

Analysts Set New Price Targets

SNDK has been the topic of several analyst reports. The Goldman Sachs Group lifted their target price on shares of Sandisk from $55.00 to $140.00 and gave the stock a "buy" rating in a research note on Thursday. Bank of America lifted their target price on shares of Sandisk from $59.00 to $125.00 and gave the stock a "buy" rating in a research note on Tuesday, September 23rd. Jefferies Financial Group initiated coverage on shares of Sandisk in a research note on Monday, July 7th. They issued a "buy" rating and a $60.00 target price on the stock. Citigroup lifted their target price on shares of Sandisk from $80.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, September 24th. Finally, Zacks Research downgraded shares of Sandisk from a "hold" rating to a "strong sell" rating in a research note on Friday, August 22nd. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $82.81.

Sandisk Trading Down 1.7%

The stock's 50-day moving average price is $71.03 and its two-hundred day moving average price is $51.10. 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

Hedge funds have recently bought and sold shares of the company. Osaic Holdings Inc. bought a new position in Sandisk in the 2nd quarter worth about $317,000. Corient Private Wealth LLC bought a new position in Sandisk in the 2nd quarter worth about $353,000. Voya Investment Management LLC bought a new position in Sandisk in the 3rd quarter worth about $8,917,000. GAMMA Investing LLC bought a new position in Sandisk in the 3rd quarter worth about $439,000. Finally, Praxis Investment Management Inc. purchased a new position in Sandisk in the 3rd quarter worth about $533,000.

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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