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

Key Points

• Sandisk shares gapped up significantly, starting at $129.74 after a previous close of $116.91, reflecting strong market interest with a trading volume of over 2.4 million shares.
• A number of analysts have made significant adjustments to their price targets, with estimates raising up to $140.00 from various firms like Goldman Sachs and Bank of America.
• Despite positive outlooks from several analysts, Zacks Research downgraded Sandisk from a "hold" to a "strong sell" rating, showing a mixed sentiment in the market.

Sandisk Corporation (NASDAQ:SNDK - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $116.91, but opened at $129.74. Sandisk shares last traded at $129.75, with a volume of 2,432,249 shares.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on SNDK shares. Wells Fargo & Company boosted their price target on Sandisk from $50.00 to $115.00 and gave the stock an "equal weight" rating in a report on Monday. Benchmark boosted their target price on shares of Sandisk from $85.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. Bank of America boosted their price objective on shares of Sandisk from $59.00 to $125.00 and gave the company a "buy" rating in a research report on Tuesday, September 23rd. The Goldman Sachs Group boosted their price objective on shares of Sandisk from $55.00 to $140.00 and gave the company a "buy" rating in a research report on Thursday. Finally, Zacks Research downgraded Sandisk from a "hold" rating to a "strong sell" rating in a report on Friday, August 22nd. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Sandisk presently has a consensus rating of "Moderate Buy" and an average target price of $86.88.

Sandisk Stock Performance

The firm has a 50-day simple moving average of $74.23 and a 200 day simple moving average of $52.04. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.56 and a quick ratio of 2.11.

Institutional Investors Weigh In On Sandisk

A number of large investors have recently modified their holdings of SNDK. Voya Investment Management LLC acquired a new stake in Sandisk in the third quarter valued at approximately $8,917,000. Corient Private Wealth LLC acquired a new stake in Sandisk in the second quarter valued at approximately $353,000. Osaic Holdings Inc. acquired a new stake in Sandisk during the 2nd quarter valued at $317,000. Perpetual Ltd acquired a new stake in Sandisk during the 3rd quarter valued at $558,000. Finally, Praxis Investment Management Inc. acquired a new stake in Sandisk during the 3rd quarter valued at $533,000.

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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