Sandisk (NASDAQ:SNDK) Shares Up 12.4% - What's Next?

Key Points

• Sandisk's shares surged 12.4% on Wednesday, reaching a closing price of $218.77 after trading as high as $218.94, with trading volume increasing by 75% compared to the average session.
• Multiple brokerages have upgraded their target prices for Sandisk, with Morgan Stanley raising it to $230.00 and Goldman Sachs increasing it to $140.00, indicating a strong bullish sentiment among analysts.
• The stock currently holds a consensus rating of "Moderate Buy" from analysts, with two ratings as Strong Buy, ten as Buy, eight as Hold, and one as Sell.

Sandisk Corporation (NASDAQ:SNDK - Get Free Report)'s share price shot up 12.4% on Wednesday . The stock traded as high as $218.94 and last traded at $218.77. 7,901,903 shares were traded during trading, an increase of 75% from the average session volume of 4,519,458 shares. The stock had previously closed at $194.57.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SNDK. Morgan Stanley lifted their target price on Sandisk from $96.00 to $230.00 and gave the stock an "overweight" rating in a research report on Monday. Zacks Research raised Sandisk from a "strong sell" rating to a "hold" rating in a research report on Tuesday, October 14th. Wells Fargo & Company increased their target price on Sandisk from $50.00 to $115.00 and gave the company an "equal weight" rating in a research note on Monday, October 13th. The Goldman Sachs Group upped their price target on shares of Sandisk from $55.00 to $140.00 and gave the company a "buy" rating in a report on Thursday, October 9th. Finally, Mizuho boosted their target price on shares of Sandisk to $215.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 28th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $120.41.

Sandisk Stock Performance

The company has a market capitalization of $31.67 billion and a price-to-earnings ratio of -373.00. The stock has a 50 day simple moving average of $115.97 and a 200 day simple moving average of $67.52. The company has a quick ratio of 2.11, a current ratio of 3.56 and a debt-to-equity ratio of 0.20.

Hedge Funds Weigh In On Sandisk

Institutional investors have recently modified their holdings of the company. CVA Family Office LLC bought a new stake in shares of Sandisk during the 3rd quarter worth about $28,000. Covestor Ltd acquired a new position in shares of Sandisk in the 3rd quarter worth approximately $37,000. Cromwell Holdings LLC bought a new stake in shares of Sandisk in the 3rd quarter worth approximately $39,000. True Wealth Design LLC acquired a new stake in Sandisk during the third quarter valued at approximately $40,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in Sandisk during the third quarter worth approximately $41,000.

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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