Sandisk (NASDAQ:SNDK) Shares Up 5.7% - Should You Buy?

Key Points

• Sandisk's stock price increased by 5.7%, reaching a last traded price of $127.89 after closing at $120.95.
• Institutional investors have recently shown increased interest in Sandisk, with notable stakes acquired valued at hundreds of thousands of dollars.
• Despite some positive ratings, Zacks Research has downgraded Sandisk from "hold" to "strong sell," indicating mixed sentiments among analysts.

Sandisk Corporation (NASDAQ:SNDK - Get Free Report)'s stock price shot up 5.7% during trading on Wednesday . The company traded as high as $128.98 and last traded at $127.89. 1,325,905 shares changed hands during trading, a decline of 67% from the average session volume of 4,053,733 shares. The stock had previously closed at $120.95.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SNDK. Citigroup raised their price objective on shares of Sandisk from $80.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. The Goldman Sachs Group started coverage on shares of Sandisk in a report on Thursday, July 10th. They set a "buy" rating and a $55.00 price objective for the company. Zacks Research cut shares of Sandisk from a "hold" rating to a "strong sell" rating in a research report on Friday, August 22nd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Sandisk in a research report on Wednesday. Finally, Morgan Stanley increased their target price on shares of Sandisk from $70.00 to $96.00 and gave the stock an "overweight" rating in a research report on Thursday, September 11th. Two 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 given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $77.50.

Sandisk Stock Up 5.4%

The company has a debt-to-equity ratio of 0.20, a current ratio of 3.56 and a quick ratio of 2.11. The firm's 50-day simple moving average is $69.25 and its two-hundred day simple moving average is $50.58.

Institutional Investors Weigh In On Sandisk

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC acquired a new stake in Sandisk in the 3rd quarter valued at about $439,000. Praxis Investment Management Inc. acquired a new stake in shares of Sandisk during the 3rd quarter worth approximately $533,000. Corient Private Wealth LLC acquired a new stake in shares of Sandisk during the 2nd quarter worth approximately $353,000. Finally, Osaic Holdings Inc. acquired a new stake in shares of Sandisk during the 2nd quarter worth approximately $317,000.

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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