Sandisk (NASDAQ:SNDK) Stock Price Down 4.5% - Should You Sell?

Key Points

• Sandisk's stock dropped by 4.5%, trading at $122.58, after previously closing at $128.41, indicating a significant decline in investor confidence.
• Analysts have mixed views on Sandisk's prospects, with target price estimates ranging from $55.00 to $125.00, while the average rating remains a "Moderate Buy".
• Institutional interest in Sandisk is growing, with several hedge funds purchasing new stakes during the second and third quarters of the year.

Sandisk Corporation (NASDAQ:SNDK - Get Free Report) traded down 4.5% on Monday . The stock traded as low as $121.71 and last traded at $122.58. 2,452,490 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 3,999,605 shares. The stock had previously closed at $128.41.

Analysts Set New Price Targets

Several research analysts have commented on SNDK shares. Bank of America raised their target price on Sandisk from $59.00 to $125.00 and gave the stock a "buy" rating in a research note on Tuesday, September 23rd. The Goldman Sachs Group started coverage on shares of Sandisk in a research note on Thursday, July 10th. They set a "buy" rating and a $55.00 price objective for the company. Benchmark increased their target price on shares of Sandisk from $85.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, September 24th. Weiss Ratings restated a "sell (d-)" rating on shares of Sandisk in a research report on Saturday, September 27th. Finally, Sanford C. Bernstein raised shares of Sandisk to a "strong-buy" rating in a report on Tuesday, September 16th. Two equities research 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $77.50.

Sandisk Trading Down 5.6%

The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.11 and a current ratio of 3.56. The company's 50-day moving average is $66.09 and its 200 day moving average is $49.68.

Institutional Trading of Sandisk

A number of institutional investors and hedge funds have recently modified their holdings of the business. Corient Private Wealth LLC bought a new position in shares of Sandisk during the second quarter valued at $353,000. Osaic Holdings Inc. purchased a new stake in shares of Sandisk during the 2nd quarter valued at about $317,000. Praxis Investment Management Inc. bought a new stake in shares of Sandisk in the third quarter worth approximately $533,000. Finally, GAMMA Investing LLC purchased a new position in shares of Sandisk during the third quarter valued at approximately $439,000.

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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