Sandisk (NASDAQ:SNDK) Stock Price Down 8.8% - What's Next?

Key Points

• Sandisk stock dropped 8.8% on Tuesday, closing at $122.83, with trading volume significantly down by 41% from its average.
• Equities research analysts have mixed views on Sandisk, with a consensus rating of "Moderate Buy" and varying price targets, including Goldman Sachs' increase to $140.00.
• Several institutional investors have recently acquired new stakes in Sandisk, indicating potential confidence in the company's future performance.

Sandisk Corporation (NASDAQ:SNDK - Get Free Report) traded down 8.8% on Tuesday . The company traded as low as $120.96 and last traded at $122.83. 2,415,469 shares traded hands during mid-day trading, a decline of 41% from the average session volume of 4,121,624 shares. The stock had previously closed at $134.61.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on SNDK shares. Sanford C. Bernstein raised Sandisk to a "strong-buy" rating in a research report on Tuesday, September 16th. The Goldman Sachs Group increased 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, October 9th. Benchmark increased their price target on Sandisk from $85.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Sandisk in a research report on Wednesday, October 8th. Finally, Bank of America raised their price objective 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. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Sandisk presently has a consensus rating of "Moderate Buy" and a consensus target price of $88.44.

Sandisk Stock Down 3.6%

The company's 50-day simple moving average is $76.10 and its 200 day simple moving average is $52.60. The company has a current ratio of 3.56, a quick ratio of 2.11 and a debt-to-equity ratio of 0.20.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SNDK. Osaic Holdings Inc. acquired a new position in Sandisk in the second quarter valued at about $317,000. Corient Private Wealth LLC acquired a new stake in shares of Sandisk in the second quarter valued at approximately $353,000. Praxis Investment Management Inc. acquired a new position in shares of Sandisk in the 3rd quarter valued at $533,000. GAMMA Investing LLC purchased a new position in Sandisk during the 3rd quarter worth $439,000. Finally, Voya Investment Management LLC acquired a new stake in shares of Sandisk during the third quarter worth about $8,917,000.

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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