Sandisk (NASDAQ:SNDK) Stock Price Up 4.7% - Still a Buy?

Key Points

• Sandisk's stock price increased by 4.7% to $156.26, as it traded about 1.5 million shares during mid-day, which is significantly lower than its average trading volume.
• Analysts have upgraded their ratings and price targets for Sandisk, with Goldman Sachs setting a price objective of $140.00 and Sanford C. Bernstein giving it a "strong-buy" rating.
• Institutional investors have shown interest, with several funds acquiring new positions in Sandisk, indicating a growing confidence in the company's future prospects.

Sandisk Corporation (NASDAQ:SNDK - Get Free Report)'s share price rose 4.7% during mid-day trading on Wednesday . The company traded as high as $157.40 and last traded at $156.26. Approximately 1,533,824 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 4,211,354 shares. The stock had previously closed at $149.29.

Analysts Set New Price Targets

SNDK has been the topic of a number of research reports. Sanford C. Bernstein upgraded Sandisk to a "strong-buy" rating in a research note on Tuesday, September 16th. Wells Fargo & Company boosted their price objective 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 boosted their price objective on Sandisk from $55.00 to $140.00 and gave the company a "buy" rating in a research note on Thursday, October 9th. Morgan Stanley boosted their price objective on Sandisk from $70.00 to $96.00 and gave the company an "overweight" rating in a research note on Thursday, September 11th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $50.00 price objective on shares of Sandisk in a research note on Friday, August 15th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $92.69.

Sandisk Trading Down 1.5%

The company has a 50-day moving average price of $88.07 and a two-hundred day moving average price of $56.40. 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 Investors Weigh In On Sandisk

Hedge funds and other institutional investors have recently modified their holdings of the stock. True Wealth Design LLC purchased a new position in shares of Sandisk during the third quarter worth about $40,000. Global Retirement Partners LLC purchased a new position in shares of Sandisk during the third quarter worth about $49,000. Mather Group LLC. purchased a new position in shares of Sandisk during the third quarter worth about $60,000. Salomon & Ludwin LLC purchased a new position in shares of Sandisk during the third quarter worth about $102,000. Finally, Farther Finance Advisors LLC purchased a new position in shares of Sandisk during the third quarter worth about $108,000.

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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