Sandisk (NASDAQ:SNDK) Trading Up 8% - Still a Buy?

Key Points

• Sandisk's stock price increased by 8%, reaching a last traded price of $121.12, with trading volume seeing a significant uptick of 56% over the average session.
• Multiple analysts have given varying price targets for Sandisk, ranging from $50.00 to $63.00, with a consensus average target price of $77.50 and ratings from Strong Buy to Sell.
• Institutional investors are actively purchasing shares of Sandisk, with notable acquisitions occurring in the second and third quarters totaling around $1.2 million.

Sandisk Corporation (NASDAQ:SNDK - Get Free Report)'s stock price traded up 8% during mid-day trading on Wednesday . The company traded as high as $123.85 and last traded at $121.12. 12,224,220 shares traded hands during trading, an increase of 56% from the average session volume of 7,850,230 shares. The stock had previously closed at $112.20.

Analysts Set New Price Targets

SNDK has been the subject of a number of research reports. Arete Research set a $63.00 target price on shares of Sandisk in a report on Monday, June 9th. Jefferies Financial Group started coverage on Sandisk in a research report on Monday, July 7th. They set a "buy" rating and a $60.00 price target on the stock. The Goldman Sachs Group initiated coverage on Sandisk in a report on Thursday, July 10th. They issued a "buy" rating and a $55.00 price objective for the company. Arete began coverage on Sandisk in a research report on Monday, June 9th. They set a "neutral" rating and a $63.00 target price for the company. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $50.00 price target on shares of Sandisk in a research report on Friday, August 15th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Sandisk currently has an average rating of "Moderate Buy" and a consensus target price of $77.50.

Sandisk Stock Up 8.0%

The firm has a 50-day simple moving average of $62.74 and a 200 day simple moving average of $48.65. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.56 and a quick ratio of 2.11.

Hedge Funds Weigh In On Sandisk

Hedge funds and other institutional investors have recently bought and sold shares of the company. Osaic Holdings Inc. acquired a new stake in shares of Sandisk during the 2nd quarter worth approximately $317,000. Corient Private Wealth LLC acquired a new stake in Sandisk in the second quarter worth $353,000. Finally, Praxis Investment Management Inc. bought a new stake in Sandisk in the third quarter valued at $533,000.

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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