Sandisk Target of Unusually Large Options Trading (NASDAQ:SNDK)

Key Points

• Sandisk Corporation experienced a significant surge in options trading, with investors purchasing 11,557 call options, marking a 65% increase over the average daily volume.
• Analysts have raised their price targets for Sandisk, with Citigroup and Bank of America both setting a target of $125.00, while the average consensus target stands at $77.50.
• Shares of Sandisk rose by 9.6%, reaching $122.95, amid strong trading activity and a significant increase in institutional investments.

Sandisk Corporation (NASDAQ:SNDK - Get Free Report) was the target of unusually large options trading activity on Tuesday. Investors bought 11,557 call options on the stock. This represents an increase of approximately 65% compared to the average daily volume of 6,988 call options.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Arete initiated coverage on shares of Sandisk in a research report on Monday, June 9th. They issued a "neutral" rating and a $63.00 price objective on the stock. Citigroup raised their target price on shares of Sandisk from $80.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Jefferies Financial Group initiated coverage on shares of Sandisk in a research note on Monday, July 7th. They issued a "buy" rating and a $60.00 price target on the stock. Morgan Stanley raised their price target on shares of Sandisk from $70.00 to $96.00 and gave the company an "overweight" rating in a research note on Thursday, September 11th. Finally, Bank of America raised their price target on shares of Sandisk from $59.00 to $125.00 and gave the company a "buy" rating in a research note on Tuesday, September 23rd. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Sandisk has a consensus rating of "Moderate Buy" and an average price target of $77.50.

Sandisk Trading Up 9.6%

Shares of NASDAQ SNDK traded up $10.75 during trading on Wednesday, hitting $122.95. The stock had a trading volume of 6,816,985 shares, compared to its average volume of 3,910,391. Sandisk has a 12 month low of $27.89 and a 12 month high of $123.67. 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

Institutional investors have recently added to or reduced their stakes in the business. Osaic Holdings Inc. purchased a new stake in shares of Sandisk in the second quarter worth about $317,000. Corient Private Wealth LLC bought a new position in shares of Sandisk in the second quarter worth approximately $353,000. Finally, Praxis Investment Management Inc. bought a new position in Sandisk during the third quarter valued at approximately $533,000.

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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