Sandisk (NASDAQ:SNDK) Hits New 1-Year High – Should You Buy?

Sandisk Corporation (NASDAQ:SNDK) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $213.40 and last traded at $207.13, with a volume of 1213610 shares traded. The stock had previously closed at $199.33.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Wedbush reissued an “outperform” rating and issued a $220.00 target price (up from $60.00) on shares of Sandisk in a report on Wednesday, October 29th. Citigroup increased their target price on Sandisk from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, October 13th. UBS Group reissued an “overweight” rating and issued a $230.00 target price on shares of Sandisk in a report on Monday. Bank of America increased their target price on Sandisk from $59.00 to $125.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Finally, Sanford C. Bernstein raised 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, ten have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $120.41.

Sandisk Trading Down 2.2%

The company has a 50-day simple moving average of $109.80 and a 200-day simple moving average of $65.14. 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 stock has a market cap of $28.55 billion and a P/E ratio of -336.28.

Hedge Funds Weigh In On Sandisk

Several institutional investors have recently bought and sold shares of SNDK. Osaic Holdings Inc. bought a new position in Sandisk in the 2nd quarter valued at $317,000. Corient Private Wealth LLC bought a new stake in shares of Sandisk during the second quarter worth $353,000. Praxis Investment Management Inc. bought a new stake in shares of Sandisk during the third quarter worth $533,000. GAMMA Investing LLC bought a new stake in shares of Sandisk during the third quarter worth $439,000. Finally, Voya Investment Management LLC bought a new stake in shares of Sandisk during the third quarter worth $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.