Sandisk (NASDAQ:SNDK) Hits New 52-Week High – Here’s Why

Sandisk Corporation (NASDAQ:SNDK) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $152.63 and last traded at $148.04, with a volume of 6618688 shares. The stock had previously closed at $140.16.

Wall Street Analysts Forecast Growth

SNDK has been the topic of a number of recent research reports. Wells Fargo & Company raised their price objective on shares of 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 raised their price objective on shares of Sandisk from $55.00 to $140.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. Zacks Research raised shares of Sandisk from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. 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 report on Tuesday, September 23rd. Finally, Jefferies Financial Group assumed coverage on shares of Sandisk in a research report on Monday, July 7th. They set a “buy” rating and a $60.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $92.69.

Sandisk Price Performance

The firm’s 50 day moving average price is $90.07 and its two-hundred day moving average price is $57.08. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.56 and a quick ratio of 2.11.

Institutional Investors Weigh In On Sandisk

A number of hedge funds have recently made changes to their positions in SNDK. True Wealth Design LLC bought a new stake in shares of Sandisk in the 3rd quarter worth approximately $40,000. Global Retirement Partners LLC bought a new stake in shares of Sandisk in the 3rd quarter worth approximately $49,000. Mather Group LLC. bought a new stake in shares of Sandisk in the 3rd quarter worth approximately $60,000. MassMutual Private Wealth & Trust FSB bought a new stake in shares of Sandisk in the 3rd quarter worth approximately $71,000. Finally, E Fund Management Hong Kong Co. Ltd. bought a new stake in Sandisk during the 3rd quarter valued at $91,000.

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.