Sandisk (NASDAQ:SNDK) Shares Down 2.4% – Here’s Why

Sandisk Corporation (NASDAQ:SNDK) fell 2.4% during trading on Wednesday . The stock traded as low as $1,861.01 and last traded at $1,916.1390. Approximately 9,566,498 shares traded hands during trading, a decline of 43% from the average daily volume of 16,768,168 shares. The stock had previously closed at $1,963.60.

Sandisk News Roundup

Here are the key news stories impacting Sandisk this week:

• Positive Sentiment: Several bullish notes argued that AI is fundamentally changing the NAND market, with strong data-center demand, multi-year supply deals, and recent quarterly results showing revenue up 251% year over year to $5.95 billion. Those reports helped support the stock’s longer-term growth story. Article: SanDisk Says AI Is ‘Fundamentally’ Changing the NAND Market. Why That’s Good News for SNDK Stock.
• Positive Sentiment: Analyst coverage remained constructive, including Morgan Stanley reiterating an Overweight view as AI demand drives a “fundamental repricing” in NAND. Article: Morgan Stanley maintains Overweight on SNDK as AI demand drives NAND ‘fundamental repricing”
• Neutral Sentiment: One commentary said the recent pullback looked more like profit-taking after a huge rally than a sign that the AI memory trend is breaking, suggesting investors are simply rotating after a parabolic move. Article: MU, SNDK & WDC Profit Taking on KOSPI Selling, NVDA & QCOM Meetings Ahead
• Negative Sentiment: More cautious pieces warned that SanDisk’s valuation has become stretched after an enormous year-to-date run, with one model setting a price target well below the current share price and recommending selling the stock. Article: SanDisk Has Run Hot, The Price Target Carries a Warning
• Negative Sentiment: The stock was also pressured by a broad semiconductor and memory-chip selloff tied to risk-off sentiment, including fears about AI spending, higher rates, and weakness in Asian chip markets. Article: Micron, Sandisk, other memory stocks tumble on high AI spending and rate hike fears

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SNDK shares. Wells Fargo & Company upped their price objective on shares of Sandisk from $975.00 to $1,250.00 and gave the stock an “equal weight” rating in a report on Friday, May 1st. Mizuho lifted their price objective on shares of Sandisk from $1,825.00 to $2,200.00 and gave the company an “outperform” rating in a report on Monday, June 8th. Weiss Ratings downgraded shares of Sandisk from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, June 3rd. Wedbush upped their target price on shares of Sandisk from $740.00 to $1,200.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. Finally, KGI Securities initiated coverage on Sandisk in a research note on Wednesday, March 18th. They set an “outperform” rating and a $992.00 price target for the company. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,580.67.

Sandisk Price Performance

The company’s fifty day moving average price is $1,474.95 and its 200 day moving average price is $845.76. The company has a market cap of $283.76 billion, a PE ratio of 66.60 and a beta of 4.88.

Sandisk (NASDAQ:SNDK) last issued its quarterly earnings data on Thursday, April 30th. The data storage provider reported $23.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $14.17 by $9.24. The business had revenue of $5.95 billion during the quarter. Sandisk had a net margin of 34.19% and a return on equity of 44.06%. The company’s revenue for the quarter was up 251.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.30) earnings per share. Sandisk has set its Q4 2026 guidance at 30.000-33.000 EPS. On average, analysts forecast that Sandisk Corporation will post 64.01 EPS for the current year.

Insiders Place Their Bets

In related news, insider Bernard Shek sold 600 shares of Sandisk stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $1,736.00, for a total transaction of $1,041,600.00. Following the sale, the insider directly owned 32,232 shares in the company, valued at approximately $55,954,752. This trade represents a 1.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Alper Ilkbahar sold 2,000 shares of the business’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $1,756.58, for a total value of $3,513,160.00. Following the completion of the transaction, the executive vice president directly owned 52,677 shares in the company, valued at approximately $92,531,364.66. This represents a 3.66% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 5,625 shares of company stock valued at $8,913,497. Insiders own 0.21% of the company’s stock.

Institutional Investors Weigh In On Sandisk

Several large investors have recently made changes to their positions in the business. Osaic Holdings Inc. purchased a new position in shares of Sandisk in the 2nd quarter worth about $317,000. Merit Financial Group LLC purchased a new stake in Sandisk during the third quarter worth about $408,000. PNC Financial Services Group Inc. bought a new stake in Sandisk in the third quarter worth about $989,000. Clearstead Advisors LLC bought a new stake in Sandisk in the third quarter worth about $216,000. Finally, Transatlantique Private Wealth LLC purchased a new position in Sandisk in the third quarter valued at about $423,000.

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. It offers SSDs for client computing applications, which encompass desktop computers, notebook computers, tablets and other computing devices.