Sandisk (NASDAQ:SNDK) Shares Down 1.9% – What’s Next?

Sandisk Corporation (NASDAQ:SNDK)’s stock price dropped 1.9% on Monday . The stock traded as low as $1,895.00 and last traded at $2,050.39. 11,113,659 shares traded hands during mid-day trading, a decline of 34% from the average daily volume of 16,712,746 shares. The stock had previously closed at $2,090.71.

Analyst Ratings Changes

A number of research firms have recently issued reports on SNDK. Raymond James Financial restated an “outperform” rating and set a $1,470.00 target price on shares of Sandisk in a research note on Friday, May 1st. Royal Bank Of Canada boosted their price target on Sandisk from $650.00 to $1,000.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. Evercore reaffirmed an “outperform” rating and set a $1,400.00 target price on shares of Sandisk in a research report on Friday, May 1st. Jefferies Financial Group reaffirmed a “buy” rating and issued a $1,400.00 price target on shares of Sandisk in a report on Friday, May 1st. Finally, Susquehanna increased their price target on shares of Sandisk from $2,000.00 to $3,250.00 and gave the stock a “positive” rating in a report on Friday, May 29th. Three research 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $1,603.29.

Sandisk Stock Performance

The stock has a market capitalization of $303.64 billion, a P/E ratio of 71.27 and a beta of 4.88. The stock has a 50-day moving average price of $1,546.01 and a two-hundred day moving average price of $885.72.

Sandisk (NASDAQ:SNDK) last announced its earnings results on Thursday, April 30th. The data storage provider reported $23.41 EPS for the quarter, beating analysts’ consensus estimates of $14.17 by $9.24. The company had revenue of $5.95 billion during the quarter. Sandisk had a return on equity of 44.06% and a net margin of 34.19%.Sandisk’s revenue was up 251.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.30) EPS. Sandisk has set its Q4 2026 guidance at 30.000-33.000 EPS. Equities analysts anticipate that Sandisk Corporation will post 64.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Sandisk

In other news, EVP Alper Ilkbahar sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $1,756.58, for a total value of $3,513,160.00. Following the completion of the sale, the executive vice president owned 52,677 shares in the company, valued at approximately $92,531,364.66. This trade represents a 3.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Michael Pokorny sold 2,446 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $1,426.18, for a total value of $3,488,436.28. Following the sale, the chief accounting officer owned 22,375 shares of the company’s stock, valued at approximately $31,910,777.50. This represents a 9.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 5,625 shares of company stock worth $8,913,497 in the last 90 days. 0.21% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNDK. Allworth Financial LP grew its stake in shares of Sandisk by 84.2% in the 4th quarter. Allworth Financial LP now owns 4,521 shares of the data storage provider’s stock valued at $1,073,000 after buying an additional 2,067 shares during the period. Tredje AP fonden purchased a new stake in Sandisk in the fourth quarter valued at approximately $7,821,000. ProShare Advisors LLC boosted its position in shares of Sandisk by 1,301.5% during the fourth quarter. ProShare Advisors LLC now owns 33,637 shares of the data storage provider’s stock worth $7,985,000 after buying an additional 31,237 shares during the period. FourThought Financial Partners LLC purchased a new stake in shares of Sandisk in the 4th quarter valued at $422,000. Finally, North Dakota State Investment Board acquired a new position in Sandisk in the 4th quarter valued at about $1,127,000.

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.