Sandisk (NASDAQ:SNDK) Shares Down 5.3% – Here’s Why

Sandisk Corporation (NASDAQ:SNDK)’s share price dropped 5.3% during trading on Monday . The company traded as low as $1,277.33 and last traded at $1,333.01. Approximately 13,734,956 shares traded hands during trading, a decline of 25% from the average daily volume of 18,324,469 shares. The stock had previously closed at $1,407.61.

Analyst Ratings Changes

SNDK has been the subject of several recent analyst reports. Weiss Ratings upgraded shares of Sandisk from a “sell (d+)” rating to a “hold (c+)” rating in a research note on Wednesday, May 6th. Barclays increased their price target on shares of Sandisk from $750.00 to $1,200.00 and gave the stock an “equal weight” rating in a report on Friday, May 1st. Jefferies Financial Group restated a “buy” rating and issued a $1,400.00 price objective on shares of Sandisk in a research report on Friday, May 1st. KGI Securities started coverage on Sandisk in a report on Wednesday, March 18th. They issued an “outperform” rating and a $992.00 price objective on the stock. Finally, Bank of America boosted their target price on Sandisk from $900.00 to $1,080.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $1,124.18.

Sandisk Trading Down 5.3%

The firm has a market cap of $197.41 billion, a PE ratio of 46.33 and a beta of 4.82. The company has a 50 day moving average price of $899.12 and a 200 day moving average price of $555.71.

Sandisk (NASDAQ:SNDK) last released its quarterly earnings data on Thursday, April 30th. The data storage provider reported $23.41 earnings per share for the quarter, beating the consensus estimate of $14.17 by $9.24. The firm 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%.The business’s revenue for the quarter was up 251.0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.30) earnings per share. Sandisk has set its Q4 2026 guidance at 30.000-33.000 EPS. As a group, equities research analysts anticipate that Sandisk Corporation will post 63.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Sandisk news, Director Necip Sayiner sold 579 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $1,503.11, for a total value of $870,300.69. Following the sale, the director owned 2,900 shares of the company’s stock, valued at $4,359,019. This represents a 16.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michael Pokorny sold 2,446 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $1,426.18, for a total transaction of $3,488,436.28. Following the completion of the sale, the chief accounting officer owned 22,375 shares in the company, valued at $31,910,777.50. This represents a 9.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 6,525 shares of company stock worth $6,555,092 in the last three months. Corporate insiders own 0.21% of the company’s stock.

Institutional Investors Weigh In On Sandisk

Institutional investors and hedge funds have recently bought and sold shares of the stock. Regal Partners Ltd purchased a new position in Sandisk during the first quarter worth $480,000. Empowered Funds LLC boosted its stake in shares of Sandisk by 292.7% during the first quarter. Empowered Funds LLC now owns 32,842 shares of the data storage provider’s stock valued at $20,866,000 after acquiring an additional 24,479 shares during the last quarter. IMG Wealth Management Inc. purchased a new stake in Sandisk during the 1st quarter worth about $29,000. Quantinno Capital Management LP raised its stake in Sandisk by 38.3% in the 1st quarter. Quantinno Capital Management LP now owns 66,953 shares of the data storage provider’s stock valued at $42,538,000 after purchasing an additional 18,553 shares during the last quarter. Finally, Southpoint Capital Advisors LP acquired a new position in Sandisk in the 1st quarter valued at about $38,120,000.

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.