Sandisk (NASDAQ:SNDK) Stock: Insider Bernard Shek Sells 600 Shares

Sandisk Corporation (NASDAQ:SNDK) insider Bernard Shek sold 600 shares of the company’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $1,158.26, for a total transaction of $694,956.00. Following the sale, the insider directly owned 24,666 shares of the company’s stock, valued at approximately $28,569,641.16. This trade represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Bernard Shek also recently made the following trade(s):

• On Thursday, October 1st, Bernard Shek sold 600 shares of Sandisk stock. The shares were sold at an average price of $1,734.94, for a total value of $1,040,964.00.
• On Tuesday, September 8th, Bernard Shek sold 2,308 shares of Sandisk stock. The shares were sold at an average price of $1,767.33, for a total value of $4,078,997.64.
• On Tuesday, September 1st, Bernard Shek sold 600 shares of Sandisk stock. The shares were sold at an average price of $1,525.60, for a total value of $915,360.00.

Sandisk Trading Up 4.8%

Shares of SNDK traded up $51.44 during midday trading on Tuesday, reaching $1,126.52. 8,400,054 shares of the company were exchanged, compared to its average volume of 14,744,653. The stock has a 50-day moving average price of $1,547.49 and a 200-day moving average price of $1,254.27. The company has a market cap of $162.81 billion, a price-to-earnings ratio of 9.03, a P/E/G ratio of 0.14 and a beta of 5.23. Sandisk Corporation has a 1-year low of $183.00 and a 1-year high of $2,354.39.

Shares of Sandisk are set to split on the morning of Friday, November 20th. The 8-1 split was announced on Thursday, October 29th. The newly created shares will be payable to shareholders after the closing bell on Thursday, November 19th.

Sandisk (NASDAQ:SNDK) last issued its earnings results on Thursday, October 29th. The data storage provider reported $49.51 earnings per share for the quarter, topping the consensus estimate of $46.19 by $3.32. Sandisk had a return on equity of 87.84% and a net margin of 56.47%. The company had revenue of $11.03 billion during the quarter. During the same period in the previous year, the company earned $1.22 EPS. Sandisk’s quarterly revenue was up 23.0% on a year-over-year basis. Equities research analysts anticipate that Sandisk Corporation will post 210.92 earnings per share for the current year.

Sandisk announced that its Board of Directors has approved a stock repurchase plan on Wednesday, August 5th that authorizes the company to buy back $14 billion in shares. This buyback authorization authorizes the data storage provider to buy up to 6.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

SNDK has been the subject of a number of analyst reports. Susquehanna decreased their price target on Sandisk from $2,745.00 to $2,720.00 and set a “positive” rating for the company in a report on Friday. Weiss Ratings lowered shares of Sandisk from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 14th. Argus raised shares of Sandisk from a “hold” rating to a “buy” rating and set a $1,600.00 target price on the stock in a research report on Monday, August 10th. Citigroup reissued a “buy” rating on shares of Sandisk in a research report on Thursday, October 1st. Finally, Mizuho upped their target price on shares of Sandisk from $1,875.00 to $2,050.00 and gave the company an “outperform” rating in a research note on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $2,056.23.

Key Headlines Impacting Sandisk

Here are the key news stories impacting Sandisk this week:

• Positive Sentiment: A rebound across semiconductor and memory shares, following the recent sell-off, helped lift Sandisk. Reports pointed to investor rotation back into chip stocks and improved risk appetite as drivers of the move. Why memory stocks rose
• Positive Sentiment: Recent results and outlook remain strong: Sandisk beat quarterly earnings expectations and raised guidance. One report also cited $93.9 billion in minimum revenue commitments under long-term supply agreements, supporting the view that a near-term business collapse is unlikely. Sandisk: Priced For The AI Apocalypse
• Neutral Sentiment: Sandisk’s announced 8-for-1 stock split is scheduled to take effect before the market opens November 20. A split changes the number of shares and per-share price, but does not by itself change the company’s value. Should You Buy Sandisk Stock Before Nov. 20?
• Negative Sentiment: The stock’s sharp post-earnings pullback shows that beating estimates may not have been enough to satisfy investors. Articles cited concerns that the AI data-center build-out could slow, raising doubts about whether exceptional growth can persist. Is Sandisk’s Incredible Run About to End?

Institutional Trading of Sandisk

Several large investors have recently modified their holdings of the business. Handelsbanken Fonder AB increased its holdings in Sandisk by 35.1% during the 2nd quarter. Handelsbanken Fonder AB now owns 57,564 shares of the data storage provider’s stock worth $130,885,000 after purchasing an additional 14,964 shares during the last quarter. Focus Partners Advisor Solutions LLC acquired a new position in shares of Sandisk in the 2nd quarter valued at approximately $4,775,000. Florida Financial Advisors LLC acquired a new position in shares of Sandisk in the 1st quarter valued at approximately $2,747,000. UNICOM Systems Inc. boosted its stake in shares of Sandisk by 14.9% during the 2nd quarter. UNICOM Systems Inc. now owns 58,500 shares of the data storage provider’s stock valued at $133,013,000 after buying an additional 7,600 shares during the last quarter. Finally, Affinity Capital Advisors LLC purchased a new position in shares of Sandisk during the 2nd quarter valued at approximately $2,506,000.

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.