Sandisk (NASDAQ:SNDK) Shares Down 6.8% – Here’s What Happened

Sandisk Corporation (NASDAQ:SNDK)’s share price was down 6.8% on Friday . The company traded as low as $1,503.69 and last traded at $1,501.13. 2,126,026 shares traded hands during trading, a decline of 87% from the average session volume of 16,222,853 shares. The stock had previously closed at $1,610.33.

Trending Headlines about Sandisk

Here are the key news stories impacting Sandisk this week:

• Positive Sentiment: Sandisk remains a key AI-memory name with strong revenue momentum, improving margins, and expectations for continued demand tied to AI infrastructure spending.
• Positive Sentiment: Options activity ahead of the August 5 earnings report shows traders expect a big move, reflecting high investor interest and the potential for a catalyst. Article Title
• Neutral Sentiment: Analysts and market commentators continue to debate whether the recent pullback is a healthy reset after a huge rally or the start of a deeper correction.
• Negative Sentiment: Sandisk is under pressure from a broad selloff in memory and chip stocks, with weakness in peers like Micron and SK Hynix weighing on sentiment. Article Title

Analysts Set New Price Targets

SNDK has been the subject of a number of recent research reports. Cantor Fitzgerald upped their price objective on shares of Sandisk from $1,800.00 to $2,900.00 and gave the stock an “overweight” rating in a report on Monday, June 8th. Evercore set a $3,100.00 price target on Sandisk in a research report on Monday, July 13th. Wells Fargo & Company upped their price target on Sandisk from $1,250.00 to $1,620.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Jefferies Financial Group reissued a “buy” rating and set a $1,400.00 price objective on shares of Sandisk in a report on Friday, May 1st. Finally, Raymond James Financial reissued an “outperform” rating and issued a $1,470.00 price objective on shares of Sandisk in a research note on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,811.38.

Sandisk Trading Down 7.1%

The stock has a market cap of $221.46 billion, a P/E ratio of 52.54 and a beta of 4.74. The firm’s fifty day moving average is $1,753.46 and its 200 day moving average is $1,084.78.

Sandisk (NASDAQ:SNDK) last released its quarterly earnings results on Thursday, April 30th. The data storage provider reported $23.41 earnings per share (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 net margin of 34.19% and a return on equity of 44.06%. The firm’s revenue was up 251.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.30) earnings per share. Sandisk has set its Q4 2026 guidance at 30.000-33.000 EPS. Research analysts forecast that Sandisk Corporation will post 64.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Bernard Shek sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $2,088.00, for a total transaction of $1,252,800.00. Following the completion of the transaction, the insider directly owned 31,515 shares in the company, valued at $65,803,320. The trade was a 1.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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 value of $3,488,436.28. Following the completion of the sale, the chief accounting officer directly owned 22,375 shares of the company’s stock, valued at $31,910,777.50. This represents a 9.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 6,225 shares of company stock worth $10,166,297 in the last 90 days. 0.21% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sandisk

Institutional investors and hedge funds have recently bought and sold shares of the stock. Trust Asset Management LLC raised its stake in Sandisk by 3.9% during the 2nd quarter. Trust Asset Management LLC now owns 1,611 shares of the data storage provider’s stock valued at $3,663,000 after purchasing an additional 60 shares during the last quarter. Regent Peak Wealth Advisors LLC grew its position in Sandisk by 2.9% in the 2nd quarter. Regent Peak Wealth Advisors LLC now owns 635 shares of the data storage provider’s stock worth $1,444,000 after purchasing an additional 18 shares during the last quarter. Ramsey Quantitative Systems acquired a new stake in Sandisk in the 2nd quarter worth $50,000. Tema ETFs LLC increased its holdings in shares of Sandisk by 10.0% during the 2nd quarter. Tema ETFs LLC now owns 2,649 shares of the data storage provider’s stock worth $6,023,000 after purchasing an additional 241 shares during the period. Finally, Nolet Wealth Management LLC bought a new position in shares of Sandisk during the 2nd quarter worth about $281,000.

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