Insider Selling: Sandisk (NASDAQ:SNDK) Insider Sells $694,956.00 in Stock

Sandisk Corporation (NASDAQ:SNDK) insider Bernard Shek sold 600 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $1,158.26, for a total value of $694,956.00. Following the completion of the transaction, the insider owned 24,666 shares of the company’s stock, valued at $28,569,641.16. This represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link. 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 stock was sold at an average price of $1,525.60, for a total transaction of $915,360.00.

Sandisk Price Performance

Sandisk stock opened at $806.43 on Friday. The firm has a 50-day moving average of $1,517.43 and a 200-day moving average of $1,263.07. Sandisk Corporation has a one year low of $183.00 and a one year high of $2,354.39. The company has a market cap of $114.75 billion, a price-to-earnings ratio of 6.46, a P/E/G ratio of 0.08 and a beta of 5.66.

Sandisk shares are set to split before the market opens on 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 analysts’ consensus estimates of $46.19 by $3.32. The business had revenue of $11.03 billion for the quarter. Sandisk had a net margin of 67.04% and a return on equity of 125.70%. Sandisk’s quarterly revenue was up 23.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.22 earnings per share. As a group, sell-side analysts expect that Sandisk Corporation will post 222.70 earnings per share for the current year.

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

Hedge Funds Weigh In On Sandisk

Several hedge funds have recently bought and sold shares of SNDK. BlackRock Inc. purchased a new position in Sandisk in the second quarter worth about $23,408,732,000. Situational Awareness LP grew its holdings in shares of Sandisk by 42.4% during the second quarter. Situational Awareness LP now owns 2,495,344 shares of the data storage provider’s stock valued at $5,673,739,000 after buying an additional 743,325 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Sandisk by 71.2% during the second quarter. Wellington Management Group LLP now owns 1,066,886 shares of the data storage provider’s stock valued at $2,425,811,000 after acquiring an additional 443,714 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Sandisk by 57.4% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 726,722 shares of the data storage provider’s stock worth $1,652,370,000 after acquiring an additional 264,935 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Sandisk in the 2nd quarter worth approximately $1,621,353,000.

Wall Street Analyst Weigh In

SNDK has been the subject of a number of research reports. JPMorgan Chase & Co. began coverage on Sandisk in a report on Friday, August 14th. They set an “overweight” rating and a $2,250.00 target price for the company. Weiss Ratings lowered shares of Sandisk from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 14th. Evercore reaffirmed an “outperform” rating and set a $3,100.00 price target (up from $1,400.00) on shares of Sandisk in a research report on Thursday, August 13th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $3,000.00 price objective (up from $1,700.00) on shares of Sandisk in a research note on Thursday, August 6th. Finally, Royal Bank Of Canada cut their price objective on shares of Sandisk from $1,600.00 to $1,400.00 and set a “sector perform” rating for the company in a report on Friday, October 30th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $2,056.23.

Sandisk News Summary

Here are the key news stories impacting Sandisk this week:

• Positive Sentiment: Sandisk’s latest quarter was strong: earnings of $49.51 per share topped the $46.19 consensus, while revenue reached $11.03 billion, up 23% year over year. An analyst also pointed to a large remaining-performance-obligation pipeline and long-term supply agreements as support for future revenue visibility. Article: Sandisk: A 35 Percent Stock Decline, But RPO Tells A Different Story
• Positive Sentiment: The company’s previously announced $14 billion share-repurchase authorization may provide support by returning capital and reducing shares outstanding. Article: Should You Buy Sandisk Before Its 8-for-1 Stock Split?
• Neutral Sentiment: Sandisk’s planned 8-for-1 stock split is approaching. A split changes the number of shares and per-share price, but does not by itself change the company’s value. Article: Meta, Sandisk Unveil First-Ever Stock Splits in 8 Days
• Negative Sentiment: Investors are reducing exposure to AI-linked chip and memory stocks after U.S. midterm results heightened worries about stricter AI regulation, a possible pause in AI expansion, and delays to data-center investment. That could threaten expectations for memory demand. Article: SanDisk Leads Memory Stocks Lower
• Negative Sentiment: A major phone-chip maker’s weak-sales warning, attributed to “industry-wide memory dynamics,” added to concerns about near-term demand across the memory sector and weighed on Sandisk alongside peers. Article: Sandisk Sinks, Micron Down as Phone Chipmaker Cites Weak Sales

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.