Sandisk (NASDAQ:SNDK) Shares Down 1.9% – Time to Sell?

Sandisk Corporation (NASDAQ:SNDK)’s stock price dropped 1.9% during trading on Monday . The stock traded as low as $1,895.00 and last traded at $2,050.39. Approximately 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.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SNDK shares. Evercore reiterated an “outperform” rating and issued a $1,400.00 price objective on shares of Sandisk in a research note on Friday, May 1st. Citigroup raised their price objective on shares of Sandisk from $2,025.00 to $2,500.00 and gave the company a “buy” rating in a report on Thursday. Bank of America increased their target price on Sandisk from $1,550.00 to $2,100.00 and gave the company a “buy” rating in a report on Monday, June 8th. Sanford C. Bernstein lifted their price target on Sandisk from $1,250.00 to $1,700.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Finally, Barclays upgraded Sandisk from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $1,200.00 to $2,300.00 in a report on Tuesday, May 26th. Three analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,603.29.

Sandisk Trading Down 1.9%

The firm has a 50 day simple moving average of $1,546.01 and a two-hundred day simple moving average of $885.72. The company has a market capitalization of $303.64 billion, a PE ratio of 71.27 and a beta of 4.88.

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

Insider Activity

In other Sandisk news, insider Bernard Shek sold 600 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $1,736.00, for a total value of $1,041,600.00. Following the completion of the transaction, the insider owned 32,232 shares in the company, valued at approximately $55,954,752. This represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Alper Ilkbahar sold 2,000 shares of the firm’s stock in a transaction on 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 directly owned 52,677 shares of the company’s stock, valued at approximately $92,531,364.66. This trade represents a 3.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 5,625 shares of company stock worth $8,913,497 in the last three months. 0.21% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sandisk

Large investors have recently made changes to their positions in the stock. Allworth Financial LP lifted its position in shares of Sandisk by 84.2% during the 4th quarter. Allworth Financial LP now owns 4,521 shares of the data storage provider’s stock valued at $1,073,000 after acquiring an additional 2,067 shares during the period. Tredje AP fonden purchased a new position in Sandisk in the 4th quarter valued at approximately $7,821,000. ProShare Advisors LLC raised its holdings in 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 purchasing an additional 31,237 shares during the last quarter. FourThought Financial Partners LLC purchased a new stake in Sandisk during the fourth quarter worth $422,000. Finally, North Dakota State Investment Board purchased a new stake in Sandisk during the fourth quarter worth $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.