Zacks Research Upgrades Sandisk (NASDAQ:SNDK) to Strong-Buy

Sandisk (NASDAQ:SNDK) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday, Zacks reports.

Other equities analysts also recently issued research reports about the company. Citigroup restated a “buy” rating on shares of Sandisk in a report on Thursday, October 1st. Weiss Ratings cut shares of Sandisk from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday. Wells Fargo & Company boosted their price objective on shares of Sandisk from $1,400.00 to $1,550.00 and gave the company an “equal weight” rating in a research report on Thursday, August 13th. Argus upgraded shares of Sandisk from a “hold” rating to a “buy” rating and set a $1,600.00 price objective for the company in a report on Monday, August 10th. Finally, Susquehanna decreased their price objective on shares of Sandisk from $3,050.00 to $2,745.00 and set a “positive” rating for the company in a report on Thursday, August 6th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $2,120.65.

Sandisk Price Performance

SNDK opened at $1,403.34 on Tuesday. Sandisk has a one year low of $130.50 and a one year high of $2,354.39. The business has a 50 day simple moving average of $1,599.14 and a two-hundred day simple moving average of $1,492.85. The firm has a market capitalization of $202.82 billion, a price-to-earnings ratio of 19.25, a PEG ratio of 0.15 and a beta of 5.23.

Sandisk (NASDAQ:SNDK) last issued its quarterly earnings data on Wednesday, August 5th. The data storage provider reported $39.25 earnings per share for the quarter, topping analysts’ consensus estimates of $33.28 by $5.97. The firm had revenue of $8.96 billion for the quarter. Sandisk had a return on equity of 87.84% and a net margin of 56.47%. Sandisk’s quarterly revenue was up 371.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.29 earnings per share. Sandisk has set its Q1 2027 guidance at 44.000-46.000 EPS. As a group, sell-side analysts expect that Sandisk will post 208.94 EPS for the current fiscal year.

Sandisk declared that its Board of Directors has approved a stock repurchase plan on Wednesday, August 5th that permits the company to repurchase $14.00 billion in outstanding shares. This buyback authorization permits the data storage provider to repurchase up to 6.6% of its shares through open market purchases. Share buyback plans are often an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Sandisk

In other news, insider Bernard Shek sold 2,308 shares of the company’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $1,767.33, for a total value of $4,078,997.64. Following the sale, the insider directly owned 25,305 shares of the company’s stock, valued at $44,722,285.65. This represents a 8.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Alper Ilkbahar sold 4,712 shares of the stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $1,540.58, for a total transaction of $7,259,212.96. Following the completion of the transaction, the executive vice president owned 44,134 shares of the company’s stock, valued at approximately $67,991,957.72. The trade was a 9.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 77,899 shares of company stock worth $121,159,122. Corporate insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Sandisk

Several hedge funds have recently bought and sold shares of SNDK. Handelsbanken Fonder AB boosted its position in shares of Sandisk by 35.1% in 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 in the last quarter. Focus Partners Advisor Solutions LLC bought a new position in Sandisk during the 2nd quarter valued at approximately $4,775,000. Florida Financial Advisors LLC bought a new position in Sandisk during the 1st quarter valued at approximately $2,747,000. UNICOM Systems Inc. increased its position in 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 in the last quarter. Finally, Affinity Capital Advisors LLC purchased a new position in Sandisk during the second quarter valued at $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.