Sandisk (NASDAQ:SNDK) Trading Down 8.1% – What’s Next?

Sandisk Corporation (NASDAQ:SNDK)’s share price was down 8.1% during trading on Friday . The company traded as low as $698.35 and last traded at $709.71. Approximately 23,210,261 shares changed hands during mid-day trading, an increase of 18% from the average daily volume of 19,598,637 shares. The stock had previously closed at $772.09.

Trending Headlines about Sandisk

Here are the key news stories impacting Sandisk this week:

• Positive Sentiment: Citi raised its price target on SNDK from $750 to $875 and kept a Buy rating, which underpins longer?term upside expectations. Citi raises price target
• Positive Sentiment: A Citi analyst also publicly increased forecasts citing very strong data?center NAND bit demand, a bullish signal for Sandisk’s end?market revenue outlook. Citi analyst hike
• Positive Sentiment: KGI Securities initiated coverage with an Outperform recommendation, adding institutional support to the bullish narrative. KGI initiates coverage
• Positive Sentiment: Technical and market commentaries point to bullish setups (golden crosses and momentum) that attracted buyers earlier in the week and helped push SNDK to record highs. Golden cross technicals
• Neutral Sentiment: Speculation about a future stock split has been floated in market writeups; that can lift sentiment but is not a confirmed catalyst. Stock split speculation
• Neutral Sentiment: General “stocks to watch” and market roundup pieces mention SNDK among watchlist names — increases visibility but not a direct catalyst. 4 stocks to watch
• Neutral Sentiment: Coverage noting the recent all?time high provides context for the pullback; it explains part of the current volatility (highs often trigger profit?taking). All?time high context
• Negative Sentiment: Market stories questioning whether the AI/memory rally is a breakout or speculative bubble are weighing on sentiment and have contributed to the pullback. AI breakout vs bubble debate
• Negative Sentiment: News roundups and “what’s behind the drop” pieces are amplifying the sell?off narrative and may accelerate short?term exits by momentum traders. Explainer on the drop

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on SNDK shares. Jefferies Financial Group lifted their price objective on Sandisk from $600.00 to $700.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. UBS Group set a $1,000.00 target price on Sandisk in a report on Monday, February 2nd. Royal Bank Of Canada restated a “sector perform” rating and set a $650.00 price target on shares of Sandisk in a report on Friday, January 30th. The Goldman Sachs Group lifted their price objective on shares of Sandisk from $320.00 to $700.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Finally, China Renaissance began coverage on shares of Sandisk in a research note on Friday, December 5th. They set a “buy” rating and a $322.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $570.19.

Sandisk Price Performance

The stock has a market capitalization of $104.75 billion and a P/E ratio of -93.51. The business’s 50 day simple moving average is $573.83 and its two-hundred day simple moving average is $316.78. The company has a quick ratio of 1.92, a current ratio of 3.11 and a debt-to-equity ratio of 0.06.

Sandisk (NASDAQ:SNDK) last posted its earnings results on Thursday, January 29th. The data storage provider reported $6.20 earnings per share for the quarter, topping analysts’ consensus estimates of $3.31 by $2.89. The company had revenue of $3.03 billion for the quarter, compared to analyst estimates of $2.67 billion. Sandisk had a negative net margin of 11.66% and a positive return on equity of 10.11%. The company’s quarterly revenue was up 61.2% compared to the same quarter last year.

Insider Buying and Selling at Sandisk

In related news, Director Miyuki Suzuki sold 3,500 shares of Sandisk stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $627.53, for a total transaction of $2,196,355.00. Following the transaction, the director owned 9,907 shares of the company’s stock, valued at $6,216,939.71. The trade was a 26.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.21% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Blair William & Co. IL lifted its holdings in Sandisk by 0.3% during the fourth quarter. Blair William & Co. IL now owns 5,287 shares of the data storage provider’s stock valued at $1,255,000 after purchasing an additional 17 shares during the last quarter. Larson Financial Group LLC increased its stake in shares of Sandisk by 20.2% in the fourth quarter. Larson Financial Group LLC now owns 220 shares of the data storage provider’s stock worth $52,000 after purchasing an additional 37 shares in the last quarter. Composition Wealth LLC increased its stake in shares of Sandisk by 0.4% in the fourth quarter. Composition Wealth LLC now owns 10,299 shares of the data storage provider’s stock worth $2,445,000 after purchasing an additional 41 shares in the last quarter. Westfuller Advisors LLC raised its position in shares of Sandisk by 51.8% in the fourth quarter. Westfuller Advisors LLC now owns 126 shares of the data storage provider’s stock valued at $30,000 after purchasing an additional 43 shares during the period. Finally, Parkside Financial Bank & Trust lifted its stake in shares of Sandisk by 4.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,099 shares of the data storage provider’s stock valued at $261,000 after buying an additional 46 shares in the last quarter.

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.