Sandisk (NASDAQ:SNDK) Stock: Insider Bernard Shek Sells 600 Shares

Sandisk Corporation (NASDAQ:SNDK) insider Bernard Shek sold 600 shares of the firm’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $1,158.26, for a total transaction of $694,956.00. Following the sale, the insider owned 24,666 shares of the company’s stock, valued at $28,569,641.16. The trade was a 2.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 stock was sold at an average price of $1,734.94, for a total transaction of $1,040,964.00.
• On Tuesday, September 8th, Bernard Shek sold 2,308 shares of Sandisk stock. The stock was sold at an average price of $1,767.33, for a total transaction of $4,078,997.64.
• On Tuesday, September 1st, Bernard Shek sold 600 shares of Sandisk stock. The shares were sold at an average price of $1,525.60, for a total value of $915,360.00.

Sandisk Stock Performance

NASDAQ SNDK opened at $1,037.40 on Thursday. The stock has a market capitalization of $147.61 billion, a P/E ratio of 8.32, a P/E/G ratio of 0.09 and a beta of 5.66. Sandisk Corporation has a 1 year low of $183.00 and a 1 year high of $2,354.39. The business’s fifty day moving average is $1,531.29 and its two-hundred day moving average is $1,261.10.

Sandisk’s stock is set to split on Friday, November 20th. The 8-1 split was announced on Thursday, October 29th. The newly issued shares will be payable to shareholders after the market closes on Thursday, November 19th.

Sandisk (NASDAQ:SNDK) last released its quarterly earnings data on Thursday, October 29th. The data storage provider reported $49.51 earnings per share for the quarter, topping the consensus estimate of $46.19 by $3.32. The business had revenue of $11.03 billion during the quarter. Sandisk had a return on equity of 125.70% and a net margin of 67.04%. The business’s revenue was up 23.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.22 earnings per share. On average, research analysts forecast that Sandisk Corporation will post 216.29 earnings per share for the current year.

Sandisk announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 5th that authorizes the company to buy back $14 billion in shares. This buyback authorization authorizes the data storage provider to purchase up to 6.6% of its shares through open market purchases. Share buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Key Stories Impacting Sandisk

Here are the key news stories impacting Sandisk this week:

• Positive Sentiment: SanDisk’s longer-term growth case remains supported by AI data-center demand and long-term agreements with hyperscalers, reportedly extending through 2030. Recent quarterly results also beat analyst expectations, though those positives have not prevented near-term selling. Article: Got $5,000? Buy These 2 Growth Stocks Powering the AI Memory Boom
• Neutral Sentiment: Insider Bernard Shek sold 600 shares under a pre-arranged Rule 10b5-1 plan, retaining 24,666 shares afterward. The planned, relatively small sale offers limited insight into the company’s outlook.
• Negative Sentiment: U.S. midterm election results prompted concern that a change in political control could bring tighter AI regulation in 2027, potentially weighing on expectations for AI infrastructure investment. Memory stocks including SanDisk sold off as investors reconsidered the sector’s spending outlook. Article: Why Sandisk Stock Sank Today
• Negative Sentiment: Investors are also weighing memory-price concerns and whether SanDisk’s strong earnings and outlook can meet elevated expectations. A Fox Advisors downgrade added to the negative sentiment. Shares have continued to retreat from their recent highs, reflecting the market’s sensitivity to shifting growth expectations. Article: SanDisk Slides as Election and Memory Price Worries Weigh Article: Sandisk Stock Gets Downgrade from Fox Advisors

Hedge Funds Weigh In On Sandisk

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Sandisk during the second quarter valued at $23,408,732,000. Situational Awareness LP grew its stake in Sandisk by 42.4% in 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 purchasing an additional 743,325 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Sandisk in the 2nd quarter worth about $1,621,353,000. Bank of America Corp DE acquired a new position in Sandisk in the 2nd quarter worth about $1,564,901,000. Finally, Assenagon Asset Management S.A. acquired a new position in Sandisk in the 2nd quarter worth about $1,413,917,000.

Analysts Set New Price Targets

SNDK has been the subject of several analyst reports. Arete Research upped their target price on Sandisk from $2,300.00 to $3,000.00 and gave the company a “buy” rating in a report on Thursday, August 27th. Weiss Ratings lowered Sandisk from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 14th. Evercore reissued an “outperform” rating and issued a $3,100.00 price target (up from $1,400.00) on shares of Sandisk in a research note on Thursday, August 13th. Cantor Fitzgerald cut their price objective on Sandisk from $2,900.00 to $2,200.00 and set an “overweight” rating on the stock in a report on Monday, October 26th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $2,200.00 price objective (up from $1,200.00) on shares of Sandisk in a report on Thursday, August 13th. One investment 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 company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $2,056.23.

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.