Sandisk (NASDAQ:SNDK) Shares Gap Down – Here’s Why

Sandisk Corporation (NASDAQ:SNDK)’s share price gapped down before the market opened on Friday . The stock had previously closed at $2,335.00, but opened at $2,170.00. Sandisk shares last traded at $2,252.0120, with a volume of 2,362,613 shares.

Trending Headlines about Sandisk

Here are the key news stories impacting Sandisk this week:

• Positive Sentiment: Micron’s strong quarterly results and upbeat AI-demand outlook continue to highlight a tight memory market, which has helped keep sentiment supportive for Sandisk and peers. Micron’s Blowout Q3 Report Ripples Through Memory Stocks SanDisk, Western Digital
• Positive Sentiment: Citi raised its price target on Sandisk to $2,500 and reiterated a Buy rating, reinforcing the bullish case that AI memory demand remains strong. Citi Just Raised Its Price Target on SanDisk Stock. Here’s Why.
• Neutral Sentiment: Some analysts still view Sandisk as a strong momentum and AI-infrastructure name, with coverage pointing to continued demand tailwinds for the flash-storage business. Are You Looking for a Top Momentum Pick? Why Sandisk Corporation (SNDK) is a Great Choice
• Negative Sentiment: Several reports say the memory rally is cooling, with traders locking in gains after Sandisk’s sharp run-up and premarket weakness reflecting profit-taking. Why Is Sandisk Stock Falling Friday?
• Negative Sentiment: 24/7 Wall St. published a bearish price-target note arguing Sandisk has rallied too far too fast and may have 20%+ downside from current levels. Prediction: SanDisk Has Rallied Too Far, Too Fast. The Price Target Warns of 20%+ Downside

Analyst Ratings Changes

SNDK has been the subject of a number of recent analyst reports. Wedbush raised their price objective on shares of Sandisk from $740.00 to $1,200.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. Royal Bank Of Canada increased their target price on Sandisk from $650.00 to $1,000.00 and gave the stock a “sector perform” rating in a research note on Friday, May 1st. Arete Research raised Sandisk from a “hold” rating to a “strong-buy” rating in a report on Monday, April 13th. Mizuho upped their price objective on Sandisk from $1,825.00 to $2,200.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $1,200.00 price objective on shares of Sandisk in a research report on Friday, May 1st. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Sandisk has a consensus rating of “Moderate Buy” and an average target price of $1,603.29.

Sandisk Stock Down 7.4%

The company has a market capitalization of $320.11 billion, a PE ratio of 74.76 and a beta of 4.87. The stock’s fifty day simple moving average is $1,522.03 and its 200-day simple moving average is $872.58.

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

Insider Transactions at Sandisk

In other news, CAO Michael Pokorny sold 2,446 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $1,426.18, for a total value of $3,488,436.28. Following the completion of the transaction, the chief accounting officer owned 22,375 shares in the company, valued at $31,910,777.50. This trade represents a 9.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Bernard Shek sold 600 shares of Sandisk 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 transaction, the insider directly owned 32,232 shares of the company’s stock, valued at $55,954,752. This trade represents a 1.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 5,625 shares of company stock valued at $8,913,497. Company insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On Sandisk

Hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP boosted its holdings in Sandisk by 84.2% in the fourth 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 last quarter. Tredje AP fonden acquired a new stake in Sandisk during the fourth quarter worth about $7,821,000. ProShare Advisors LLC raised its holdings in shares of Sandisk by 1,301.5% in the 4th 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 period. FourThought Financial Partners LLC purchased a new position in shares of Sandisk in the 4th quarter worth about $422,000. Finally, North Dakota State Investment Board purchased a new position in shares of Sandisk in the 4th quarter worth about $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.