Sandisk (NASDAQ:SNDK) Trading Down 10.6% – What’s Next?

Sandisk Corporation (NASDAQ:SNDK) shares were down 10.6% during mid-day trading on Wednesday . The company traded as low as $2,002.05 and last traded at $2,032.22. 10,857,175 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 16,632,295 shares. The stock had previously closed at $2,273.73.

Key Headlines Impacting Sandisk

Here are the key news stories impacting Sandisk this week:

• Positive Sentiment: Bank of America raised its price target on SanDisk to $2,500 and kept a Buy rating, citing stronger NAND pricing, tight supply, and demand that it expects to remain constrained through 2027. Article Title
• Positive Sentiment: Bernstein also boosted its SanDisk target sharply, reflecting growing confidence in the company’s contracts, memory-supercycle tailwinds, and earnings power. Article Title
• Positive Sentiment: SanDisk’s expanding QLC SSD portfolio could benefit from AI-driven storage demand, with cost-efficient enterprise products and multi-year supply deals supporting future revenue growth. Article Title
• Neutral Sentiment: Analysts remain split on valuation after the stock’s huge run-up, with some noting that the market may already be pricing in much of the AI-memory supercycle upside. Article Title
• Negative Sentiment: Shares are being dragged lower by a broader semiconductor pullback as investors lock in gains after a strong first half for the sector. Article Title
• Negative Sentiment: Rising interest rates and concern over a tech momentum slowdown are also weighing on high-multiple growth stocks like SanDisk. Article Title

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Barclays raised Sandisk from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $1,200.00 to $2,300.00 in a report on Tuesday, May 26th. Cantor Fitzgerald boosted their target price on shares of Sandisk from $1,800.00 to $2,900.00 and gave the company an “overweight” rating in a research report on Monday, June 8th. Morgan Stanley upped their price target on shares of Sandisk from $1,100.00 to $1,750.00 and gave the company an “overweight” rating in a research note on Wednesday, June 3rd. Mizuho raised their price target on shares of Sandisk from $1,825.00 to $2,200.00 and gave the stock an “outperform” rating in a research report on Monday, June 8th. Finally, KGI Securities assumed coverage on shares of Sandisk in a research note on Wednesday, March 18th. They issued an “outperform” rating and a $992.00 price objective for the company. Three analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,684.24.

Sandisk Trading Down 10.6%

The company’s 50-day moving average is $1,595.68 and its 200-day moving average is $912.98. The firm has a market cap of $300.95 billion, a price-to-earnings ratio of 70.64 and a beta of 4.87.

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

Insider Buying and Selling at Sandisk

In related news, CAO Michael Pokorny sold 2,446 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $1,426.18, for a total value of $3,488,436.28. Following the transaction, the chief accounting officer owned 22,375 shares in the company, valued at $31,910,777.50. The trade was a 9.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Alper Ilkbahar sold 2,000 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $1,756.58, for a total value of $3,513,160.00. Following the sale, the executive vice president owned 52,677 shares of the company’s stock, valued at approximately $92,531,364.66. The trade was a 3.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 5,625 shares of company stock valued at $8,913,497. Insiders own 0.21% of the company’s stock.

Institutional Investors Weigh In On Sandisk

Institutional investors and hedge funds have recently made changes to their positions in the business. First Financial Bank Trust Division acquired a new stake in Sandisk during the second quarter worth approximately $546,000. Basecamp Wealth Advisors LLC grew its position in shares of Sandisk by 7.8% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 333 shares of the data storage provider’s stock worth $212,000 after buying an additional 24 shares during the period. Parallel Advisors LLC increased its stake in shares of Sandisk by 233.3% in the 1st quarter. Parallel Advisors LLC now owns 1,430 shares of the data storage provider’s stock valued at $909,000 after acquiring an additional 1,001 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of Sandisk by 187.2% during the 1st quarter. NewEdge Advisors LLC now owns 18,129 shares of the data storage provider’s stock valued at $11,518,000 after acquiring an additional 11,817 shares during the period. Finally, Keel Point LLC acquired a new position in shares of Sandisk during the 1st quarter valued at $314,000.

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.