Sandisk (NASDAQ:SNDK) Stock Price Up 5.5% – Still a Buy?

Sandisk Corporation (NASDAQ:SNDK) rose 5.5% during trading on Monday . The company traded as high as $1,572.69 and last traded at $1,566.70. Approximately 22,845,056 shares changed hands during mid-day trading, an increase of 41% from the average session volume of 16,198,010 shares. The stock had previously closed at $1,484.98.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. started coverage on Sandisk in a research note on Friday, August 14th. They issued an “overweight” rating and a $2,250.00 price target for the company. Barclays upgraded shares of Sandisk from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $1,200.00 to $2,300.00 in a report on Tuesday, May 26th. Wedbush reiterated an “outperform” rating and issued a $2,000.00 price objective on shares of Sandisk in a report on Friday, August 14th. Cantor Fitzgerald restated an “overweight” rating and set a $2,900.00 target price on shares of Sandisk in a report on Monday, August 10th. Finally, Argus raised Sandisk from a “hold” rating to a “buy” rating in a research report on Monday, August 10th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Sandisk currently has a consensus rating of “Buy” and a consensus price target of $1,998.14.

Sandisk Stock Up 5.5%

The company has a 50-day moving average price of $1,595.87 and a 200-day moving average price of $1,255.06. The company has a market capitalization of $229.40 billion, a price-to-earnings ratio of 21.49, a P/E/G ratio of 0.15 and a beta of 5.21.

Sandisk (NASDAQ:SNDK) last issued its quarterly earnings results on Wednesday, August 5th. The data storage provider reported $39.25 EPS for the quarter, topping analysts’ consensus estimates of $33.28 by $5.97. The company had revenue of $8.96 billion during the quarter. Sandisk had a return on equity of 87.84% and a net margin of 56.47%.The firm’s quarterly revenue was up 371.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.29 earnings per share. Sandisk has set its Q1 2027 guidance at 44.000-46.000 EPS. Equities analysts expect that Sandisk Corporation will post 208.92 EPS for the current fiscal year.

Sandisk declared that its board has approved a stock buyback plan on Wednesday, August 5th that authorizes the company to buyback $14.00 billion in shares. This buyback authorization authorizes the data storage provider to purchase up to 6.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Sandisk news, insider Bernard Shek sold 600 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $1,162.16, for a total value of $697,296.00. Following the sale, the insider directly owned 30,915 shares in the company, valued at $35,928,176.40. This trade represents a 1.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 1,800 shares of company stock valued at $2,991,696. 0.21% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sandisk

Institutional investors have recently added to or reduced their stakes in the company. Dunhill Financial LLC bought a new stake in shares of Sandisk in the 2nd quarter worth approximately $30,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in Sandisk in the second quarter worth $32,000. Kilter Group LLC acquired a new stake in Sandisk during the second quarter worth $32,000. KERR FINANCIAL PLANNING Corp acquired a new stake in Sandisk during the second quarter valued at approximately $34,000. Finally, Triumph Capital Management grew its stake in shares of Sandisk by 220.0% in the 2nd quarter. Triumph Capital Management now owns 16 shares of the data storage provider’s stock valued at $36,000 after purchasing an additional 11 shares during the period.

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.