Sandisk (NASDAQ:SNDK) Downgraded by Fox Advisors to Equal Weight

Sandisk (NASDAQ:SNDK) was downgraded by equities researchers at Fox Advisors from an “overweight” rating to an “equal weight” rating in a research note issued on Monday, Benzinga reports.

SNDK has been the topic of several other reports. The Goldman Sachs Group reissued a “buy” rating and set a $2,200.00 target price (up from $1,200.00) on shares of Sandisk in a report on Thursday, August 13th. Jefferies Financial Group reaffirmed a “buy” rating and set a $1,400.00 price objective (up from $1,000.00) on shares of Sandisk in a research report on Thursday, August 6th. China Renaissance increased their price objective on shares of Sandisk from $2,000.00 to $2,250.00 and gave the stock a “buy” rating in a research note on Wednesday, August 19th. Argus raised shares of Sandisk from a “hold” rating to a “buy” rating and set a $1,600.00 target price on the stock in a report on Monday, August 10th. Finally, Wedbush restated an “outperform” rating and issued a $2,000.00 target price on shares of Sandisk in a research report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Sandisk has a consensus rating of “Moderate Buy” and an average price target of $2,056.23.

Sandisk Trading Down 4.7%

SNDK stock traded down $54.42 during trading hours on Monday, hitting $1,096.47. 6,195,221 shares of the stock were exchanged, compared to its average volume of 14,752,608. The firm has a market capitalization of $158.47 billion, a P/E ratio of 8.79, a P/E/G ratio of 0.11 and a beta of 5.66. The company has a 50-day simple moving average of $1,557.91 and a two-hundred day simple moving average of $1,250.84. Sandisk has a 12 month low of $183.00 and a 12 month high of $2,354.39.

Sandisk shares are scheduled to split before the market opens on Friday, November 20th. The 8-1 split was announced on Thursday, October 29th. The newly minted shares will be payable to shareholders after the market closes on Thursday, November 19th.

Sandisk (NASDAQ:SNDK) last issued its quarterly earnings results on Thursday, October 29th. The data storage provider reported $49.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $46.19 by $3.32. Sandisk had a return on equity of 125.70% and a net margin of 67.04%. The business had revenue of $11.03 billion for the quarter. During the same period in the prior year, the company earned $1.22 EPS. The company’s quarterly revenue was up 23.0% compared to the same quarter last year. On average, equities research analysts predict that Sandisk will post 210.92 earnings per share for the current year.

Sandisk declared that its board has initiated a share buyback program on Wednesday, August 5th that authorizes the company to repurchase $14 billion in shares. This buyback authorization authorizes the data storage provider to reacquire up to 6.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Sandisk

In related news, EVP Alper Ilkbahar sold 4,712 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $1,540.58, for a total value of $7,259,212.96. Following the completion of the transaction, the executive vice president owned 44,134 shares of the company’s stock, valued at $67,991,957.72. This represents a 9.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Bernard Shek sold 2,308 shares of the business’s stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $1,767.33, for a total transaction of $4,078,997.64. Following the sale, the insider directly owned 25,305 shares in the company, valued at approximately $44,722,285.65. The trade was a 8.36% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 77,299 shares of company stock worth $120,461,826 in the last 90 days. 0.29% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sandisk

Several large investors have recently bought and sold shares of SNDK. Dogwood Wealth Management LLC raised its holdings in Sandisk by 14.3% in the 2nd quarter. Dogwood Wealth Management LLC now owns 48 shares of the data storage provider’s stock valued at $109,000 after buying an additional 6 shares during the last quarter. Nilsine Partners LLC increased its position in Sandisk by 3.2% in the 2nd quarter. Nilsine Partners LLC now owns 226 shares of the data storage provider’s stock valued at $514,000 after acquiring an additional 7 shares during the period. Insight Wealth Partners LLC increased its position in Sandisk by 0.4% in the 2nd quarter. Insight Wealth Partners LLC now owns 1,607 shares of the data storage provider’s stock valued at $3,654,000 after acquiring an additional 7 shares during the period. SYM FINANCIAL Corp raised its stake in shares of Sandisk by 3.1% during the third quarter. SYM FINANCIAL Corp now owns 267 shares of the data storage provider’s stock valued at $464,000 after acquiring an additional 8 shares during the last quarter. Finally, Verdence Capital Advisors LLC raised its stake in shares of Sandisk by 2.4% during the third quarter. Verdence Capital Advisors LLC now owns 340 shares of the data storage provider’s stock valued at $592,000 after acquiring an additional 8 shares during the last quarter.

Key Stories Impacting Sandisk

Here are the key news stories impacting Sandisk this week:

• Positive Sentiment: Sandisk reported six consecutive earnings beats, with fiscal first-quarter revenue rising sharply year over year to approximately $11 billion. Data-center demand now represents roughly half of industry bit demand, highlighting the company’s growing exposure to AI infrastructure. Sandisk: 3 Key Takeaways for Long-Term Investors
• Positive Sentiment: Industry developments remain favorable: SK hynix reported record results and said memory demand could exceed supply through 2030, while multiyear AI-related agreements could support NAND volumes, pricing and visibility for Sandisk. SK hynix Says Memory Demand Beats Supply Through 2030
• Positive Sentiment: Several analysts and commentators view the selloff as potentially overdone, citing stronger earnings expectations and a valuation near five times guided earnings. Bargain hunting also helped semiconductor shares recover in overnight or premarket trading after the sector’s recent rout. Prediction: This Will Be Sandisk’s Stock Price After 1 Year

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.