Sandisk (NASDAQ:SNDK) Stock Gets Downgrade from Fox Advisors

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

SNDK has been the subject of a number of other research reports. Raymond James Financial lifted their target price on shares of Sandisk from $1,470.00 to $2,000.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Wells Fargo & Company decreased their price target on Sandisk from $1,550.00 to $1,300.00 and set an “equal weight” rating for the company in a report on Friday. Mizuho lifted their price objective on Sandisk from $1,875.00 to $2,050.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 6th. BNP Paribas Exane dropped their price objective on Sandisk from $1,900.00 to $1,400.00 in a research note on Thursday, August 6th. Finally, Weiss Ratings lowered Sandisk from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $2,056.23.

Sandisk Price Performance

Shares of Sandisk stock traded down $54.42 during midday trading on Monday, reaching $1,096.47. The company had a trading volume of 6,195,221 shares, compared to its average volume of 14,752,608. The stock has a fifty day moving average price of $1,557.91 and a 200 day moving average price of $1,250.84. The firm has a market cap of $158.47 billion, a PE ratio of 8.79, a P/E/G ratio of 0.11 and a beta of 5.66. Sandisk has a fifty-two week low of $183.00 and a fifty-two week high of $2,354.39.

Sandisk shares are going 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 issued to shareholders after the closing bell on Thursday, November 19th.

Sandisk (NASDAQ:SNDK) last released its quarterly earnings results on Thursday, October 29th. The data storage provider reported $49.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $46.19 by $3.32. The firm had revenue of $11.03 billion during the quarter. Sandisk had a net margin of 67.04% and a return on equity of 125.70%. The firm’s revenue for the quarter was up 23.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.22 EPS. As a group, sell-side analysts forecast that Sandisk will post 210.92 EPS for the current year.

Sandisk announced that its board has approved a share repurchase program on Wednesday, August 5th that authorizes the company to repurchase $14 billion in shares. This repurchase authorization authorizes the data storage provider to repurchase up to 6.6% of its shares through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Insider Activity at Sandisk

In other news, CEO David Goeckeler sold 33,841 shares of the stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $1,574.21, for a total transaction of $53,272,840.61. Following the transaction, the chief executive officer owned 382,865 shares of the company’s stock, valued at $602,709,911.65. This represents a 8.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Bernard Shek sold 600 shares of the firm’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $1,734.94, for a total value of $1,040,964.00. Following the completion of the sale, the insider owned 25,588 shares of the company’s stock, valued at approximately $44,393,644.72. This represents a 2.29% decrease in their ownership of the stock. 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 77,299 shares of company stock valued at $120,461,826. 0.29% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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

More Sandisk News

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

Sandisk Company Profile

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.