Sandisk (NASDAQ:SNDK) Trading Down 10.6% – Here’s Why

Sandisk Corporation (NASDAQ:SNDK) was down 10.6% on Wednesday . The stock traded as low as $2,002.05 and last traded at $2,032.22. 10,857,175 shares were traded during 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

Analyst Upgrades and Downgrades

A number of analysts recently commented on SNDK shares. Cantor Fitzgerald boosted their target price on Sandisk from $1,800.00 to $2,900.00 and gave the company an “overweight” rating in a research report on Monday, June 8th. Weiss Ratings cut Sandisk from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, June 3rd. Mizuho increased their target price on Sandisk from $1,825.00 to $2,200.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Barclays upgraded shares of Sandisk from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $1,200.00 to $2,300.00 in a research note on Tuesday, May 26th. Finally, UBS Group set a $1,700.00 target price on shares of Sandisk in a report on Monday, May 4th. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $1,684.24.

Sandisk Trading Down 10.6%

The stock has a market cap of $300.95 billion, a P/E ratio of 70.64 and a beta of 4.87. The company’s 50-day simple moving average is $1,595.68 and its 200 day simple moving average is $912.98.

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, beating analysts’ consensus estimates of $14.17 by $9.24. Sandisk had a net margin of 34.19% and a return on equity of 44.06%. The firm had revenue of $5.95 billion for the quarter. During the same quarter in the previous year, the firm earned ($0.30) earnings per share. The firm’s revenue was up 251.0% compared to the same quarter last year. Sandisk has set its Q4 2026 guidance at 30.000-33.000 EPS. Research analysts anticipate that Sandisk Corporation will post 64.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Sandisk

In related news, 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 transaction 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. This represents a 3.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Michael Pokorny sold 2,446 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $31,910,777.50. This represents a 9.85% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 5,625 shares of company stock worth $8,913,497. 0.21% of the stock is owned by insiders.

Hedge Funds Weigh In On Sandisk

A number of large investors have recently modified their holdings of the company. State Street Corp boosted its holdings in Sandisk by 20.7% in the 4th quarter. State Street Corp now owns 5,281,522 shares of the data storage provider’s stock valued at $1,253,728,000 after purchasing an additional 904,933 shares during the period. Geode Capital Management LLC boosted its position in shares of Sandisk by 44.9% during the 4th quarter. Geode Capital Management LLC now owns 3,655,860 shares of the data storage provider’s stock valued at $866,310,000 after acquiring an additional 1,133,276 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Sandisk by 31.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,478,002 shares of the data storage provider’s stock valued at $825,608,000 after acquiring an additional 828,332 shares during the last quarter. Morgan Stanley lifted its position in Sandisk by 7.2% during the fourth quarter. Morgan Stanley now owns 2,970,361 shares of the data storage provider’s stock valued at $705,105,000 after purchasing an additional 199,545 shares during the last quarter. Finally, Norges Bank bought a new stake in Sandisk during the fourth quarter valued at approximately $518,889,000.

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.