Key Points
- Sandisk insider Bernard Shek sold 600 shares for about $694,956 at an average price of $1,158.26, under a pre-arranged Rule 10b5-1 plan. He retained 24,666 shares after the sale.
- Sandisk reported quarterly EPS of $49.51, beating analyst estimates of $46.19, while revenue rose 23% year over year to $11.03 billion.
- The company announced an 8-for-1 stock split, with new shares expected to be distributed after the market closes November 19 and trading on a split-adjusted basis beginning November 20.
Sandisk Corporation (NASDAQ:SNDK - Get Free Report) insider Bernard Shek sold 600 shares of the business's stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $1,158.26, for a total transaction of $694,956.00. Following the transaction, the insider directly owned 24,666 shares in the company, valued at approximately $28,569,641.16. The trade was a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Bernard Shek also recently made the following trade(s):
- On Thursday, October 1st, Bernard Shek sold 600 shares of Sandisk stock. The shares were sold at an average price of $1,734.94, for a total transaction of $1,040,964.00.
- On Tuesday, September 8th, Bernard Shek sold 2,308 shares of Sandisk stock. The shares were sold at an average price of $1,767.33, for a total transaction of $4,078,997.64.
- On Tuesday, September 1st, Bernard Shek sold 600 shares of Sandisk stock. The shares were sold at an average price of $1,525.60, for a total transaction of $915,360.00.
Sandisk Price Performance
Sandisk stock opened at $1,126.52 on Wednesday. Sandisk Corporation has a 12-month low of $183.00 and a 12-month high of $2,354.39. The company has a market capitalization of $160.29 billion, a price-to-earnings ratio of 9.21, a price-to-earnings-growth ratio of 0.09 and a beta of 5.66. The firm's fifty day moving average price is $1,540.16 and its 200 day moving average price is $1,257.96.
Sandisk's stock is going to split on Friday, November 20th. The 8-1 split was announced on Thursday, October 29th. The newly issued shares will be issued to shareholders after the closing bell on Thursday, November 19th.
Sandisk (NASDAQ:SNDK - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The data storage provider reported $49.51 earnings per share for the quarter, beating analysts' consensus estimates of $46.19 by $3.32. The company 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 business's quarterly revenue was up 23.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.22 earnings per share. Analysts forecast that Sandisk Corporation will post 212.95 earnings per share for the current fiscal year.
Sandisk announced that its Board of Directors has initiated a share buyback program on Wednesday, August 5th that allows the company to buy back $14 billion in shares. This buyback authorization allows the data storage provider to reacquire up to 6.6% of its shares through open market purchases. Share buyback programs are generally a sign that the company's management believes its shares are undervalued.
Trending Headlines about Sandisk
Here are the key news stories impacting Sandisk this week:
- Positive Sentiment: AI data-center demand and a reported $93.9 billion long-term supply pipeline helped support the shares. Sandisk also beat quarterly earnings expectations and raised guidance, reinforcing the growth case. Article: What Is Going on With SanDisk Stock on Tuesday?
- Positive Sentiment: A broader rebound in memory shares, following the sector’s recent sell-off, also contributed. Investors rotated back into semiconductor stocks as risk appetite improved. Article: Why are Micron, SK Hynix, and SanDisk stocks rising on Tuesday?
- Neutral Sentiment: Insider Bernard Shek sold 600 shares under a pre-arranged Rule 10b5-1 plan. The sale reduced his position by 2.37%; the planned nature and relatively small size make it a limited signal about the company’s outlook.
- Negative Sentiment: Despite strong results, investors have been concerned that the earnings beat may not have been large enough to match lofty expectations, and that AI data-center investment could slow. Those worries have contributed to recent volatility and selling pressure. Article: Is Sandisk's Incredible Run About to End?
Analysts Set New Price Targets
A number of research analysts recently commented on the company. UBS Group reissued an "overweight" rating and issued a $1,750.00 price target on shares of Sandisk in a report on Friday, August 14th. The Goldman Sachs Group restated a "buy" rating and set a $2,200.00 price objective (up from $1,200.00) on shares of Sandisk in a report on Thursday, August 13th. Susquehanna cut their target price on Sandisk from $2,745.00 to $2,720.00 and set a "positive" rating on the stock in a research report on Friday, October 30th. Evercore reiterated an "outperform" rating and set a $3,100.00 target price (up from $1,400.00) on shares of Sandisk in a research note on Thursday, August 13th. Finally, Raymond James Financial raised their price target on shares of Sandisk from $1,470.00 to $2,000.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Sandisk presently has a consensus rating of "Moderate Buy" and an average target price of $2,056.23.
Check Out Our Latest Analysis on SNDK
Hedge Funds Weigh In On Sandisk
Large investors have recently modified their holdings of the stock. Handelsbanken Fonder AB grew its position in shares of Sandisk by 35.1% in the 2nd quarter. Handelsbanken Fonder AB now owns 57,564 shares of the data storage provider's stock worth $130,885,000 after acquiring an additional 14,964 shares in the last quarter. Focus Partners Advisor Solutions LLC bought a new stake in shares of Sandisk in the 2nd quarter valued at approximately $4,775,000. Florida Financial Advisors LLC bought a new stake in shares of Sandisk in the 1st quarter valued at approximately $2,747,000. UNICOM Systems Inc. raised its position in shares of Sandisk by 14.9% during the 2nd quarter. UNICOM Systems Inc. now owns 58,500 shares of the data storage provider's stock valued at $133,013,000 after acquiring an additional 7,600 shares in the last quarter. Finally, Affinity Capital Advisors LLC acquired a new stake in shares of Sandisk during the 2nd quarter valued at approximately $2,506,000.
Sandisk Company Profile
(
Get Free Report)
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.
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