Sandisk (NASDAQ:SNDK) Insider Bernard Shek Sells 600 Shares of Stock

Sandisk Corporation (NASDAQ:SNDK) insider Bernard Shek sold 600 shares of the firm’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $1,158.26, for a total value of $694,956.00. Following the transaction, the insider owned 24,666 shares in the company, valued at $28,569,641.16. This represents a 2.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 stock was sold at an average price of $1,734.94, for a total value of $1,040,964.00.
• On Tuesday, September 8th, Bernard Shek sold 2,308 shares of Sandisk stock. The stock was sold at an average price of $1,767.33, for a total value 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 value of $915,360.00.

Sandisk Trading Up 4.8%

Shares of NASDAQ SNDK opened at $1,126.52 on Wednesday. The stock has a market cap of $160.29 billion, a P/E ratio of 9.21, a P/E/G ratio of 0.09 and a beta of 5.66. Sandisk Corporation has a twelve month low of $183.00 and a twelve month high of $2,354.39. The stock has a 50 day moving average of $1,540.16 and a two-hundred day moving average of $1,257.96.

Shares of Sandisk are set 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 distributed to shareholders after the closing bell on Thursday, November 19th.

Sandisk (NASDAQ:SNDK) last announced its 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. The business had revenue of $11.03 billion for the quarter. Sandisk had a net margin of 67.04% and a return on equity of 125.70%. The business’s revenue was up 23.0% on a year-over-year basis. During the same quarter last year, the business posted $1.22 earnings per share. As a group, research analysts predict that Sandisk Corporation will post 212.95 earnings per share for the current year.

Sandisk announced that its board has approved a stock repurchase plan on Wednesday, August 5th that allows the company to repurchase $14 billion in outstanding shares. This repurchase authorization allows the data storage provider to reacquire up to 6.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SNDK. Zacks Research raised shares of Sandisk from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 13th. New Street Research set a $3,000.00 target price on shares of Sandisk in a report on Thursday, August 6th. Fox Advisors downgraded shares of Sandisk from an “overweight” rating to an “equal weight” rating in a research note on Monday. Susquehanna decreased their target price on shares of Sandisk from $2,745.00 to $2,720.00 and set a “positive” rating for the company in a research note on Friday, October 30th. Finally, Royal Bank Of Canada lowered their price target on Sandisk from $1,600.00 to $1,400.00 and set a “sector perform” rating on the stock in a report on Friday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $2,056.23.

More Sandisk News

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?

Institutional Investors Weigh In On Sandisk

Several hedge funds have recently modified their holdings of SNDK. BlackRock Inc. purchased a new stake in shares of Sandisk in the second quarter worth about $23,408,732,000. Situational Awareness LP grew its stake in shares of Sandisk by 42.4% in the second quarter. Situational Awareness LP now owns 2,495,344 shares of the data storage provider’s stock valued at $5,673,739,000 after buying an additional 743,325 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Sandisk by 71.2% during the 2nd quarter. Wellington Management Group LLP now owns 1,066,886 shares of the data storage provider’s stock valued at $2,425,811,000 after buying an additional 443,714 shares during the period. Amundi raised its holdings in shares of Sandisk by 135.5% during the 1st quarter. Amundi now owns 872,632 shares of the data storage provider’s stock valued at $554,418,000 after buying an additional 502,166 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in Sandisk by 33.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 828,900 shares of the data storage provider’s stock worth $1,442,195,000 after acquiring an additional 207,051 shares in the last quarter.

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.