Sandisk (NASDAQ:SNDK) Shares Gap Down – What’s Next?

Sandisk Corporation (NASDAQ:SNDK)’s stock price gapped down prior to trading on Thursday. The stock had previously closed at $977.69, but opened at $887.40. Sandisk shares last traded at $908.4260, with a volume of 4,124,886 shares traded.

Sandisk News Roundup

Investors following SNDK have been watching these news items:

• Positive Sentiment: CoreWeave raised its 2026 capital-spending outlook to $37–39 billion and reported sharply higher revenue, supporting expectations for continued AI data-center investment and demand for memory and storage. Article: SanDisk jumps as CoreWeave raises spending outlook
• Positive Sentiment: Evercore ISI reiterated its Outperform rating and $2,500 price target, arguing that investors may be underestimating structural changes in Sandisk’s business and that NAND demand should remain stable amid AI spending. Article: Evercore defends Sandisk stock after selloff
• Negative Sentiment: Investors are also weighing NAND-market competition and questions about the durability of AI-driven demand. One report said Sandisk’s NAND market share had returned to 11%, while China’s YMTC had reached 14%, adding to concerns about competitive pressure. Article: Why Sandisk stock dropped

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SNDK shares. New Street Research set a $3,000.00 price target on Sandisk in a research note on Thursday, August 6th. Bank of America reissued a “buy” rating and set a $2,000.00 price objective on shares of Sandisk in a research note on Friday, October 30th. Wedbush restated an “outperform” rating and issued a $2,000.00 target price on shares of Sandisk in a report on Friday, August 14th. Cantor Fitzgerald decreased their target price on shares of Sandisk from $2,900.00 to $2,200.00 and set an “overweight” rating on the stock in a research note on Monday, October 26th. Finally, China Renaissance lifted their target price 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. One investment 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.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $2,056.23.

Sandisk Stock Performance

The stock has a fifty day moving average price of $1,467.15 and a 200 day moving average price of $1,271.20. The stock has a market cap of $134.23 billion, a PE ratio of 7.57, a PEG ratio of 0.07 and a beta of 5.66.

Sandisk shares are going to split on the morning of Friday, November 20th. The 8-1 split was announced on Thursday, October 29th. The newly issued shares will be issued 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 for the quarter, topping the consensus estimate of $46.19 by $3.32. The firm had revenue of $11.03 billion for the quarter. Sandisk had a return on equity of 125.70% and a net margin of 67.04%. The company’s quarterly revenue was up 23.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.22 earnings per share. As a group, equities analysts anticipate that Sandisk Corporation will post 226.01 earnings per share for the current fiscal year.

Sandisk announced that its Board of Directors has authorized a share buyback program on Wednesday, August 5th that allows the company to buy back $14 billion in outstanding shares. This buyback authorization allows the data storage provider to repurchase up to 6.6% of its shares through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Sandisk

In related news, CFO Luis Visoso sold 1,000 shares of Sandisk stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $1,568.83, for a total transaction of $1,568,830.00. Following the completion of the transaction, the chief financial officer directly owned 130,976 shares in the company, valued at approximately $205,479,078.08. This trade represents a 0.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Alper Ilkbahar sold 4,712 shares of Sandisk 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 transaction of $7,259,212.96. Following the transaction, the executive vice president directly owned 44,134 shares of the company’s stock, valued at approximately $67,991,957.72. This trade represents a 9.65% 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. Insiders sold 77,899 shares of company stock valued at $121,156,782 in the last quarter. Insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Sandisk

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SNDK. BlackRock Inc. purchased a new position in shares of Sandisk in the second quarter worth about $23,408,732,000. Situational Awareness LP boosted its position in Sandisk by 42.4% during the second quarter. Situational Awareness LP now owns 2,495,344 shares of the data storage provider’s stock worth $5,673,739,000 after acquiring an additional 743,325 shares during the last quarter. Wellington Management Group LLP boosted its position in Sandisk by 71.2% during the second quarter. Wellington Management Group LLP now owns 1,066,886 shares of the data storage provider’s stock worth $2,425,811,000 after acquiring an additional 443,714 shares during the last quarter. Amundi grew its stake in 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 acquiring an additional 502,166 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake 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 valued at $1,442,195,000 after acquiring an additional 207,051 shares in the last quarter.

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.