Bank of America Corp DE Acquires New Stake in Sandisk Corporation $SNDK

Key Points

• Bank of America acquired 688,253 Sandisk shares during the second quarter, valued at approximately $1.56 billion and representing about 0.46% of the company.
• Analysts maintain a broadly bullish view, with Sandisk receiving a “Moderate Buy” consensus rating and an average price target of $1,998.14.
• Sandisk reported quarterly EPS of $39.25, well above estimates, while revenue surged 371.6% year over year to $8.96 billion; the company also approved a $14 billion stock-repurchase plan.

Bank of America Corp DE acquired a new position in shares of Sandisk Corporation (NASDAQ:SNDK - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 688,253 shares of the data storage provider's stock, valued at approximately $1,564,901,000. Bank of America Corp DE owned approximately 0.46% of Sandisk at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SNDK. Dunhill Financial LLC purchased a new stake in shares of Sandisk during the second quarter worth about $30,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in Sandisk during the second quarter worth approximately $32,000. Kilter Group LLC purchased a new stake in Sandisk in the 2nd quarter worth approximately $32,000. KERR FINANCIAL PLANNING Corp purchased a new stake in Sandisk in the 2nd quarter worth approximately $34,000. Finally, Ramsey Quantitative Systems acquired a new position in Sandisk in the 2nd quarter valued at $50,000.

Analysts Set New Price Targets

A number of research analysts have weighed in on SNDK shares. Barclays raised Sandisk from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $1,200.00 to $2,300.00 in a research note on Tuesday, May 26th. Susquehanna lowered their price objective on Sandisk from $3,250.00 to $3,050.00 and set a "positive" rating for the company in a research report on Thursday, July 23rd. UBS Group reiterated an "overweight" rating and issued a $1,750.00 target price on shares of Sandisk in a research note on Friday, August 14th. Citigroup reduced their target price on Sandisk from $2,500.00 to $2,100.00 and set a "buy" rating on the stock in a research report on Thursday, August 6th. Finally, Melius Research set a $2,350.00 price target on Sandisk in a research note on Monday, May 18th. Two analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Sandisk presently has an average rating of "Moderate Buy" and an average target price of $1,998.14.

Sandisk Stock Performance

Shares of NASDAQ:SNDK opened at $1,551.99 on Tuesday. The stock has a 50-day simple moving average of $1,513.91 and a 200-day simple moving average of $1,334.50. The stock has a market capitalization of $227.24 billion, a P/E ratio of 21.29, a PEG ratio of 0.16 and a beta of 5.17. Sandisk Corporation has a 1 year low of $85.12 and a 1 year high of $2,354.39.

Sandisk (NASDAQ:SNDK - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The data storage provider reported $39.25 earnings per share for the quarter, beating analysts' consensus estimates of $33.28 by $5.97. Sandisk had a net margin of 56.47% and a return on equity of 87.84%. The firm had revenue of $8.96 billion for the quarter. During the same period last year, the firm earned $0.29 earnings per share. The company's quarterly revenue was up 371.6% on a year-over-year basis. Sandisk has set its Q1 2027 guidance at 44.000-46.000 EPS. Analysts predict that Sandisk Corporation will post 208.92 earnings per share for the current year.

Sandisk announced that its Board of Directors has approved a stock repurchase plan on Wednesday, August 5th that authorizes the company to buyback $14.00 billion in outstanding shares. This buyback authorization authorizes the data storage provider to purchase up to 6.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling at Sandisk

In other Sandisk news, EVP Alper Ilkbahar sold 4,712 shares of the firm's stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $1,540.58, for a total value of $7,259,212.96. Following the transaction, the executive vice president directly owned 44,134 shares of the company's stock, valued at $67,991,957.72. This trade represents a 9.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Bernard Shek sold 2,308 shares of the business's stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $1,767.33, for a total value of $4,078,997.64. Following the transaction, the insider owned 25,305 shares in the company, valued at approximately $44,722,285.65. This represents a 8.36% decrease in their position. 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 have sold a total of 9,220 shares of company stock worth $14,829,223 in the last 90 days. Company insiders own 0.21% of the company's stock.

Trending Headlines about Sandisk

Here are the key news stories impacting Sandisk this week:

• Positive Sentiment: Sandisk’s longer-term outlook remains supported by multi-year New Business Model agreements covering approximately half of projected fiscal 2027 bit shipments and about two-thirds of fiscal 2028 shipments. These contracts could reduce exposure to NAND price cycles and provide greater earnings visibility. Sandisk And The NAND Stabilization Test
• Positive Sentiment: Potential NAND-price stabilization later this year, growing enterprise SSD demand for AI inference, and products such as UltraQLC, BiCS9, BiCS10 and High Bandwidth Flash could support a higher-value product mix and help preserve margins. GF Securities says NAND prices may stabilize later this year
• Neutral Sentiment: Some coverage continues to describe Sandisk as attractive after its substantial rally, while other analysis argues that a potential NAND supercycle could make the stock a strong buy. However, the stock’s extreme gains and elevated volatility have increased sensitivity to profit-taking. Sandisk: The NAND Supercycle Makes This A Strong Buy
• Negative Sentiment: DeepSeek’s more efficient V4.1 Flash AI model has raised concerns that AI companies may need less memory and storage per unit of computing. That has triggered a sector-wide reassessment of expected NAND demand and AI-related capital spending. SanDisk Stock Falls as DeepSeek AI Model Sparks Memory Sector Sell-Off
• Negative Sentiment: Technical concerns are adding pressure: analysts point to a rising-wedge pattern, stalled momentum and profit-taking after the stock retreated substantially from its yearly peak. SanDisk Stock Trades at a Bargain, Yet Technical Pattern Raises Red Flags

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.