Sandisk Corporation $SNDK Shares Sold by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP cut its Sandisk stake by 74.7% in the second quarter, selling 13,993 shares and retaining 4,729 shares valued at approximately $10.75 million.
• Sandisk insiders sold 9,220 shares worth $14.83 million during the last quarter, including two sales conducted under pre-arranged Rule 10b5-1 plans.
• Despite profit-taking concerns, analysts remain broadly bullish, with a “Moderate Buy” consensus and an average price target of $1,998.14; the company also reported sharply higher revenue and authorized a $14 billion share-repurchase program.

Engineers Gate Manager LP cut its holdings in Sandisk Corporation (NASDAQ:SNDK - Free Report) by 74.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,729 shares of the data storage provider's stock after selling 13,993 shares during the period. Engineers Gate Manager LP's holdings in Sandisk were worth $10,752,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in SNDK. Dunhill Financial LLC acquired a new position in Sandisk during the second quarter worth about $30,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of Sandisk in the second quarter valued at approximately $32,000. Kilter Group LLC purchased a new position in shares of Sandisk during the 2nd quarter worth approximately $32,000. KERR FINANCIAL PLANNING Corp purchased a new position in shares of Sandisk during the 2nd quarter worth approximately $34,000. Finally, Triumph Capital Management raised its position in shares of Sandisk by 220.0% during the 2nd quarter. Triumph Capital Management now owns 16 shares of the data storage provider's stock worth $36,000 after purchasing an additional 11 shares during the last quarter.

Insider Activity

In related news, EVP Alper Ilkbahar sold 4,712 shares of the stock in a transaction dated Thursday, September 3rd. The stock was 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 in the company, valued at approximately $67,991,957.72. This represents a 9.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed 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 firm'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 completion of the sale, the insider directly owned 25,305 shares in the company, valued at approximately $44,722,285.65. The trade was a 8.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 9,220 shares of company stock worth $14,829,223 over the last quarter. 0.21% of the stock is currently owned by company insiders.

More Sandisk News

Here are the key news stories impacting Sandisk this week:

• Positive Sentiment: AI-driven NAND demand remains a long-term support. Analysts continue to point to strong data-center and artificial-intelligence infrastructure demand, tight memory supply and potentially higher NAND prices as reasons for optimism about Sandisk’s earnings and margins. Memory prices and Sandisk article
• Positive Sentiment: Citi maintained its Buy rating and $2,100 price target. The analyst cited strengthening AI-related NAND demand, leaving the target above the company’s current trading level. Citi Sandisk rating article
• Neutral Sentiment: Investors remain divided after an extraordinary rally. Sandisk has gained more than 600% year to date, creating substantial momentum but also raising questions about valuation, sustainability of margins and the risk of additional profit-taking. A Goldman Sachs view that the memory downturn may be easing provides sector support, although it has not prevented near-term volatility. Memory stocks outlook article
• Negative Sentiment: Macro conditions triggered a broad technology selloff. Higher oil prices intensified concerns that inflation could keep interest rates elevated, weighing particularly heavily on high-beta growth stocks such as SNDK and its memory-chip peers. Memory stocks falling article
• Negative Sentiment: Rating and insider-selling headlines added pressure. Zacks Research downgraded Sandisk from Strong Buy to Hold, while executives disclosed sales totaling millions of dollars. The transactions were made under pre-arranged Rule 10b5-1 plans, limiting their significance, but they may still reinforce profit-taking concerns. Sandisk insider trading article

Analysts Set New Price Targets

A number of brokerages have commented on SNDK. Mizuho lowered their target price on Sandisk from $1,900.00 to $1,875.00 and set an "outperform" rating on the stock in a report on Tuesday, August 25th. Evercore restated an "outperform" rating on shares of Sandisk in a research report on Thursday, August 13th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Sandisk in a research note on Thursday, August 6th. Melius Research set a $2,350.00 price objective on Sandisk in a research report on Monday, May 18th. Finally, New Street Research set a $3,000.00 target price on shares of Sandisk in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $1,998.14.

Sandisk Stock Performance

Shares of SNDK opened at $1,692.59 on Friday. The stock has a fifty day moving average of $1,520.00 and a two-hundred day moving average of $1,321.26. The company has a market capitalization of $247.83 billion, a PE ratio of 23.22, a price-to-earnings-growth ratio of 0.18 and a beta of 5.17. Sandisk Corporation has a fifty-two week low of $81.38 and a fifty-two week high of $2,354.39.

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

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

Sandisk 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.

Want to see what other hedge funds are holding SNDK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sandisk Corporation (NASDAQ:SNDK - Free Report).

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.