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

Key Points

• Sandisk insider Bernard Shek sold 600 shares at an average price of $1,158.26, for about $695,000. The sale was made under a pre-arranged Rule 10b5-1 plan; Shek retained 24,666 shares afterward.
• Sandisk reported quarterly EPS of $49.51, topping analysts’ $46.19 estimate, while revenue rose 23% year over year to $11.03 billion.
• The company announced an 8-for-1 stock split scheduled for November 20 and has authorized up to $14 billion in share buybacks.

Sandisk Corporation (NASDAQ:SNDK - Get Free Report) insider Bernard Shek sold 600 shares of the company's stock in a transaction 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 trade represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a 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.

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 shares were 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 Price Performance

Shares of SNDK stock traded up $51.44 on Tuesday, hitting $1,126.52. The stock had a trading volume of 8,400,054 shares, compared to its average volume of 14,744,653. The company's 50 day moving average price is $1,547.49 and its 200-day moving average price is $1,254.27. Sandisk Corporation has a 1 year low of $183.00 and a 1 year high of $2,354.39. The firm has a market capitalization of $162.81 billion, a P/E ratio of 9.03, a P/E/G ratio of 0.14 and a beta of 5.23.

Shares of Sandisk 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 - Get Free Report) last announced its earnings results on Thursday, October 29th. The data storage provider reported $49.51 EPS 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 return on equity of 87.84% and a net margin of 56.47%. The business's revenue was up 23.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.22 earnings per share. On average, equities analysts forecast that Sandisk Corporation will post 210.92 EPS for the current 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 repurchase up to 6.6% of its shares through open market purchases. Stock buyback programs are usually a sign that the company's board believes its stock is undervalued.

More Sandisk News

Here are the key news stories impacting Sandisk this week:

• Positive Sentiment: A rebound across semiconductor and memory shares, following the recent sell-off, helped lift Sandisk. Reports pointed to investor rotation back into chip stocks and improved risk appetite as drivers of the move. Why memory stocks rose
• Positive Sentiment: Recent results and outlook remain strong: Sandisk beat quarterly earnings expectations and raised guidance. One report also cited $93.9 billion in minimum revenue commitments under long-term supply agreements, supporting the view that a near-term business collapse is unlikely. Sandisk: Priced For The AI Apocalypse
• Neutral Sentiment: Sandisk’s announced 8-for-1 stock split is scheduled to take effect before the market opens November 20. A split changes the number of shares and per-share price, but does not by itself change the company’s value. Should You Buy Sandisk Stock Before Nov. 20?
• Negative Sentiment: The stock’s sharp post-earnings pullback shows that beating estimates may not have been enough to satisfy investors. Articles cited concerns that the AI data-center build-out could slow, raising doubts about whether exceptional growth can persist. Is Sandisk's Incredible Run About to End?

Institutional Trading of Sandisk

Hedge funds have recently added to or reduced their stakes in the company. Handelsbanken Fonder AB increased its position in Sandisk by 35.1% during the 2nd quarter. Handelsbanken Fonder AB now owns 57,564 shares of the data storage provider's stock worth $130,885,000 after purchasing an additional 14,964 shares in the last quarter. Focus Partners Advisor Solutions LLC acquired a new position in Sandisk during the second quarter valued at approximately $4,775,000. Florida Financial Advisors LLC acquired a new position in Sandisk during the first quarter valued at approximately $2,747,000. UNICOM Systems Inc. lifted its position in Sandisk by 14.9% during the second quarter. UNICOM Systems Inc. now owns 58,500 shares of the data storage provider's stock valued at $133,013,000 after buying an additional 7,600 shares in the last quarter. Finally, Affinity Capital Advisors LLC purchased a new stake in Sandisk during the second quarter worth approximately $2,506,000.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SNDK shares. UBS Group restated an "overweight" rating and issued a $1,750.00 price objective on shares of Sandisk in a report on Friday, August 14th. Royal Bank Of Canada decreased their price target on shares of Sandisk from $1,600.00 to $1,400.00 and set a "sector perform" rating for the company in a research report on Friday. Cantor Fitzgerald dropped their price target on shares of Sandisk from $2,900.00 to $2,200.00 and set an "overweight" rating for the company in a research note on Monday, October 26th. JPMorgan Chase & Co. assumed coverage on Sandisk in a research report on Friday, August 14th. They set an "overweight" rating and a $2,250.00 price objective on the stock. Finally, Zacks Research upgraded Sandisk from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 13th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $2,056.23.

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.

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