Sandisk (NASDAQ:SNDK) Shares Down 2.5% - What's Next?

Key Points

• Sandisk shares fell 2.5% on Tuesday, trading below the prior close even as volume remained heavy, with nearly 9.6 million shares changing hands.
• Despite the pullback, the article emphasizes strong bullish sentiment around Sandisk thanks to AI data center demand, tight memory supply, and expectations that higher memory prices could persist through 2028.
• Wall Street remains constructive: several firms have raised targets, and Citigroup lifted its price target to $2,025, while consensus coverage still rates the stock a Buy.

Sandisk Corporation (NASDAQ:SNDK - Get Free Report)'s share price fell 2.5% on Tuesday . The stock traded as low as $1,686.16 and last traded at $1,716.9480. 9,638,384 shares were traded during mid-day trading, a decline of 28% from the average session volume of 13,438,613 shares. The stock had previously closed at $1,761.43.

Key Stories Impacting Sandisk

Here are the key news stories impacting Sandisk this week:

• Positive Sentiment: Several recent articles highlight Sandisk as a key beneficiary of the AI data center buildout and broader storage-device industry momentum, which is helping fuel optimism around future revenue and pricing power. Why Sandisk Corporation Is My Favorite Stock Idea Right Now
• Positive Sentiment: Analysts and market commentary say AI-driven memory shortages and tight supply conditions could last through 2028, supporting higher memory prices and continued upside for SNDK and peers like Micron. 2 AI Memory Stocks Outperforming NVIDIA With Big Upside Ahead
• Positive Sentiment: Multiple pieces note that Sandisk has seen strong momentum, with analysts still seeing more upside even after a historic run, reinforcing the bullish sentiment around the stock. After SanDisk's Historic Run, Analysts Still See More Upside
• Positive Sentiment: Broker and market-watch coverage mentions a sharply higher price target from Mizuho and other bullish takes, which is likely adding to buying interest in SNDK. 5-star analyst Mizuho sets jaw-dropping SanDisk stock price target

Analysts Set New Price Targets

Several brokerages recently weighed in on SNDK. Raymond James Financial restated an "outperform" rating and issued a $1,470.00 price target on shares of Sandisk in a research note on Friday, May 1st. The Goldman Sachs Group restated a "buy" rating and set a $1,200.00 target price on shares of Sandisk in a report on Friday, May 1st. Citigroup boosted their target price on Sandisk from $1,300.00 to $2,025.00 and gave the stock a "buy" rating in a report on Tuesday, May 19th. KGI Securities began coverage on Sandisk in a report on Wednesday, March 18th. They set an "outperform" rating and a $992.00 target price on the stock. Finally, Bank of America boosted their target price on Sandisk from $900.00 to $1,080.00 and gave the stock a "buy" rating in a report on Friday, April 17th. Three analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Sandisk has an average rating of "Buy" and a consensus target price of $1,368.73.

Sandisk Price Performance

The stock has a market capitalization of $254.26 billion, a price-to-earnings ratio of 59.68 and a beta of 4.88. The business has a fifty day moving average of $1,093.12 and a 200 day moving average of $657.86.

Sandisk (NASDAQ:SNDK - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The data storage provider reported $23.41 earnings per share for the quarter, beating analysts' consensus estimates of $14.17 by $9.24. Sandisk had a net margin of 34.19% and a return on equity of 44.06%. The business had revenue of $5.95 billion during the quarter. During the same quarter in the prior year, the business earned ($0.30) earnings per share. Sandisk's revenue was up 251.0% on a year-over-year basis. Sandisk has set its Q4 2026 guidance at 30.000-33.000 EPS. On average, equities research analysts expect that Sandisk Corporation will post 63.58 EPS for the current year.

Insider Transactions at Sandisk

In related news, Director Necip Sayiner sold 579 shares of the firm's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $1,503.11, for a total transaction of $870,300.69. Following the completion of the transaction, the director directly owned 2,900 shares in the company, valued at $4,359,019. This trade represents a 16.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Michael Pokorny sold 2,446 shares of the firm's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $1,426.18, for a total value of $3,488,436.28. Following the transaction, the chief accounting officer owned 22,375 shares of the company's stock, valued at $31,910,777.50. This trade represents a 9.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.21% of the company's stock.

Institutional Trading of Sandisk

Several hedge funds have recently modified their holdings of SNDK. Osaic Holdings Inc. acquired a new stake in shares of Sandisk in the second quarter valued at $317,000. Merit Financial Group LLC acquired a new stake in shares of Sandisk in the third quarter valued at $408,000. Mutual of America Capital Management LLC acquired a new stake in shares of Sandisk in the third quarter valued at $1,735,000. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Sandisk in the third quarter valued at $1,136,000. Finally, Federated Hermes Inc. acquired a new stake in shares of Sandisk in the third quarter valued at $88,000.

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.

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