Sandisk (NASDAQ:SNDK) Stock Price Down 10.5% - Here's What Happened

Key Points

• Sandisk shares fell 10.5% in mid-day trading Friday, with investors apparently taking profits after a sharp run-up rather than reacting to a deterioration in the underlying business.
• The company’s recent fundamentals remain strong: Sandisk reported a major earnings beat, posted revenue growth of 251% year over year, and guided for continued earnings growth next quarter.
• Despite the pullback, Wall Street sentiment is still broadly positive, with several analysts raising targets and the consensus rating remaining Moderate Buy; however, some commentary warns the stock may have risen too far, too fast.

Sandisk Corporation (NASDAQ:SNDK - Get Free Report)'s stock price was down 10.5% during mid-day trading on Friday . The company traded as low as $2,063.04 and last traded at $2,090.71. Approximately 16,651,628 shares traded hands during mid-day trading, a decline of 1% from the average daily volume of 16,757,518 shares. The stock had previously closed at $2,335.00.

Sandisk News Summary

Here are the key news stories impacting Sandisk this week:

• Positive Sentiment: Sandisk’s recent earnings and outlook remain very strong, with the company posting a blowout quarter and guiding for continued top- and bottom-line growth next quarter. Sandisk: Unlike Micron, There's Much Higher Risk
• Positive Sentiment: Micron’s strong results are still boosting sentiment toward NAND and AI memory names, keeping Sandisk in focus as investors look for winners in the data-center storage cycle. Micron's Robust Q3 Results Raise Investor Attention on These 3 Stocks
• Positive Sentiment: Citi raised its price target on Sandisk to $2,500 and reiterated a Buy rating, reinforcing the bullish analyst case for the stock. Citi Just Raised Its Price Target on SanDisk Stock. Here's Why.
• Neutral Sentiment: Several market stories highlight Sandisk as one of the names benefiting from the AI memory boom, but also note that the broader tech/memory rally has become crowded and more volatile. Apple, Sandisk, Marvell, and More Stocks That Explain Today's Market
• Negative Sentiment: Investors are locking in gains after the stock’s explosive rally, and premarket weakness reflects profit-taking rather than a change in the underlying business. Why Is Sandisk Stock Falling Friday?
• Negative Sentiment: One recent note argues Sandisk has rallied too far too fast and assigns a lower price target, signaling valuation risk after the sharp move higher. Prediction: SanDisk Has Rallied Too Far, Too Fast. The Price Target Warns of 20%+ Downside
• Negative Sentiment: Broader weakness in the semiconductor and AI-trade complex is also weighing on Sandisk, as traders rotate out of the names that have benefited most from the recent frenzy. Sandisk, Intel, Western Digital, and More Stocks That Explain Today's Market

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on SNDK shares. KGI Securities began coverage on Sandisk in a research note on Wednesday, March 18th. They set an "outperform" rating and a $992.00 target price on the stock. Sanford C. Bernstein raised their price objective on shares of Sandisk from $1,250.00 to $1,700.00 and gave the stock an "outperform" rating in a report on Monday, May 4th. Wells Fargo & Company lifted their price objective on shares of Sandisk from $975.00 to $1,250.00 and gave the stock an "equal weight" rating in a research report on Friday, May 1st. Arete Research upgraded shares of Sandisk from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 13th. Finally, Evercore reissued an "outperform" rating and set a $1,400.00 target price on shares of Sandisk in a research report on Friday, May 1st. Three research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $1,603.29.

Sandisk Trading Down 10.5%

The stock has a market cap of $309.61 billion, a PE ratio of 72.67 and a beta of 4.87. The business has a 50-day moving average price of $1,522.03 and a 200 day moving average price of $872.58.

Sandisk (NASDAQ:SNDK - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The data storage provider reported $23.41 earnings per share for the quarter, topping the consensus estimate of $14.17 by $9.24. Sandisk had a return on equity of 44.06% and a net margin of 34.19%.The company had revenue of $5.95 billion during the quarter. During the same period last year, the business posted ($0.30) EPS. The company's revenue was up 251.0% compared to the same quarter last year. Sandisk has set its Q4 2026 guidance at 30.000-33.000 EPS. On average, equities analysts predict that Sandisk Corporation will post 64.01 earnings per share for the current year.

Insider Buying and Selling at Sandisk

In related news, EVP Alper Ilkbahar sold 2,000 shares of the company's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $1,756.58, for a total transaction of $3,513,160.00. Following the sale, the executive vice president directly owned 52,677 shares in the company, valued at approximately $92,531,364.66. This represents a 3.66% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Necip Sayiner sold 579 shares of the firm's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $4,359,019. This trade represents a 16.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 5,625 shares of company stock worth $8,913,497 over the last three months. Company insiders own 0.21% of the company's stock.

Institutional Investors Weigh In On Sandisk

Several institutional investors have recently made changes to their positions in SNDK. Valley Wealth Managers Inc. purchased a new position in shares of Sandisk in the first quarter valued at $25,000. IMG Wealth Management Inc. purchased a new stake in Sandisk during the 1st quarter worth about $29,000. SOA Wealth Advisors LLC. boosted its stake in Sandisk by 108.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 52 shares of the data storage provider's stock worth $33,000 after purchasing an additional 27 shares during the period. Cedar Mountain Advisors LLC boosted its stake in Sandisk by 2,750.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 57 shares of the data storage provider's stock worth $36,000 after purchasing an additional 55 shares during the period. Finally, Roble Belko & Company Inc purchased a new position in Sandisk during the 1st quarter valued at about $39,000.

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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