Company Overview - Sandisk Corporation (NASDAQ:SNDK) was founded in 1988 and is headquartered in Milpitas, California, specializing in the design and manufacture of flash memory products, including memory cards, USB drives, and solid-state storage solutions [3]. Recent Developments - On February 18, Sandisk announced a secondary public offering of approximately $3.09 billion of common stock currently owned by Western Digital, with no new shares being issued or proceeds received from the transaction [1]. - J.P. Morgan Securities and BofA Securities are acting as joint lead book-runners and representatives of the underwriters for the offering [1]. Financial Performance - On January 30, BofA raised its price target on Sandisk to $850 from $390, maintaining a Buy rating after the company reported fiscal second-quarter revenue and EPS above guidance [2]. - BofA's fiscal 2026 revenue and EPS estimates for Sandisk were increased to $15.7 billion and $39.50, respectively, reflecting higher margin and profitability assumptions [2]. - The strong operating performance and upward estimate revisions indicate improving earnings power for Sandisk, positioning the company to benefit from favorable memory pricing dynamics [2].
Western Digital Launches $3.09 Billion SanDisk (SNDK) Stock Offering