Should You Buy SanDisk Stock Because It Has Started Retiring Its Own Shares?

SanDisk (SNDK) shares have surged from below $80 to over $1,650 over the past twelve months—a more than twentyfold run—and while they have given back about 13% over the past three months, they remain roughly 30% below their $2,354 peak. The argument against them is about a ceiling on margins. The number that complicates it is the share count.