"SanDisk is the name Wall Street has defended over and over again. This is a commodity company that has now had three straight misses and all the analysts ever do is apologize for it," Cramer said on CNBC's "Squawk on the Street."
Cramer made his remarks after the company cut its first-quarter revenue outlook from about $1.4 billion to $1.3 billion, citing lower-than-expected sales, among other factors. SanDisk shares were down about 14 percent at Thursday's open.
Cramer also said analysts were wrong to dismiss concerns regarding the company's CEO, Sanjay Mehrotra. "Even after they pre-announced for the second time, analysts said, 'Really, just ignore the man behind the curtain; everything's fine.' Well, the man behind the curtain is second rate," he said.
The company said in January it expected weaker fourth-quarter revenue, sending its stock down.
DISCLOSURE: Cramer's trust owns stock in Apple.