SanDisk Corporation (NASDAQ: SNDK) cooled off on Wednesday, November 26, 2025, as investors caught their breath after a blistering run that has pushed the flash‑memory maker more than 500% higher in 2025 and set it up to join the S&P 500 later this week. [1]
The stock spent the session consolidating recent gains while digesting new valuation analysis, fresh bullish commentary, an official investor‑relations update, and congressional trading disclosures.
How SNDK Traded Today
According to multiple price databases, SanDisk opened today around $226 per share, traded between roughly $205 and $228, and ended near $214.6, a decline of about 2.7% versus Tuesday’s close of $220.50. Volume came in just under 4.8 million shares, markedly lower than the 14–20 million share spikes seen around recent news. [2]
Even after today’s pullback, SanDisk remains one of 2025’s standout movers:
- Year‑to‑date gain: about 512.5% as of November 26. [3]
- 52‑week range: roughly $28 to $285, highlighting just how dramatic the re‑rating has been. [4]
That volatility reflects a sharp rerating of the business following its early‑2025 spin‑off from Western Digital, the AI‑driven rebound in memory pricing, and, most recently, its upcoming inclusion in the S&P 500 index on November 28, where it will replace Interpublic Group (IPG). [5]
Fresh News Flow on November 26, 2025
1. Official IR Update: SanDisk to Present at UBS and Barclays Tech Conferences
This morning, SanDisk issued a Business Wire press release confirming that management will appear at two high‑profile events: [6]
- UBS 2025 Global Technology and AI Conference
- Date: Tuesday, December 2, 2025
- Time: 3:15 p.m. PT / 6:15 p.m. ET
- Barclays 23rd Annual Global Technology Conference
- Date: Wednesday, December 10, 2025
- Time: 8:40 a.m. PT / 11:40 a.m. ET
Both presentations will be webcast live and archived on investor.sandisk.com, giving analysts and shareholders another chance to hear updated commentary on demand trends, the AI storage cycle, and capital allocation. [7]
For a stock that has just been promoted into the S&P 500, these conference slots help reinforce the message that SanDisk now sits firmly in the large‑cap tech mainstream.
2. Seeking Alpha: “Big Pullback Offers Fresh Entry Point”
On the analysis side, a new Seeking Alpha article published today argues that the recent correction in SNDK “presents a fresh entry point” despite the stock already being one of the best‑performing memory names since its separation from Western Digital. [8]
Key points from that piece:
- Q1 FY26 earnings beat: On November 6, SanDisk reported EPS of $1.22, comfortably above consensus around $0.58, on revenue of roughly $2.31 billion, up more than 20% year‑on‑year. [9]
- AI & data‑center tailwinds: The author highlights that we are still early in the NAND and general memory up‑cycle, with disciplined supply cuts across the industry and surging demand from AI and high‑performance computing workloads, particularly in data centers. [10]
- Technology roadmap: SanDisk’s next‑generation BiCS8 3D NAND and planned high‑bandwidth flash products are presented as key levers for maintaining performance and cost leadership as AI workloads scale. [11]
The article’s tone is clearly constructive, framing today’s pullback and last week’s slump as a potential opportunity within a longer‑term bullish narrative—though it also stresses the cyclical and volatile nature of memory stocks.
3. Simply Wall St: 512% Rally, Deep DCF Upside but Mixed Valuation Signals
Also published today, Simply Wall St tackled the obvious question: is a stock that has rallied over 500% in a single year still attractive? [12]
Highlights from that report:
- Performance snapshot:
- Up 512.5% year‑to‑date.
- Up 18.4% over the last 30 days.
- Down roughly 10% over the last week as traders lock in gains. [13]
- Discounted cash‑flow view: Their two‑stage DCF model pegs intrinsic value around $647 per share, implying the stock trades at roughly a 66% discount to that estimate even after this year’s spike. [14]
- Sales‑based metrics: SanDisk currently trades on a price‑to‑sales ratio of about 4.15x, versus an industry average around 3.2x and a broader tech sector average near 1.75x. However, their proprietary “Fair Ratio” model suggests a P/S of about 3.88x would be appropriate given SanDisk’s growth and risk profile, implying the current multiple is close to “about right” rather than wildly overextended. [15]
Simply Wall St notes that SanDisk only scores 2 out of 6 on its undervaluation checks, underscoring the tension between a bullish cash‑flow story and richer headline multiples after a parabolic year.
4. Congressional Trade Disclosures: Rep. Lisa McClain Buys and Sells SNDK
In Washington, SanDisk surfaced in new trading disclosures from Rep. Lisa C. McClain (R‑Michigan), covered in two MarketBeat notes published today. [16]
According to those filings:
- Purchase: McClain reported buying between $1,001 and $15,000 of SNDK on October 30, 2025, in a Charles Schwab 401(k) account. [17]
- Sale: A separate filing shows she sold a similar‑sized SNDK position (also $1,001–$15,000) on October 31, 2025, in the same account. [18]
MarketBeat also recaps that:
- Large institutions such as Vanguard, State Street and Arrowstreet established significant SNDK stakes in Q3.
- Analysts collectively rate the stock a “Moderate Buy”, with an earlier consensus target near $194, and several houses lifting targets into the $220–$280 range on the back of the AI‑memory up‑cycle. [19]
The lawmaker’s trades are small in dollar terms, but they add to the narrative of growing institutional and political‑class attention on the stock.
The Bigger Backdrop: Earnings, AI and the Memory Cycle
Today’s headlines sit on top of a powerful fundamental story that has been building for months.
Blowout Q1 FY26 and AI‑Driven Demand
On November 6, SanDisk posted first‑quarter FY2026 results that handily beat expectations: EPS of $1.22 versus about $0.58 expected, on revenue of roughly $2.31 billion, up more than 20% year over year. [20]
Management also issued aggressive Q2 EPS guidance in the $3.00–$3.40 range, signaling confidence that AI‑driven demand for flash and SSD storage is still in the early innings of a multi‑year cycle. [21]
Industry reports over the last few weeks have highlighted:
- NAND and DRAM contract prices rising, in some cases by 30–50%, as suppliers hold back capacity and hyperscale data‑center buyers scramble for high‑bandwidth memory. [22]
- SanDisk and peers reportedly raising NAND prices following strong Q1 demand and improved pricing power. [23]
That tightening supply/demand backdrop has been a core driver of SNDK’s extraordinary performance in 2025.
S&P 500 Inclusion: Another Structural Tailwind
On November 24, S&P Dow Jones Indices confirmed that SanDisk will be added to the S&P 500 before the open on Friday, November 28, 2025, replacing Interpublic Group, which is being acquired by Omnicom. [24]
Coverage from Investopedia and others notes that:
- SanDisk was previously a member of the S&P SmallCap 600 and will move up as part of the reshuffle. [25]
- The company’s market cap, now above $30 billion, and its 500%+ year‑to‑date return make it one of 2025’s standout gainers. [26]
Index inclusions often create forced buying from passive funds and index‑tracking products, which can amplify short‑term volatility around the effective date—as markets may already be reflecting in SanDisk’s sharp swings this week.
Valuation, Risk and What to Watch Next
Between today’s analyses and recent research, a few themes emerge for investors tracking SNDK:
- Valuation is no longer “cheap” on simple multiples
At ~4x sales and a very high trailing P/E (north of 600x in some data sets), SanDisk screens expensive versus most traditional hardware names, even if growth is faster. [27] - But some models still see substantial upside
Simply Wall St’s DCF framework argues that, based on long‑term free‑cash‑flow projections, fair value could be more than double current levels—though this obviously depends on memory margins and AI demand remaining robust for many years. [28] - Cycle risk is real
Memory has always been highly cyclical. Recent reports about sharply higher NAND and HBM pricing are bullish today, but if supply ramps too quickly or AI‑server demand cools, that leverage can work in reverse. [29] - Index flows and conferences could drive near‑term moves
The S&P 500 inclusion on November 28 and the two December investor‑conference presentations give the stock clear catalysts over the next few weeks, both in terms of flows and fresh guidance. [30]
For now, today’s action looks like a cool‑down after an extraordinary run, rather than a decisive change in narrative. Bulls will point to the still‑early AI storage cycle, strong balance sheet metrics, and DCF‑based upside. Bears will focus on stretched near‑term multiples, index‑driven froth, and the inherent boom‑bust nature of memory pricing.
Bottom Line
On November 26, 2025, SanDisk stock:
- Pulled back modestly after a multi‑session surge tied to S&P 500 inclusion news.
- Drew conflicting but generally constructive valuation takes from major research platforms.
- Appeared in fresh congressional trading disclosures, adding another data point to its growing institutional profile.
- Confirmed upcoming high‑visibility conference appearances, which should give the market more detail about management’s view of the AI‑driven memory cycle.
As always, this article is for general information only and does not constitute investment advice or a recommendation to buy or sell any security. Anyone considering SNDK should evaluate their own objectives, risk tolerance and financial situation, and if needed, consult a qualified financial professional.
References
1. simplywall.st, 2. www.investing.com, 3. simplywall.st, 4. www.investing.com, 5. www.investopedia.com, 6. www.businesswire.com, 7. aijourn.com, 8. seekingalpha.com, 9. investor.sandisk.com, 10. seekingalpha.com, 11. seekingalpha.com, 12. simplywall.st, 13. simplywall.st, 14. simplywall.st, 15. simplywall.st, 16. www.marketbeat.com, 17. www.marketbeat.com, 18. www.marketbeat.com, 19. www.marketbeat.com, 20. investor.sandisk.com, 21. www.marketbeat.com, 22. www.oscoo.com, 23. www.linkedin.com, 24. www.prnewswire.com, 25. www.investopedia.com, 26. www.investopedia.com, 27. www.marketbeat.com, 28. simplywall.st, 29. www.oscoo.com, 30. www.businesswire.com
