Ticker: SNDK • Exchange: Nasdaq • Company: Sandisk Corporation
Key Takeaways
- SNDK has surged more than 500% in 2025 as investors pile into flash memory names tied to the AI data-center boom. [1]
- Sandisk will join the S&P 500 on Friday, November 28, 2025, replacing Interpublic Group, after being spun off from Western Digital earlier this year. [2]
- After a double‑digit jump on Monday following the index news, SNDK is trading lower today in a volatile session, but still sits near recent highs. [3]
- Fundamentally, Sandisk just posted Q1 FY2026 revenue of about $2.31 billion and returned to GAAP profitability, while guiding to even stronger results next quarter. [4]
- Wall Street remains broadly bullish: price targets cluster roughly in the low‑to‑mid $200s up to the mid‑$200s, with some high‑end targets above $300, even after the rally. [5]
Important: Prices and percentages below are approximate and can change quickly. Always check a real‑time quote before making decisions.
SNDK Stock Price Today: Volatility After Monday’s Spike
Sandisk shares have been on a wild ride into Thanksgiving week.
- As of early trading on Tuesday, November 25, 2025, multiple data providers show SNDK giving back part of Monday’s surge, trading in the low‑ to mid‑$220s, down several percent intraday. [6]
- A Nasdaq ETF flows note around 10:49 a.m. EST cited SNDK down roughly 7% on the day as small‑cap ETFs adjusted their positions. [7]
That pullback follows a huge move on Monday, November 24:
- S&P Dow Jones Indices announced Sandisk will join the S&P 500 before the open on Friday, November 28, moving up from the S&P SmallCap 600 and replacing Interpublic Group (IPG). [8]
- Following the news, SNDK jumped more than 13% in regular trading and added another high‑single‑digit percentage after hours, leaving the stock up roughly 20%+ across the full session by some counts. [9]
Zooming out:
- Sandisk’s 52‑week range runs from about $27.89 (April 7, 2025) to $284.76 (November 12, 2025), highlighting just how extreme the move has been. [10]
- Recent quotes and ranges (open around $228, day range in the low‑$200s to high‑$220s today) put SNDK well off its all‑time high but still hundreds of percent above its spring lows. [11]
In short: today looks like a classic “cool‑down” session after an index‑driven blast higher, not a fundamental change in the story.
From Acquisition Casualty to Spin‑Off Star
SNDK’s 2025 run makes more sense when you know the backstory.
- The original SanDisk went public in 1995 and was later acquired by Western Digital in 2016, with the old SNDK ticker delisted after the deal. [12]
- In 2025, Western Digital reversed course, spinning off its flash storage business as Sandisk Corporation, which began trading again on Nasdaq under the familiar SNDK symbol. [13]
- Western Digital distributed Sandisk shares to its shareholders and retains roughly a 19.9% stake, but the spin‑off operates as a fully independent public company. [14]
The “new” Sandisk is firmly positioned as a pure‑play NAND flash and solid‑state storage company, with products ranging from SSDs and embedded flash to removable cards and USB drives used in everything from smartphones and PCs to data centers and edge devices. [15]
Why SNDK Is Up 500%+ in 2025
Several forces have combined to send SNDK into orbit this year:
1. AI Data‑Center Demand
Sandisk is a direct beneficiary of the AI infrastructure boom, which is driving surging demand for high‑performance NAND flash in data centers.
- A Trefis analysis in October noted that data‑center sales have roughly doubled as a share of revenue, climbing from around 6% to ~12% as AI and cloud spending ramped. [16]
- In its latest earnings release, Sandisk reported datacenter revenue up about 26% quarter‑over‑quarter, with multiple hyperscale customers in qualification and more planned for 2026. [17]
That hyperscaler exposure gives SNDK a direct link to AI training and inference workloads, a theme markets have heavily rewarded in 2025.
2. A Return to Growth and Profitability
On November 6, 2025, Sandisk reported fiscal Q1 2026 results that beat expectations:
- Revenue: ~$2.31 billion, up about 21% sequentially and more than 20% year‑over‑year. [18]
- Non‑GAAP EPS: about $1.22, compared with roughly $0.29 the prior quarter. [19]
- GAAP net income: returned to positive territory at about $112 million after prior losses. [20]
Looking ahead, the company guided for Q2 FY2026 revenue of $2.55–$2.65 billion and non‑GAAP EPS of $3.00–$3.40, implying a rapid ramp in profitability if conditions hold. [21]
At the full‑year level:
- Sandisk generated around $7.3–7.4 billion of revenue in fiscal 2025, up roughly 10–11% versus the prior year, but still posted net losses of about $1.6–$1.7 billion on a trailing basis, meaning the turnaround remains underway rather than complete. [22]
3. Multiple Expansion and “Re‑rating”
Investors have re‑priced Sandisk as a high‑growth, AI‑aligned infrastructure stock:
- With a market cap around $30–33 billion and annual revenue near $7.3 billion, SNDK now trades at roughly 4–4.5× trailing sales, versus much lower multiples when the spin‑off first listed. [23]
- Trailing EPS is still negative, so the trailing P/E isn’t meaningful, but platforms like StockAnalysis estimate a forward P/E in the low‑teens, reflecting expectations for a sharp earnings ramp. [24]
Combine AI‑driven growth, fresh spin‑off optimism, and index‑related buying, and it’s easier to see how SNDK has delivered a 500%+ gain in under a year. [25]
S&P 500 Inclusion: Why November 28 Matters
Sandisk’s next big catalyst is structural rather than operational.
- S&P Dow Jones Indices announced that Sandisk will be added to the S&P 500 before the market opens on Friday, November 28, replacing Interpublic Group, which is being acquired by Omnicom. [26]
- Sandisk will move up from the S&P SmallCap 600, and PTC Therapeutics will take its place in the small‑cap index. [27]
Why this matters for SNDK:
- Forced Buying by Index Funds
Funds and ETFs that track the S&P 500 will have to buy Sandisk shares, while small‑cap index products will gradually sell out. That mechanical demand often supports prices around the effective date. - Increased Visibility and Liquidity
Joining the S&P 500 tends to boost a company’s profile, add analyst coverage, and deepen institutional ownership. Sandisk is already widely owned — a Fintel analysis notes 856 institutions reporting positions, with average portfolio weights and overall exposure to SNDK rising over the last quarter. [28] - Short‑Term Volatility
Rebalancing cuts both ways. A Nasdaq piece highlighting ETF flows today showed iShares Core S&P Small‑Cap ETF (IJR) seeing significant inflows while noting SNDK trading sharply lower intraday — a reminder that index transitions can be noisy on a day‑to‑day basis. [29]
For now, the market seems to be front‑running that index inclusion, with much of the easy upside likely already priced into Monday’s surge.
What Wall Street Thinks About SNDK Right Now
Analysts have been racing to keep up with SNDK’s ascent.
- Wedbush recently raised its price target from $220 to $260 and reiterated an “outperform” rating after the Q1 beat, implying meaningful upside from levels around $200 at the time of the report. [30]
- A Morgan Stanley–linked note via Fintel highlighted an Overweight rating and an average one‑year price target around $259.46, about 30% above the then‑recent close of ~$200. [31]
- A Yahoo Finance analysis put the average sell‑side price target roughly 34% above a recent SNDK close, suggesting the Street still sees upside even after the rally. [32]
- Meanwhile, StockAnalysis aggregates 13 analyst opinions, scoring SNDK a “Strong Buy” with an average price target around $218, only slightly below recent prices after the S&P 500 announcement. [33]
Taken together, the picture is:
- Ratings: Mostly Buy/Outperform, with the broader consensus somewhere between “Moderate Buy” and “Strong Buy.” [34]
- Targets: A wide range, from under $100 to more than $300, with most averages clustering in the low‑ to mid‑$200s and some high‑conviction targets closer to $260–$300. [35]
The big takeaway: Wall Street generally likes the story but is split on how much further SNDK can run after a 5× move.
The Catch: Risk Factors After a 5× Rally
For all the excitement, SNDK is far from a one‑way bet. Key risks investors are watching:
- Cyclical Memory Business
NAND flash has a history of brutal boom‑and‑bust cycles. Strong pricing and tight supply today can flip quickly if capacity ramps too aggressively or AI demand normalizes. Trefis and Seeking Alpha commentary both emphasize that SanDisk’s industry remains highly cyclical, despite the AI tailwind. [36] - Volatility and Sharp Pullbacks
Recent press coverage highlighted that SNDK dropped roughly 20% in a single session last week after a steep run‑up — a reminder that high‑momentum names can sell off violently on profit‑taking alone, even when fundamentals are intact. [37] - Still‑Evolving Profitability
While Q1 showed a return to GAAP profitability and robust non‑GAAP earnings, trailing 12‑month results still show sizable losses, and the company is investing heavily in next‑gen fabs and technology (including BiCS8). [38] - Valuation Risk
Trading at around 4–4.5× trailing sales and with much of the AI narrative already priced in, Sandisk needs to hit its ambitious growth and margin targets to justify current levels and any further upside. [39]
What to Watch Next for SNDK
If you’re following SNDK over the next few days and months, some key markers:
- S&P 500 Effective Date (Nov. 28, 2025): How the stock trades into and immediately after the index addition could reveal how much passive buying is left versus early profit‑taking. [40]
- AI Infrastructure Spend: Any signs of slowdown or budget re‑allocation from major cloud and hyperscale customers could hit sentiment hard, given how central AI has been to the bull case. [41]
- Execution Against Guidance: The market will be watching whether Sandisk can deliver on its Q2 FY2026 guidance for $2.55–$2.65B in revenue and $3.00–$3.40 in non‑GAAP EPS. Beating (or missing) those numbers could move the stock sharply. [42]
- Analyst Revisions: Look for fresh target and rating changes this week as analysts update their models for S&P 500 inclusion and the latest price action.
Final Word
Sandisk’s SNDK has transformed from a spun‑off, loss‑making flash business into one of 2025’s hottest AI‑infrastructure plays, now set to enter the S&P 500 with a gain of more than 5× since relisting.
For traders, SNDK is a high‑beta, high‑story name where headlines about AI demand, index changes, and analyst targets can move the stock double digits in a day. For longer‑term investors, the opportunity lies in Sandisk’s execution on its datacenter roadmap and margin expansion, balanced against the very real cyclical and valuation risks that come with any memory stock after a parabolic run.
This article is for informational and educational purposes only and is not financial advice or a recommendation to buy or sell any security. Consider your own objectives, risk tolerance, and time horizon, and consult a qualified financial adviser before making investment decisions.
References
1. www.investopedia.com, 2. www.investopedia.com, 3. m.investing.com, 4. www.businesswire.com, 5. www.marketbeat.com, 6. www.investopedia.com, 7. www.nasdaq.com, 8. www.investopedia.com, 9. m.investing.com, 10. www.indmoney.com, 11. stockanalysis.com, 12. documents.westerndigital.com, 13. www.gurufocus.com, 14. www.gurufocus.com, 15. stockanalysis.com, 16. www.trefis.com, 17. www.businesswire.com, 18. www.businesswire.com, 19. www.businesswire.com, 20. www.businesswire.com, 21. www.businesswire.com, 22. www.trefis.com, 23. stockanalysis.com, 24. stockanalysis.com, 25. www.investopedia.com, 26. www.investopedia.com, 27. www.investopedia.com, 28. www.nasdaq.com, 29. www.nasdaq.com, 30. www.marketbeat.com, 31. www.nasdaq.com, 32. finance.yahoo.com, 33. stockanalysis.com, 34. www.marketbeat.com, 35. www.marketbeat.com, 36. www.trefis.com, 37. stockanalysis.com, 38. www.businesswire.com, 39. stockanalysis.com, 40. www.investopedia.com, 41. www.trefis.com, 42. www.businesswire.com
