Sandisk (NASDAQ:SNDK) Shares Gap Down - Here's Why

Key Points

• Sandisk shares gapped down at the open, slipping from $223.28 to $211.84 and trading around $212.77, down roughly 7% intraday on about 2.14 million shares.
• The company reported a strong quarter—Q3 EPS $1.22 vs. $0.58 expected and revenue $2.31 billion vs. $2.12 billion expected (revenue +22.6% YoY)—and set Q2 2026 guidance of $3.00–$3.40 EPS.
• Several analysts boosted targets sharply (Cantor Fitzgerald to $300, Morgan Stanley to $273, Wedbush to $260) and ratings skew positive, but the consensus is a Moderate Buy with an average price target of $193.88 and one sell from Weiss Ratings.

Sandisk Corporation (NASDAQ:SNDK - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $223.28, but opened at $211.84. Sandisk shares last traded at $212.77, with a volume of 2,137,126 shares traded.

Analyst Upgrades and Downgrades

SNDK has been the subject of a number of research analyst reports. Cantor Fitzgerald upped their price target on Sandisk from $240.00 to $300.00 and gave the company an "overweight" rating in a report on Friday, November 7th. Morgan Stanley raised their price objective on Sandisk from $263.00 to $273.00 and gave the stock an "overweight" rating in a report on Monday, November 24th. Wedbush boosted their target price on Sandisk from $220.00 to $260.00 and gave the company an "outperform" rating in a report on Friday, November 7th. Weiss Ratings restated a "sell (d+)" rating on shares of Sandisk in a research note on Monday, November 24th. Finally, Zacks Research upgraded Sandisk from a "hold" rating to a "strong-buy" rating in a research note on Friday, November 14th. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Sandisk has a consensus rating of "Moderate Buy" and an average price target of $193.88.

Sandisk Trading Down 7.0%

The company has a market cap of $30.43 billion and a price-to-earnings ratio of 648.78. The business has a fifty day simple moving average of $175.79 and a 200 day simple moving average of $93.06. The company has a quick ratio of 2.03, a current ratio of 3.29 and a debt-to-equity ratio of 0.14.

Sandisk (NASDAQ:SNDK - Get Free Report) last announced its quarterly earnings results on Thursday, November 6th. The data storage provider reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.58 by $0.64. The company had revenue of $2.31 billion during the quarter, compared to analysts' expectations of $2.12 billion. The company's revenue was up 22.6% on a year-over-year basis. Sandisk has set its Q2 2026 guidance at 3.000-3.40 EPS.

Hedge Funds Weigh In On Sandisk

Several hedge funds and other institutional investors have recently bought and sold shares of SNDK. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Sandisk during the 3rd quarter worth $27,000. CVA Family Office LLC bought a new position in Sandisk during the third quarter valued at about $28,000. Parallel Advisors LLC acquired a new stake in shares of Sandisk in the third quarter worth about $30,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Sandisk in the third quarter worth about $32,000. Finally, Covestor Ltd bought a new stake in shares of Sandisk during the 3rd quarter worth about $37,000.

Sandisk Company Profile

SanDisk Corporation offers flash storage solutions. The Company designs, develops and manufactures data storage solutions in a range of form factors using flash memory, controller, firmware and software technologies. The Company operates through flash memory storage products segment. Its solutions include a range of solid state drives (SSD), embedded products, removable cards, universal serial bus (USB), drives, wireless media drives, digital media players, and wafers and components.

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