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

Key Points

• Sandisk shares gapped up sharply before Thursday’s trading, opening well above the previous close and briefly trading around $2,162 after closing at $1,914.46 the day before.
• Wall Street sentiment turned more bullish after Citi lifted its price target to $2,500 from $2,025 and reaffirmed a Buy rating, while other major firms also maintained positive views on the stock.
• AI-driven memory demand is boosting the stock, helped by Micron’s strong results and broader commentary about tightening memory supply and rising pricing power for suppliers like Sandisk.

Sandisk Corporation (NASDAQ:SNDK - Get Free Report)'s share price gapped up prior to trading on Thursday . The stock had previously closed at $1,914.46, but opened at $2,238.31. Sandisk shares last traded at $2,162.6330, with a volume of 3,356,502 shares changing hands.

Key Stories Impacting Sandisk

Here are the key news stories impacting Sandisk this week:

• Positive Sentiment: Citi raised its price target on Sandisk to $2,500 from $2,025 and reiterated a Buy rating, signaling continued Wall Street confidence in the stock’s upside. Wall Street sets Sandisk stock price target
• Positive Sentiment: Micron’s stronger-than-expected quarterly report and upbeat outlook boosted sentiment across memory-chip names, helping reinforce the AI storage trade that also benefits Sandisk. Micron's Blowout Q3 Report Ripples Through Memory Stocks SanDisk, Western Digital
• Positive Sentiment: Commentary around AI infrastructure demand and Apple’s warning about rising memory costs suggests tightening supply and improving pricing power for memory suppliers like Sandisk. Apple Just Handed These 4 Memory Stocks Their Best News of the Year
• Neutral Sentiment: Some analysts argue that Sandisk has already rallied sharply, making the stock more vulnerable to pullbacks even as the AI-memory story stays intact. Micron Vs. Western Digital Vs. SanDisk: Which AI Memory Stock Looks Best After Massive 2026 Rallies?
• Neutral Sentiment: One comparative analysis favored Dell as a broader AI infrastructure play, but it still acknowledged Sandisk as part of the same benefiting memory sector. SNDK vs. DELL: Which AI Infrastructure Stock is the Better Buy?

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SNDK. Bank of America increased their target price on Sandisk from $1,550.00 to $2,100.00 and gave the stock a "buy" rating in a report on Monday, June 8th. Evercore restated an "outperform" rating and set a $1,400.00 price objective on shares of Sandisk in a report on Friday, May 1st. UBS Group set a $1,700.00 price objective on shares of Sandisk in a report on Monday, May 4th. KGI Securities started coverage on shares of Sandisk in a research report on Wednesday, March 18th. They set an "outperform" rating and a $992.00 target price for the company. Finally, Raymond James Financial restated an "outperform" rating and issued a $1,470.00 target price on shares of Sandisk in a report on Friday, May 1st. Three analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Sandisk has a consensus rating of "Moderate Buy" and a consensus target price of $1,580.67.

Sandisk Price Performance

The company has a fifty day moving average of $1,494.22 and a 200-day moving average of $857.75. The firm has a market cap of $328.31 billion, a P/E ratio of 77.14 and a beta of 4.87.

Sandisk (NASDAQ:SNDK - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The data storage provider reported $23.41 earnings per share for the quarter, beating the consensus estimate of $14.17 by $9.24. Sandisk had a return on equity of 44.06% and a net margin of 34.19%.The business had revenue of $5.95 billion for the quarter. During the same quarter last year, the business posted ($0.30) earnings per share. Sandisk's revenue was up 251.0% on a year-over-year basis. Sandisk has set its Q4 2026 guidance at 30.000-33.000 EPS. On average, sell-side analysts expect that Sandisk Corporation will post 64.01 EPS for the current fiscal year.

Insider Activity

In other Sandisk news, Director Necip Sayiner sold 579 shares of the company's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $1,503.11, for a total value of $870,300.69. Following the completion of the sale, the director directly owned 2,900 shares of the company's stock, valued at approximately $4,359,019. This represents a 16.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Bernard Shek sold 600 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $1,736.00, for a total transaction of $1,041,600.00. Following the completion of the sale, the insider owned 32,232 shares of the company's stock, valued at approximately $55,954,752. This trade represents a 1.83% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 5,625 shares of company stock valued at $8,913,497. 0.21% of the stock is currently owned by company insiders.

Institutional Trading of Sandisk

A number of institutional investors and hedge funds have recently modified their holdings of SNDK. Valley Wealth Managers Inc. purchased a new position in Sandisk in the first quarter worth $25,000. Whittier Trust Co. bought a new stake in shares of Sandisk during the 4th quarter worth $26,000. Greenline Wealth Management LLC purchased a new position in shares of Sandisk in the 4th quarter worth about $26,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Sandisk in the third quarter worth about $27,000. Finally, Chung Wu Investment Group LLC bought a new stake in Sandisk in the fourth quarter worth about $27,000.

About Sandisk

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. It offers SSDs for client computing applications, which encompass desktop computers, notebook computers, tablets and other computing devices.

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