Sandisk (NASDAQ:SNDK) Stock Price Up 12% - Still a Buy?

Key Points

• Shares jumped about 12% intraday to roughly $1,406 on heavy volume, lifting SanDisk to fresh 52‑week highs with a market cap near $208B and a P/E around 48.9.
• The rally is fueled by major fundamentals and demand dynamics — SanDisk locked in roughly $42 billion in long‑term AI supply deals, reported blowout Q3 results (EPS $23.41 vs. $14.17 expected and revenue +251% YoY) and set robust Q4 EPS guidance of 30–33.
• Investor caution remains: some analysts warn the stock is technically overbought and could pull back if NAND prices normalize, and the consensus price target (~$1,065.81) sits well below the current share price.

Sandisk Corporation (NASDAQ:SNDK - Get Free Report)'s share price rose 12% on Tuesday . The company traded as high as $1,418.88 and last traded at $1,406.32. Approximately 19,780,637 shares traded hands during mid-day trading, an increase of 7% from the average daily volume of 18,565,447 shares. The stock had previously closed at $1,255.86.

Trending Headlines about Sandisk

Here are the key news stories impacting Sandisk this week:

• Positive Sentiment: SanDisk announced it has locked in roughly $42 billion in long‑term AI supply deals, which analysts say underpin very high gross margins and justify upside to valuation. SanDisk Surges 10% Past Record Highs After Locking In $42 Billion In AI Deals
• Positive Sentiment: Q3 results were materially stronger than expectations (big EPS beat, strong margins and revenue growth) and management set robust Q4 EPS guidance, supporting investor confidence in earnings power. Sandisk Corporation 2026 Q3 - Results - Earnings Call Presentation
• Positive Sentiment: Tight global NAND supply and rising AI/datacenter demand continue to lift memory names; momentum traders and upgrades from sell‑side firms have amplified the rally. Micron Rockets 12%, SanDisk Leaps 10% as Tight Memory Supply Fuels Parabolic AI Trade
• Positive Sentiment: High‑profile endorsements and commentary (including Jim Cramer) plus recent analyst target raises have helped drive investor appetite and pushed SNDK to fresh 52‑week highs. SanDisk Stock (SNDK) Kicks Off a Memory Rally Following Cramer Comments
• Neutral Sentiment: Coverage notes the company’s rapid ascent since last year’s spin‑off (large market cap expansion), which provides context for investor enthusiasm but increases expectations. Sandisk Spun Off From Western Digital Just Last Year. Now It's a $200B Company.
• Neutral Sentiment: SanDisk is shifting more volume into multi‑year NBM contracts to stabilize margins; these reduce volatility but also cap upside from spot price spikes. Sandisk Put A Collar On Itself, For Now
• Negative Sentiment: Several analysts/commentaries warn SNDK is technically overbought and faces short‑term downside risk if NAND prices normalize or if investor sentiment cools; some price targets sit below current levels. Sandisk: The Call Was A Warning

Analyst Upgrades and Downgrades

SNDK has been the topic of a number of research reports. Arete Research raised shares of Sandisk from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 13th. Mizuho set a $1,220.00 price target on shares of Sandisk in a research note on Friday. Benchmark raised their price target on shares of Sandisk from $260.00 to $450.00 and gave the company a "buy" rating in a research note on Thursday, January 15th. Morgan Stanley reaffirmed an "overweight" rating and issued a $1,100.00 price target on shares of Sandisk in a research note on Monday, April 27th. Finally, Sanford C. Bernstein increased their price objective on shares of Sandisk from $1,250.00 to $1,700.00 and gave the company an "outperform" rating in a report on Monday. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,065.81.

Sandisk Price Performance

The stock's fifty day moving average price is $753.17 and its 200-day moving average price is $474.35. The firm has a market cap of $207.57 billion, a price-to-earnings ratio of 48.88 and a beta of 4.82. The company has a current ratio of 4.78, a quick ratio of 3.62 and a debt-to-equity ratio of 0.06.

Sandisk (NASDAQ:SNDK - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The data storage provider reported $23.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $14.17 by $9.24. The business had revenue of $5.95 billion during the quarter. Sandisk had a net margin of 34.19% and a return on equity of 44.06%. The firm's quarterly revenue was up 251.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.30) EPS. Sandisk has set its Q4 2026 guidance at 30.000-33.000 EPS. As a group, equities research analysts forecast that Sandisk Corporation will post 47.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Sandisk

In other news, Director Miyuki Suzuki sold 3,500 shares of the stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $627.53, for a total transaction of $2,196,355.00. Following the completion of the transaction, the director directly owned 9,907 shares in the company, valued at approximately $6,216,939.71. This represents a 26.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.21% of the company's stock.

Hedge Funds Weigh In On Sandisk

A number of hedge funds have recently modified their holdings of SNDK. Vanguard Group Inc. acquired a new stake in Sandisk in the 3rd quarter valued at approximately $1,970,388,000. State Street Corp boosted its position in Sandisk by 20.7% in the 4th quarter. State Street Corp now owns 5,281,522 shares of the data storage provider's stock valued at $1,253,728,000 after buying an additional 904,933 shares during the period. Geode Capital Management LLC boosted its position in Sandisk by 44.9% in the 4th quarter. Geode Capital Management LLC now owns 3,655,860 shares of the data storage provider's stock valued at $866,310,000 after buying an additional 1,133,276 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in Sandisk by 31.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,478,002 shares of the data storage provider's stock valued at $825,608,000 after buying an additional 828,332 shares during the period. Finally, Morgan Stanley boosted its position in Sandisk by 7.2% in the 4th quarter. Morgan Stanley now owns 2,970,361 shares of the data storage provider's stock valued at $705,105,000 after buying an additional 199,545 shares during the period.

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

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