TLDR
- SanDisk (SNDK) will replace Atlassian (TEAM) in the Nasdaq-100 on April 20, 2026
- Jefferies raised its SanDisk price target to $1,000, while Bernstein pushed its target to $1,250
- SNDK has surged 2,640% over the past year, currently trading near its 52-week high of $855
- SanDisk is investing $1 billion in Nanya Technology, acquiring ~3.9% of its stock
- Multiple analysts cite AI demand and rising NAND prices as key catalysts for SanDisk’s growth
SanDisk (SNDK) is heading into the Nasdaq-100, and it’s not exactly a quiet entrance. Nasdaq Inc announced late Friday that SanDisk will replace Atlassian (TEAM) in the index before the market open on April 20, 2026.
The move puts SanDisk among the 100 largest non-financial companies listed on Nasdaq — a list that carries real weight.
More than 200 investment products track the Nasdaq-100, including the well-known Invesco QQQ Trust. Those products represent over $600 billion in assets under management globally, meaning the index change will trigger automatic buying from passive funds.
Atlassian, meanwhile, faces selling pressure as those same passive funds adjust their holdings. The SaaS company is being removed as the index shifts toward hardware and infrastructure names.
SanDisk’s inclusion follows the current Nasdaq-100 methodology, which stays in effect through April 30, 2026. Analysts will be watching the updated index weightings closely ahead of the April 20 date.
Analyst Price Targets Head Higher
The index news comes alongside a wave of bullish analyst activity on SNDK.
Jefferies raised its price target from $700 to $1,000, keeping a Buy rating. The firm cited ongoing long-term agreement negotiations and AI-driven demand as reasons to expect further NAND price increases and positive earnings revisions ahead of SanDisk’s April 30 earnings report.
Jefferies analyst Blayne Curtis based the $1,000 target on a 10x multiple applied to a 2028 earnings per share estimate of $95.26. The firm also flagged expected shipments of QLC eSSDs to two Tier 1 customers in the coming quarters as a potential market share driver in the Data Center segment.
Bernstein went further, lifting its price target from $1,000 to $1,250. The firm maintained an Outperform rating, pointing to better-than-expected NAND prices as the key driver.
Morgan Stanley reiterated its Overweight rating following a recent selloff in memory stocks, calling the weakness a healthy correction rather than a change in fundamentals. BofA Securities held its Buy rating and $900 target, citing strong demand from hyperscalers and AI inference applications.
Stock Performance and Recent Moves
SNDK has had quite a run. The stock is up 2,640% over the past year and currently trades around $851.77, just below its 52-week high of $855. InvestingPro’s Fair Value analysis flags the stock as overvalued at current levels.
Earnings per share for fiscal 2026 are forecast at $42.37, with analysts expecting SanDisk to be profitable this year.
On the corporate side, SanDisk announced a $1 billion investment in Nanya Technology through a private placement. The deal gives SanDisk approximately 139 million Nanya shares, representing around 3.9% of outstanding stock.
SanDisk management did not provide updated guidance during recent investor meetings.
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