TLDR
- SNDK surged 11.9% on Friday, closing at $1,740, marking its third consecutive day of gains
- SanDisk will join the S&P 100 on September 21, alongside Dell, Palo Alto Networks, and Arista Networks
- Hedge fund holdings in SNDK jumped 125% to $25.6 billion in Q2, with 128 funds holding positions
- NAND flash revenue surged roughly 70% quarter-on-quarter in Q2, with AI data center demand keeping supply tight
- Bernstein maintains a bullish $3,000 price target on SNDK
SanDisk stock hit $1,740 on Friday, up 11.9% on the day, capping a three-day winning streak. Earlier in the week, the stock had already gained 5.8% in a single session, touching an intraday high of $1,647.40.
The catalyst behind the latest leg up is clear: S&P Dow Jones Indices confirmed that SanDisk will be added to the S&P 100 index on September 21. That kind of inclusion forces index-tracking funds to buy the stock to mirror the index, which can create real buying pressure.
SanDisk joins Dell Technologies, Palo Alto Networks, and Arista Networks in the reshuffle. They replace Honeywell Aerospace, Nike, Simon Property Group, and Colgate-Palmolive, which are being dropped from the index on the same date.
Hedge Funds Pile In
Institutional interest has been building well before this week’s news. Data from Insider Monkey shows 128 hedge funds held SNDK positions in Q2, up from 114 in Q1. Their combined holdings more than doubled, rising 125% to $25.6 billion from $11.3 billion.
That kind of institutional accumulation suggests smart money was positioning ahead of potential index milestones.
The broader macro picture also helped this week. Treasury yields eased heading into key economic data, drawing investors back into high-growth semiconductor names that had been sold off in recent sessions. SNDK had fallen more than 30% from its 52-week high of $2,354.39, making it attractive to buyers looking for value in the memory space.
Peer stocks joined the recovery. Micron Technology also traded higher alongside SNDK, suggesting the move was sector-wide rather than company-specific.
NAND Fundamentals Remain Strong
On the fundamental side, global NAND revenue surged roughly 70% quarter-on-quarter in Q2. AI data center buildouts continue to consume large volumes of flash storage, keeping supply tight and pricing firm.
Bernstein analysts have a $3,000 price target on SNDK, which would represent roughly 72% upside from Friday’s close.
One item worth noting with no read-through: Chief Legal Officer Bernard Shek sold 600 shares at $1,525.60 on September 1 under a pre-scheduled Rule 10b5-1 plan. These are routine, pre-planned transactions.
Looking at near-term catalysts, SanDisk management is set to present at the Citi 2026 Global TMT Conference on September 8 and the Goldman Sachs Communacopia + Technology Conference on September 9. Both events could give investors fresh commentary on NAND demand and AI infrastructure spending.
The S&P 500 was down 0.1% and the Nasdaq was essentially flat on Friday, which means SNDK’s gains were not a case of a rising tide lifting all boats.
With index inclusion set for September 21 and two major investor conferences next week, SNDK has several near-term events that could keep it in focus.
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