Sandisk Added to S&P 500; UPWK, FIBK, and HBI Included in S&P SmallCap 600
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 25 2025
0mins
Should l Buy SNDK?
Source: SeekingAlpha
Sandisk Joins S&P 500: Sandisk (SNDK) will replace The Interpublic Group of Companies (IPG) in the S&P 500 index effective November 28, 2025.
Changes in S&P SmallCap 600: PTC Therapeutics (PTCT) will take Sandisk's place in the S&P SmallCap 600 on the same date, while Upwork (UPWK) will replace Premier (PINC) due to an acquisition by Patient Square Capital.
First Interstate BancSystem Replacement: First Interstate BancSystem (FIBK) is set to replace Hanesbrands (HBI) in the S&P SmallCap 600 effective December 2, following Gildan Activewear's acquisition of Hanesbrands.
Recent Developments: The article also mentions recent results for First Interstate BancSystem and provides insights into Upwork's Analyst/Investor Day, along with updates on Sandisk and Interpublic Group of Companies.
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Analyst Views on SNDK
Wall Street analysts forecast SNDK stock price to fall
14 Analyst Rating
11 Buy
3 Hold
0 Sell
Strong Buy
Current: 1096.510
Low
220.00
Averages
283.69
High
410.00
Current: 1096.510
Low
220.00
Averages
283.69
High
410.00
About SNDK
SanDisk Corporation is a developer, manufacturer and provider of data storage devices and solutions based on NAND flash technology and has consumer brands and franchises globally. The Company's solutions include a range of solid state drives (SSDs) embedded products, removable cards, universal serial bus (USB) drives, and wafers and components. Its broad portfolio of technology and products addresses multiple end markets of Datacenter, Edge and Consumer. Its Datacenter end market is composed primarily of products for public or private cloud environments and enterprise customers. The Company, through the Edge end market, provides original equipment manufacturer and channel customers a broad array of high-performance flash solutions across personal computer, mobile, gaming, automotive, virtual reality headsets, at-home entertainment, and industrial spaces. The Company serves the Consumer end market with a broad range of retail and other end-user products.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Sandisk Surges 8.2% After Crushing Earnings Report
- Strong Earnings Report: Sandisk reported a GAAP profit of $23.03 per share on $6 billion in sales, significantly exceeding analyst expectations of $14.66 per share and $4.7 billion in sales, with quarterly revenue nearly doubling year-over-year by 97%, showcasing robust performance in the semiconductor market.
- Optimistic Market Outlook: CEO David Goeckeler stated that Sandisk has reached an 'inflection point' in both sales and earnings, focusing efforts on high-value markets associated with artificial intelligence chips, indicating a potential for sustained earnings power moving forward.
- Strong Q4 Guidance: The company anticipates nearly doubling sequential sales to $8 billion in Q4, with gross profit margins expected to rise from 78.4% in Q3 to nearly 80%, which will further enhance profitability and operational efficiency.
- Attractive Stock Valuation: Despite Sandisk's price-to-earnings ratio of 24, analysts predict earnings per share could reach $30 to $33, and if these targets are met, the company is set to surpass analyst forecasts of $46.68 per share for the year, highlighting its investment appeal.
See More
SANDISK STOCK DROPS 3.1% FOLLOWING Q3 REPORT
- Stock Performance: Sandisk shares fell by 3.1% following the release of their Q3 results.
- Market Reaction: The decline in stock price indicates a negative market reaction to the company's quarterly performance.
- Financial Overview: The Q3 results may have revealed challenges or disappointments that affected investor confidence.
- Future Outlook: Analysts and investors will likely be closely monitoring Sandisk's future performance and strategies in response to this downturn.
See More
U.S. Stocks Close: S&P 500 Hits All-Time High
- S&P 500 Strong Performance: The S&P 500 index rose by 0.29%, reaching an all-time high, driven by Apple's forecast of stronger-than-expected Q2 revenue, which boosted market sentiment and indicated increased investor confidence in tech stocks.
- Atlassian Stock Surge: Atlassian's stock soared over 29% after reporting Q3 revenue of $1.79 billion, exceeding the market expectation of $1.69 billion, highlighting a robust recovery in the software sector that may attract more investor interest.
- Oil Price Volatility Impacting Markets: WTI crude oil prices fell more than 3%, easing inflation concerns, although trade tensions resurfaced with President Trump's threat to raise tariffs on EU auto imports, potentially negatively affecting market sentiment.
- Economic Data Influencing Stocks: The April ISM manufacturing index remained unchanged at 52.7, below the expected 53.2, indicating signs of economic slowdown, despite the majority of companies reporting Q1 earnings that exceeded expectations, leaving the overall market facing uncertainty.
See More
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- Earnings Beat: Sandisk reported a Q3 GAAP profit of $23.03 per share on $6 billion in sales, significantly exceeding analyst expectations of $14.66 (non-GAAP) and $4.7 billion, indicating strong performance in high-value markets.
- Significant Revenue Growth: Quarterly revenue nearly doubled year-over-year, up 97%, with CEO David Goeckeler stating the company has reached an 'inflection point' in sales and earnings, focusing on semiconductor sales for artificial intelligence chips.
- Optimistic Future Outlook: Goeckeler promises 'structurally higher and more durable earnings power,' with Q4 sales expected to nearly double sequentially to $8 billion, and gross margins projected to rise from 78.4% to nearly 80%.
- Stock Price Potential: With a current P/E ratio of 24, if Sandisk achieves earnings per share of $30 to $33, it will significantly surpass analyst forecasts of $46.68, indicating the stock still holds investment value.
See More
S&P 500 Hits Record Highs, AI Stocks Shine
- S&P 500 Performance: The S&P 500 is on track to close at another record high after its best month since November 2020, indicating strong market confidence in economic recovery as of Friday.
- AI Stock Surge: AI-related stocks like Arm, Broadcom, and Alphabet saw significant gains in April, with Arm surging nearly 40% and others rising over 30%, reflecting sustained investor enthusiasm and strong demand for AI technologies.
- Impact of Rising Memory Prices: Companies like Meta and Microsoft have raised their capital expenditure guidance due to surging memory prices, with Microsoft projecting $190 billion in capex for 2026, of which $25 billion is attributed to rising component costs, highlighting the tightness in the memory market.
- Multi-Year Supply Agreements: SanDisk has signed five multi-year supply agreements valued at over $11 billion, ensuring stable demand for its customers and indicating strong bargaining power for memory manufacturers, which could impact future sales and margins.
See More
Memory Chip Shortage Drives Rising Capital Expenditures
- Surging Memory Demand: Samsung's EVP Jaejune Kim stated that the surge in memory demand is prompting customers to pre-order chips for 2027, indicating that the supply-demand gap is expected to widen further, highlighting an increasingly tight market in the coming years.
- Rising Capital Expenditures: Alphabet reported a capital expenditure of $35.7 billion in Q1, primarily aimed at supporting AI opportunities, reflecting the urgency of investing in technical infrastructure, with projections indicating capex could exceed $1 trillion by next year.
- Growing Hardware Demand: Meta Platforms is extending the lifespan of aging servers due to an inability to acquire new ones, with an internal memo noting that hardware demand growth has exceeded expectations, particularly in critical server commodities like DRAM and HDDs, which are becoming binding constraints.
- Emerging Investment Opportunities: With strong earnings from major tech firms, Wall Street analysts believe investors will continue to chase perceived winners in the semiconductor and memory sectors, especially against the backdrop of rising prices for DRAM and NAND products, while demand for memory testing equipment is also on the rise.
See More
Sandisk Surges 8.2% After Crushing Earnings Report
- Strong Earnings Report: Sandisk reported a GAAP profit of $23.03 per share on $6 billion in sales, significantly exceeding analyst expectations of $14.66 per share and $4.7 billion in sales, with quarterly revenue nearly doubling year-over-year by 97%, showcasing robust performance in the semiconductor market.
- Optimistic Market Outlook: CEO David Goeckeler stated that Sandisk has reached an 'inflection point' in both sales and earnings, focusing efforts on high-value markets associated with artificial intelligence chips, indicating a potential for sustained earnings power moving forward.
- Strong Q4 Guidance: The company anticipates nearly doubling sequential sales to $8 billion in Q4, with gross profit margins expected to rise from 78.4% in Q3 to nearly 80%, which will further enhance profitability and operational efficiency.
- Attractive Stock Valuation: Despite Sandisk's price-to-earnings ratio of 24, analysts predict earnings per share could reach $30 to $33, and if these targets are met, the company is set to surpass analyst forecasts of $46.68 per share for the year, highlighting its investment appeal.
See More
SANDISK STOCK DROPS 3.1% FOLLOWING Q3 REPORT
- Stock Performance: Sandisk shares fell by 3.1% following the release of their Q3 results.
- Market Reaction: The decline in stock price indicates a negative market reaction to the company's quarterly performance.
- Financial Overview: The Q3 results may have revealed challenges or disappointments that affected investor confidence.
- Future Outlook: Analysts and investors will likely be closely monitoring Sandisk's future performance and strategies in response to this downturn.
See More
U.S. Stocks Close: S&P 500 Hits All-Time High
- S&P 500 Strong Performance: The S&P 500 index rose by 0.29%, reaching an all-time high, driven by Apple's forecast of stronger-than-expected Q2 revenue, which boosted market sentiment and indicated increased investor confidence in tech stocks.
- Atlassian Stock Surge: Atlassian's stock soared over 29% after reporting Q3 revenue of $1.79 billion, exceeding the market expectation of $1.69 billion, highlighting a robust recovery in the software sector that may attract more investor interest.
- Oil Price Volatility Impacting Markets: WTI crude oil prices fell more than 3%, easing inflation concerns, although trade tensions resurfaced with President Trump's threat to raise tariffs on EU auto imports, potentially negatively affecting market sentiment.
- Economic Data Influencing Stocks: The April ISM manufacturing index remained unchanged at 52.7, below the expected 53.2, indicating signs of economic slowdown, despite the majority of companies reporting Q1 earnings that exceeded expectations, leaving the overall market facing uncertainty.
See More
Sandisk Reports Strong Q3 Earnings, Surges 8.2%
- Earnings Beat: Sandisk reported a Q3 GAAP profit of $23.03 per share on $6 billion in sales, significantly exceeding analyst expectations of $14.66 (non-GAAP) and $4.7 billion, indicating strong performance in high-value markets.
- Significant Revenue Growth: Quarterly revenue nearly doubled year-over-year, up 97%, with CEO David Goeckeler stating the company has reached an 'inflection point' in sales and earnings, focusing on semiconductor sales for artificial intelligence chips.
- Optimistic Future Outlook: Goeckeler promises 'structurally higher and more durable earnings power,' with Q4 sales expected to nearly double sequentially to $8 billion, and gross margins projected to rise from 78.4% to nearly 80%.
- Stock Price Potential: With a current P/E ratio of 24, if Sandisk achieves earnings per share of $30 to $33, it will significantly surpass analyst forecasts of $46.68, indicating the stock still holds investment value.
See More
S&P 500 Hits Record Highs, AI Stocks Shine
- S&P 500 Performance: The S&P 500 is on track to close at another record high after its best month since November 2020, indicating strong market confidence in economic recovery as of Friday.
- AI Stock Surge: AI-related stocks like Arm, Broadcom, and Alphabet saw significant gains in April, with Arm surging nearly 40% and others rising over 30%, reflecting sustained investor enthusiasm and strong demand for AI technologies.
- Impact of Rising Memory Prices: Companies like Meta and Microsoft have raised their capital expenditure guidance due to surging memory prices, with Microsoft projecting $190 billion in capex for 2026, of which $25 billion is attributed to rising component costs, highlighting the tightness in the memory market.
- Multi-Year Supply Agreements: SanDisk has signed five multi-year supply agreements valued at over $11 billion, ensuring stable demand for its customers and indicating strong bargaining power for memory manufacturers, which could impact future sales and margins.
See More
Memory Chip Shortage Drives Rising Capital Expenditures
- Surging Memory Demand: Samsung's EVP Jaejune Kim stated that the surge in memory demand is prompting customers to pre-order chips for 2027, indicating that the supply-demand gap is expected to widen further, highlighting an increasingly tight market in the coming years.
- Rising Capital Expenditures: Alphabet reported a capital expenditure of $35.7 billion in Q1, primarily aimed at supporting AI opportunities, reflecting the urgency of investing in technical infrastructure, with projections indicating capex could exceed $1 trillion by next year.
- Growing Hardware Demand: Meta Platforms is extending the lifespan of aging servers due to an inability to acquire new ones, with an internal memo noting that hardware demand growth has exceeded expectations, particularly in critical server commodities like DRAM and HDDs, which are becoming binding constraints.
- Emerging Investment Opportunities: With strong earnings from major tech firms, Wall Street analysts believe investors will continue to chase perceived winners in the semiconductor and memory sectors, especially against the backdrop of rising prices for DRAM and NAND products, while demand for memory testing equipment is also on the rise.
See More
