Shares of Sandisk rallied 7.2% intraday after Wells Fargo & Company lifted its price target from $230 to $380 while maintaining an equal weight rating. This upgrade followed a series of bullish revisions: Cantor Fitzgerald raised its target to $300 with an overweight rating, Bank of America to $390 with a buy rating, Mizuho to $410 with an outperform rating and Sanford C. Bernstein to $580 with an outperform rating. Of the 23 analysts covering the stock, two rate it Strong Buy, thirteen Buy, seven Hold and one Sell, resulting in a consensus target of $316.84, according to MarketBeat.

In the quarter ended November 6, Sandisk reported adjusted EPS of $1.22, surpassing the consensus estimate of $0.58 by $0.64, on revenue of $2.31 billion versus estimates of $2.12 billion. Revenue rose 22.6% year-over-year, driven by strong demand for NAND flash and solid-state drives. Management set Q2 guidance at $3.00–$3.40 EPS, reflecting confidence in continued momentum across data center and client computing end markets.

Institutional investors added significant positions during Q3: Vanguard Group initiated a stake valued at approximately $1.97 billion, State Street Corp $491 million, Arrowstreet Capital $297 million, Bank of America $190 million and AQR Capital Management $163 million. Meanwhile, Director Necip Sayiner sold 1,271 shares at an average of $195.14, reducing his stake by 26.8% and leaving him with 3,479 shares. Insiders now hold 0.21% of the company’s shares outstanding.