Sandisk closed Wednesday at $1,350.50, down 5.4% on the session, then traded down toward $1,257 after the fiscal fourth quarter release. The stock is up roughly 490% year to date and has been the best performer in the S&P 500 in 2026. Its fifty-two week range runs from $40.53 to $2,354.39, the high set on June 22. Market capitalization sits near $200 billion on 148.1 million shares outstanding, with a beta of 4.

The honest read is that the swap is close to a non-event for SNDK’s price trajectory. Western Digital is exchanging the roughly 1.04 million SanDisk shares it still holds for its own stock with a handful of institutions, with the final count set by the volume-weighted average prices of both names over June 16 to June 18 and the transaction closing June 22. The market has been told to mark the date.