Western Digital (NASDAQ:WDC) Price Target Raised to $450.00

Key Points

• Robert W. Baird raised its price target on Western Digital to $450 and kept an "outperform" rating, while several other firms also bumped targets (Mizuho $470, Barclays $450), leaving a MarketBeat consensus of "Moderate Buy" with a consensus target of $395.83.
• Western Digital reported a strong quarter — EPS $2.72 vs. $2.39 expected and revenue $3.34B (up 45.5% YoY) — and set Q4 2026 guidance of $3.10–$3.40 EPS; the stock trades around $432 with a ~$146.5B market cap.
• Insiders have sold about 72,711 shares (~$19.2M) in the last 90 days even as institutional ownership remains high at 92.51%, with large new positions established by firms like WCM and Norges Bank.

Western Digital (NASDAQ:WDC - Get Free Report) had its target price boosted by stock analysts at Robert W. Baird from $310.00 to $450.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an "outperform" rating on the data storage provider's stock. Robert W. Baird's price target would indicate a potential upside of 4.16% from the company's current price.

Several other equities research analysts also recently issued reports on WDC. Mizuho set a $470.00 price target on shares of Western Digital in a research note on Friday. Sanford C. Bernstein raised shares of Western Digital from a "market perform" rating to an "outperform" rating and set a $340.00 price target on the stock in a research note on Tuesday, March 31st. Barclays lifted their price target on shares of Western Digital from $405.00 to $450.00 and gave the stock an "overweight" rating in a research note on Friday. Wall Street Zen raised shares of Western Digital from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, UBS Group lifted their price target on shares of Western Digital from $350.00 to $375.00 and gave the stock a "neutral" rating in a research note on Friday. Nineteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $395.83.

Western Digital Stock Performance

Western Digital stock opened at $432.03 on Monday. Western Digital has a 12-month low of $43.60 and a 12-month high of $446.62. The company has a market capitalization of $146.48 billion, a price-to-earnings ratio of 25.79, a price-to-earnings-growth ratio of 0.89 and a beta of 2.10. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.49 and a quick ratio of 1.20. The firm's fifty day moving average price is $314.33 and its 200 day moving average price is $234.84.

Western Digital (NASDAQ:WDC - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The data storage provider reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.39 by $0.33. Western Digital had a net margin of 55.29% and a return on equity of 42.95%. The firm had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.25 billion. During the same quarter in the previous year, the firm posted $1.36 EPS. The firm's quarterly revenue was up 45.5% on a year-over-year basis. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. On average, research analysts forecast that Western Digital will post 8.68 EPS for the current fiscal year.

Insiders Place Their Bets

In other Western Digital news, insider Vidyadhara K. Gubbi sold 10,148 shares of the firm's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $270.31, for a total transaction of $2,743,105.88. Following the completion of the transaction, the insider directly owned 107,794 shares of the company's stock, valued at $29,137,796.14. This trade represents a 8.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew E. Massengill sold 36,926 shares of the firm's stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $260.43, for a total transaction of $9,616,638.18. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 72,711 shares of company stock valued at $19,191,604 in the last ninety days. Corporate insiders own 0.18% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of WDC. WCM Investment Management LLC acquired a new position in shares of Western Digital in the 3rd quarter valued at about $791,317,000. Norges Bank acquired a new position in shares of Western Digital in the 4th quarter valued at about $788,729,000. Fred Alger Management LLC boosted its holdings in shares of Western Digital by 4,923.9% in the 3rd quarter. Fred Alger Management LLC now owns 3,407,042 shares of the data storage provider's stock valued at $409,049,000 after buying an additional 3,339,225 shares during the period. Soroban Capital Partners LP boosted its holdings in shares of Western Digital by 1,926.3% in the 2nd quarter. Soroban Capital Partners LP now owns 3,061,134 shares of the data storage provider's stock valued at $195,882,000 after buying an additional 2,910,062 shares during the period. Finally, Polar Capital Holdings Plc acquired a new position in shares of Western Digital in the 3rd quarter valued at about $221,800,000. 92.51% of the stock is owned by institutional investors and hedge funds.

About Western Digital

Western Digital Corporation is a global data storage company that designs, manufactures and sells a broad range of storage devices and systems for personal, enterprise and cloud applications. Headquartered in San Jose, California, the company develops hard disk drives (HDDs), solid-state drives (SSDs), NAND flash components and finished storage products used in PCs, external storage, servers, network-attached storage (NAS) and embedded systems.

Its product portfolio spans consumer and commercial markets, including internal and external HDDs and SSDs, removable flash memory products and storage platforms for data center and enterprise environments.

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