Western Digital (NASDAQ:WDC) Price Target Raised to $650.00

Key Points

• JPMorgan raised Western Digital’s price target from $530 to $650 and kept an overweight rating, implying about 15.5% upside from the current share price.
• Several other analysts have also turned more bullish, including Mizuho and Barclays, while the broader consensus remains a Moderate Buy with an average target of $443.71.
• Western Digital reported strong quarterly results, beating earnings and revenue estimates, and the stock has surged to near its 52-week high amid upbeat sentiment around AI-driven storage demand.

Western Digital (NASDAQ:WDC - Get Free Report) had its price objective increased by JPMorgan Chase & Co. from $530.00 to $650.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the data storage provider's stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 15.48% from the stock's current price.

A number of other research firms have also weighed in on WDC. Zacks Research raised Western Digital from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 6th. Mizuho boosted their price objective on Western Digital from $550.00 to $685.00 and gave the stock an "outperform" rating in a research note on Monday. The Goldman Sachs Group reissued a "neutral" rating and set a $400.00 price objective on shares of Western Digital in a research note on Friday, May 1st. Bank of America boosted their price objective on Western Digital to $495.00 and gave the stock a "buy" rating in a research note on Monday, April 27th. Finally, Barclays upped their price target on Western Digital from $450.00 to $620.00 and gave the company an "overweight" rating in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $443.71.

Western Digital Stock Performance

WDC traded up $33.59 on Friday, hitting $562.88. The company had a trading volume of 3,200,430 shares, compared to its average volume of 8,733,970. The stock has a market capitalization of $194.01 billion, a price-to-earnings ratio of 33.59 and a beta of 2.13. The stock has a fifty day moving average price of $441.92 and a 200-day moving average price of $306.11. Western Digital has a 12-month low of $54.60 and a 12-month high of $602.54.

Western Digital (NASDAQ:WDC - Get Free Report) last released its earnings results on Thursday, April 30th. The data storage provider reported $2.72 EPS for the quarter, topping analysts' consensus estimates of $2.39 by $0.33. Western Digital had a return on equity of 42.95% and a net margin of 55.29%.The firm had revenue of $3.34 billion during the quarter, compared to the consensus estimate of $3.25 billion. During the same quarter in the previous year, the company posted $1.36 earnings per share. The company's revenue was up 45.5% compared to the same quarter last year. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. Analysts forecast that Western Digital will post 9.57 EPS for the current fiscal year.

Insider Transactions at Western Digital

In other Western Digital news, Director Bruce E. Kiddoo sold 750 shares of Western Digital stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $528.52, for a total value of $396,390.00. Following the transaction, the director directly owned 3,903 shares in the company, valued at approximately $2,062,813.56. This trade represents a 16.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Cynthia L. Tregillis sold 432 shares of Western Digital stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $545.60, for a total value of $235,699.20. Following the completion of the transaction, the insider owned 116,643 shares in the company, valued at $63,640,420.80. This trade represents a 0.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 29,322 shares of company stock worth $12,768,550. 0.18% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Western Digital

Hedge funds and other institutional investors have recently made changes to their positions in the business. Valley Wealth Managers Inc. acquired a new position in shares of Western Digital in the first quarter worth about $32,000. IMG Wealth Management Inc. lifted its stake in shares of Western Digital by 853.8% in the first quarter. IMG Wealth Management Inc. now owns 124 shares of the data storage provider's stock worth $34,000 after acquiring an additional 111 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new stake in Western Digital during the first quarter valued at approximately $35,000. Cornerstone Planning Group LLC raised its stake in Western Digital by 33.3% during the first quarter. Cornerstone Planning Group LLC now owns 132 shares of the data storage provider's stock valued at $36,000 after buying an additional 33 shares in the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC raised its stake in Western Digital by 80.2% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 146 shares of the data storage provider's stock valued at $39,000 after buying an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 92.51% of the company's stock.

Key Stories Impacting Western Digital

Here are the key news stories impacting Western Digital this week:

• Positive Sentiment: Western Digital announced a privately negotiated exchange of 1.04 million SanDisk shares with institutional investors, a move that investors appear to view as strategically favorable for WDC. The deal is expected to close on June 22, 2026. Western Digital (WDC) Stock Jumps 6% on Sandisk Share Exchange Announcement
• Positive Sentiment: Analysts remain constructive on Western Digital, with recent price-target boosts from firms including Mizuho and Citi, reflecting confidence that AI storage demand and pricing trends can keep earnings growing. Mizuho and Citi Raise Western Digital (WDC) Price Targets
• Positive Sentiment: Western Digital highlighted AI-focused storage products at Computex 2026, underscoring its position as a key infrastructure supplier for data centers and other AI workloads. WDC Powers AI Infrastructure Play With Storage Innovation at Computex
• Positive Sentiment: The company’s strong free cash flow, higher dividend, and newly announced $4 billion buyback plan are supporting a shareholder-friendly capital return story. Is Western Digital's Free Cash Flow Supporting Long-Term Growth?
• Neutral Sentiment: Broader semiconductor and memory-stock strength, including a rebound in the Nasdaq and improving sentiment across the group, is also helping lift WDC alongside peers like SanDisk and Micron. MU, STX, WDC, DRAM: Memory Stocks Rally Amid Hopes Of Iran Peace Deal, SNDK Hits Fresh High

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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