Western Digital (NASDAQ:WDC) Price Target Raised to $732.00

Key Points

• Bank of America raised Western Digital’s price target from $610 to $732 and maintained a buy rating, implying about 14.6% upside from the prior close.
• Other analysts also turned more bullish, with several firms lifting targets; the stock now carries a Moderate Buy consensus and an average price target of $493.52.
• Western Digital recently posted strong results, beating earnings and revenue estimates for the quarter, while insiders have been selling shares and institutional investors remain heavily involved, owning 92.51% of the company.

Western Digital (NASDAQ:WDC - Get Free Report) had its price objective boosted by equities research analysts at Bank of America from $610.00 to $732.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the data storage provider's stock. Bank of America's price target would suggest a potential upside of 14.60% from the stock's previous close.

Several other brokerages have also recently issued reports on WDC. Robert W. Baird raised their target price on shares of Western Digital from $310.00 to $450.00 and gave the stock an "outperform" rating in a report on Monday, May 4th. Rosenblatt Securities upped their price target on shares of Western Digital from $340.00 to $500.00 and gave the company a "buy" rating in a report on Friday, May 1st. Evercore reissued an "outperform" rating and set a $575.00 price target on shares of Western Digital in a research report on Tuesday, May 26th. The Goldman Sachs Group reissued a "neutral" rating and issued a $400.00 price target on shares of Western Digital in a report on Friday, May 1st. Finally, Barclays raised their price target on shares of Western Digital from $450.00 to $620.00 and gave the stock an "overweight" rating in a report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $493.52.

Western Digital Trading Down 2.0%

WDC opened at $638.72 on Wednesday. Western Digital has a 12 month low of $62.94 and a 12 month high of $799.87. The business's 50-day moving average price is $529.13 and its 200-day moving average price is $352.48. The company has a market cap of $220.15 billion, a P/E ratio of 38.13 and a beta of 2.13.

Western Digital (NASDAQ:WDC - Get Free Report) last issued its earnings results on Thursday, April 30th. The data storage provider reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.39 by $0.33. The company had revenue of $3.34 billion during the quarter, compared to analysts' expectations of $3.25 billion. Western Digital had a return on equity of 42.95% and a net margin of 55.29%.Western Digital's quarterly revenue was up 45.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.36 EPS. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. Equities research analysts forecast that Western Digital will post 9.6 earnings per share for the current fiscal year.

Insider Activity at Western Digital

In other news, insider Cynthia L. Tregillis sold 432 shares of Western Digital stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $545.60, for a total transaction of $235,699.20. Following the sale, the insider owned 116,643 shares of the company's stock, valued at approximately $63,640,420.80. The trade was a 0.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Vidyadhara K. Gubbi sold 4,674 shares of the business's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $443.19, for a total transaction of $2,071,470.06. Following the transaction, the insider owned 90,041 shares in the company, valued at $39,905,270.79. This represents a 4.93% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 29,322 shares of company stock valued at $12,768,550 in the last 90 days. 0.18% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Western Digital by 7.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,988 shares of the data storage provider's stock worth $1,698,000 after purchasing an additional 3,019 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in Western Digital by 229.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,388 shares of the data storage provider's stock valued at $56,000 after buying an additional 967 shares during the period. Sivia Capital Partners LLC bought a new stake in shares of Western Digital during the 2nd quarter valued at $307,000. Cresset Asset Management LLC bought a new stake in shares of Western Digital during the 2nd quarter valued at $292,000. Finally, Federated Hermes Inc. grew its position in shares of Western Digital by 55.3% in the 2nd quarter. Federated Hermes Inc. now owns 2,374 shares of the data storage provider's stock worth $152,000 after buying an additional 845 shares during the period. Hedge funds and other institutional investors own 92.51% of the company's stock.

Western Digital Company Profile

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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