Western Digital (NASDAQ:WDC) Price Target Raised to $410.00

Western Digital (NASDAQ:WDC) had its price objective raised by Evercore from $378.00 to $410.00 in a research report released on Monday, MarketBeat Ratings reports. The brokerage currently has an outperform rating on the data storage provider’s stock.

WDC has been the subject of several other research reports. Morgan Stanley increased their target price on Western Digital to $380.00 and gave the company an “overweight” rating in a research note on Monday, April 6th. The Goldman Sachs Group set a $250.00 target price on Western Digital in a research note on Tuesday, February 3rd. TD Cowen increased their target price on Western Digital from $200.00 to $325.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Rosenblatt Securities restated a “buy” rating and set a $340.00 target price on shares of Western Digital in a research note on Wednesday, February 4th. Finally, Wells Fargo & Company increased their target price on Western Digital from $260.00 to $335.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. Twenty investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $310.79.

Western Digital Price Performance

Shares of NASDAQ:WDC opened at $389.10 on Monday. The business has a 50 day moving average price of $299.66 and a 200 day moving average price of $221.92. Western Digital has a twelve month low of $37.47 and a twelve month high of $402.00. The company has a market cap of $131.92 billion, a price-to-earnings ratio of 39.03, a PEG ratio of 0.81 and a beta of 1.77. The company has a quick ratio of 1.19, a current ratio of 1.46 and a debt-to-equity ratio of 0.34.

Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, January 29th. The data storage provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.20. Western Digital had a return on equity of 41.53% and a net margin of 35.52%.The firm had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same quarter in the prior year, the company earned $1.77 EPS. The firm’s revenue for the quarter was up 25.2% compared to the same quarter last year. Research analysts predict that Western Digital will post 8.47 earnings per share for the current year.

Western Digital Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Thursday, March 5th were given a $0.125 dividend. The ex-dividend date was Thursday, March 5th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.1%. Western Digital’s dividend payout ratio (DPR) is currently 5.02%.

Insider Transactions at Western Digital

In other Western Digital news, CEO Irving Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $255.44, for a total value of $5,108,800.00. Following the completion of the sale, the chief executive officer owned 623,586 shares in the company, valued at approximately $159,288,807.84. This trade represents a 3.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew E. Massengill sold 36,926 shares of the firm’s stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $260.43, for a total value of $9,616,638.18. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 92,711 shares of company stock worth $24,300,404 over the last 90 days. Insiders own 0.18% of the company’s stock.

Institutional Trading of Western Digital

A number of hedge funds have recently modified their holdings of the company. GHP Investment Advisors Inc. lifted its position in shares of Western Digital by 9.2% in the 1st quarter. GHP Investment Advisors Inc. now owns 357 shares of the data storage provider’s stock worth $97,000 after acquiring an additional 30 shares during the period. Alps Advisors Inc. lifted its position in shares of Western Digital by 0.8% in the 4th quarter. Alps Advisors Inc. now owns 4,707 shares of the data storage provider’s stock worth $811,000 after acquiring an additional 37 shares during the period. Quadcap Wealth Management LLC raised its holdings in shares of Western Digital by 2.1% in the 4th quarter. Quadcap Wealth Management LLC now owns 2,007 shares of the data storage provider’s stock worth $346,000 after buying an additional 41 shares in the last quarter. Moss Adams Wealth Advisors LLC raised its holdings in shares of Western Digital by 2.6% in the 4th quarter. Moss Adams Wealth Advisors LLC now owns 1,982 shares of the data storage provider’s stock worth $341,000 after buying an additional 51 shares in the last quarter. Finally, Falcon Wealth Planning raised its holdings in shares of Western Digital by 2.6% in the 1st quarter. Falcon Wealth Planning now owns 2,170 shares of the data storage provider’s stock worth $587,000 after buying an additional 54 shares in the last quarter. Institutional investors own 92.51% of the company’s stock.

Key Headlines Impacting Western Digital

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

• Positive Sentiment: Barclays raised its coverage and boosted WDC’s price target to $405 with an Overweight rating, reinforcing institutional buy-side momentum and supporting the rally. Barclays raises price target to $405
• Positive Sentiment: JPMorgan (and Morgan Stanley commentary) flagged WDC as a top memory/storage idea and JPMorgan raised its price target to $400, adding credibility to the upside case and likely driving buy-side flows. JPMorgan and Morgan Stanley Bullish on Western Digital (WDC)
• Positive Sentiment: Analyst coverage has broadly shifted positive — Evercore and other shops have published bullish notes and the street consensus sits around a “moderate buy,” helping sustain momentum into new highs. Analyst consensus and Evercore note
• Positive Sentiment: Sector bullishness from continued AI-driven memory demand (Micron coverage and broader commentary) is lifting peers like WDC as investors price in stronger near‑term storage demand and higher margins. Stock Market Today, April 22: Micron Technology Surges on Continued Memory Boom
• Neutral Sentiment: Western Digital published its FY2025 Annual Sustainability Report emphasizing efficiency and sustainability for AI-scale storage — a message that can help institutional ESG positioning but has limited immediate revenue impact. WD Raises the Bar on Sustainable Infrastructure
• Neutral Sentiment: Management will be participating in several investor conferences (Barclays, J.P. Morgan, Bank of America) in May–June, which provides additional chances for guidance clarity and analyst engagement — important but informational. WD to Participate in Upcoming Investor Conferences
• Neutral Sentiment: Memory-focused ETF flows (first dedicated memory ETF reaching ~$1B AUM) show strong demand for the group, which benefits WDC as a large-cap exposure to the theme but may amplify volatility. Memory ETF hits $1B AUM
• Negative Sentiment: Zacks and other commentators note WDC’s rapid run (to a 52-week high) leaves valuation stretched and raises the risk of a pullback if AI demand growth or margin assumptions disappoint. That makes timing entry points and position sizing more important. Is Western Digital Stock a Buy, Sell, or Hold After Hitting a 52-Week High?
• Negative Sentiment: Comparative analysis (SanDisk vs Western Digital) highlights NAND-focused peers with different end-market exposure; investors worried about longer-term NAND vs HDD secular trends may prefer competitors, which could cap WDC’s multiple over time. SanDisk vs. Western Digital: Which Memory Storage Stock Is the Better Buy?

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.