Western Digital (NASDAQ:WDC – Get Free Report) was upgraded by research analysts at Melius Research to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.
Several other equities analysts have also issued reports on WDC. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $400.00 target price on shares of Western Digital in a report on Friday, May 1st. Fox Advisors lowered Western Digital from an “overweight” rating to an “equal weight” rating in a report on Monday, June 22nd. Jefferies Financial Group set a $575.00 price objective on Western Digital in a research report on Tuesday, May 26th. TD Cowen upped their price objective on Western Digital from $325.00 to $500.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Finally, Zacks Research raised Western Digital from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Western Digital has a consensus rating of “Moderate Buy” and a consensus price target of $484.04.
View Our Latest Stock Report on Western Digital
Western Digital Price Performance
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 for the quarter, topping the consensus estimate of $2.39 by $0.33. The business had revenue of $3.34 billion for the quarter, compared to analysts’ expectations of $3.25 billion. Western Digital had a net margin of 55.29% and a return on equity of 42.95%. The firm’s revenue for the quarter was up 45.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.36 earnings per share. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. As a group, research analysts expect that Western Digital will post 9.6 earnings per share for the current fiscal year.
Insider Buying and Selling at Western Digital
In related news, 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 directly owned 116,643 shares in the company, valued at approximately $63,640,420.80. The trade was a 0.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bruce E. Kiddoo sold 750 shares of the business’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $528.52, for a total transaction of $396,390.00. Following the sale, the director directly owned 3,903 shares in the company, valued at $2,062,813.56. The trade was a 16.12% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 29,322 shares of company stock worth $12,768,550. 0.18% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Western Digital
Several hedge funds have recently made changes to their positions in WDC. Rakuten Securities Inc. boosted its stake in Western Digital by 4,070.0% in the 2nd quarter. Rakuten Securities Inc. now owns 417 shares of the data storage provider’s stock worth $27,000 after purchasing an additional 407 shares during the period. Avion Wealth increased its position in shares of Western Digital by 163.8% during the fourth quarter. Avion Wealth now owns 182 shares of the data storage provider’s stock valued at $31,000 after buying an additional 113 shares during the period. Valley Wealth Managers Inc. purchased a new stake in shares of Western Digital in the first quarter worth about $32,000. Swiss RE Ltd. purchased a new stake in shares of Western Digital in the fourth quarter worth about $32,000. Finally, BOKF NA boosted its position in shares of Western Digital by 6,700.0% in the third quarter. BOKF NA now owns 272 shares of the data storage provider’s stock valued at $33,000 after acquiring an additional 268 shares during the period. 92.51% of the stock is currently owned by hedge funds and other institutional investors.
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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