Western Digital Corporation (NASDAQ:WDC – Get Free Report) shares dropped 8.8% on Wednesday . The company traded as low as $496.50 and last traded at $513.84. Approximately 7,842,268 shares changed hands during mid-day trading, a decline of 13% from the average daily volume of 9,022,083 shares. The stock had previously closed at $563.32.
Western Digital News Roundup
Here are the key news stories impacting Western Digital this week:
- Positive Sentiment: Some analysts and market commentary argue Western Digital still has upside, pointing to improving memory pricing, AI-driven demand, and valuation support after the recent sell-off. Why Analysts Are Betting Western Digital Stock Can Gain Another 30% from Here
- Neutral Sentiment: Western Digital also remains in focus ahead of its fiscal fourth-quarter and full-year 2026 results, which are scheduled for August 5, adding an earnings catalyst on the horizon. WD to Announce Fourth Quarter and Fiscal Year 2026 Financial Results on August 5, 2026
- Negative Sentiment: Memory stocks, including Western Digital, were hit by profit-taking after a strong rally, with traders locking in gains across the group. SK Hynix Drops 5%, SanDisk Slides 6%, Western Digital Slips 4% as Traders Take Profits in Memory Stocks
- Negative Sentiment: Investor sentiment also weakened after Chinese memory rival CXMT filed for a potentially $10 billion Shanghai IPO, raising concern about a stronger competitor entering an already crowded market. Western Digital Stock Tumbles as CXMT Targets $10 Billion Shanghai IPO
Wall Street Analysts Forecast Growth
A number of research analysts have commented on the stock. Mizuho increased their price target on shares of Western Digital from $550.00 to $685.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. Fox Advisors lowered shares of Western Digital from an “overweight” rating to an “equal weight” rating in a research report on Monday, June 22nd. Evercore reaffirmed an “outperform” rating and set a $575.00 price objective on shares of Western Digital in a research note on Tuesday, May 26th. Cantor Fitzgerald lifted their price objective on Western Digital from $660.00 to $900.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. Finally, Citigroup boosted their target price on Western Digital from $685.00 to $800.00 and gave the company a “buy” rating in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $520.32.
Western Digital Stock Down 8.8%
The stock’s fifty day moving average price is $560.28 and its two-hundred day moving average price is $379.58. The company has a market capitalization of $177.11 billion, a PE ratio of 30.68 and a beta of 2.11.
Western Digital (NASDAQ:WDC – Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The data storage provider reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.39 by $0.33. The company had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.25 billion. Western Digital had a return on equity of 42.95% and a net margin of 55.29%.Western Digital’s revenue was up 45.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.36 EPS. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. On average, equities research analysts forecast that Western Digital Corporation will post 9.6 EPS for the current year.
Western Digital Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, June 5th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. This is a boost from Western Digital’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Friday, June 5th. Western Digital’s payout ratio is presently 3.58%.
Insiders Place Their Bets
In other Western Digital news, insider Vidyadhara K. Gubbi sold 4,674 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $443.19, for a total value of $2,071,470.06. Following the completion of the transaction, the insider directly owned 90,041 shares in the company, valued at approximately $39,905,270.79. This represents a 4.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Cynthia L. Tregillis sold 432 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $545.60, for a total transaction of $235,699.20. Following the completion of the sale, the insider directly owned 116,643 shares of the company’s stock, valued at approximately $63,640,420.80. This 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. Insiders have sold 29,322 shares of company stock worth $12,768,550 in the last ninety days. Insiders own 0.18% of the company’s stock.
Hedge Funds Weigh In On Western Digital
Several hedge funds and other institutional investors have recently modified their holdings of WDC. Dogwood Wealth Management LLC raised its stake in shares of Western Digital by 28.6% during the 2nd quarter. Dogwood Wealth Management LLC now owns 90 shares of the data storage provider’s stock worth $57,000 after buying an additional 20 shares during the period. Legacy Wealth Asset Management LLC grew its stake in Western Digital by 1.0% in the 2nd quarter. Legacy Wealth Asset Management LLC now owns 2,302 shares of the data storage provider’s stock valued at $1,470,000 after acquiring an additional 22 shares during the period. Everpar Advisors LLC grew its stake in Western Digital by 1.8% in the 2nd quarter. Everpar Advisors LLC now owns 1,442 shares of the data storage provider’s stock valued at $921,000 after acquiring an additional 25 shares during the period. Ares Financial Consulting LLC increased its holdings in Western Digital by 45.5% in the 2nd quarter. Ares Financial Consulting LLC now owns 80 shares of the data storage provider’s stock worth $51,000 after acquiring an additional 25 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC increased its holdings in Western Digital by 2.1% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 1,390 shares of the data storage provider’s stock worth $888,000 after acquiring an additional 28 shares in the last quarter. 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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