Western Digital (NASDAQ:WDC) Price Target Raised to $450.00

Western Digital (NASDAQ:WDC) had its price target increased by stock analysts at Robert W. Baird from $310.00 to $450.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the data storage provider’s stock. Robert W. Baird’s price objective points to a potential upside of 4.16% from the stock’s current price.

A number of other analysts have also weighed in on WDC. Citigroup upped their price target on shares of Western Digital from $405.00 to $500.00 and gave the stock a “buy” rating in a research note on Friday. Bank of America upped their price target on shares of Western Digital to $495.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Argus set a $300.00 price target on shares of Western Digital in a research note on Tuesday, February 3rd. JPMorgan Chase & Co. upped their price target on shares of Western Digital from $320.00 to $400.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Finally, Cantor Fitzgerald set a $660.00 target price on shares of Western Digital in a report on Friday. Nineteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $395.83.

Western Digital Trading Up 0.1%

Shares of NASDAQ:WDC opened at $432.03 on Monday. The company has a 50 day moving average of $314.33 and a 200-day moving average of $234.84. The firm has a market cap of $146.48 billion, a P/E ratio of 25.79, a P/E/G ratio of 0.89 and a beta of 2.10. Western Digital has a twelve month low of $43.60 and a twelve month high of $446.62. The company has a current ratio of 1.49, a quick ratio of 1.20 and a debt-to-equity ratio of 0.34.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, April 30th. The data storage provider reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.39 by $0.33. The company had revenue of $3.34 billion during the quarter, compared to analyst estimates of $3.25 billion. Western Digital had a net margin of 55.29% and a return on equity of 42.95%. The business’s revenue for the quarter 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. As a group, analysts anticipate that Western Digital will post 8.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Western Digital

In other Western Digital news, insider Cynthia L. Tregillis sold 9,324 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $268.27, for a total value of $2,501,349.48. Following the transaction, the insider owned 121,682 shares in the company, valued at approximately $32,643,630.14. This represents a 7.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Vidyadhara K. Gubbi sold 10,148 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $270.31, for a total transaction of $2,743,105.88. Following the completion of the transaction, the insider owned 107,794 shares in the company, valued at approximately $29,137,796.14. This represents a 8.60% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 72,711 shares of company stock worth $19,191,604. 0.18% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. grew its position in Western Digital by 12.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 52,317 shares of the data storage provider’s stock worth $6,281,000 after acquiring an additional 5,731 shares in the last quarter. LBP AM SA bought a new stake in Western Digital in the third quarter worth approximately $641,000. AustralianSuper Pty Ltd bought a new stake in Western Digital in the third quarter worth approximately $34,244,000. NorthCrest Asset Manangement LLC grew its position in Western Digital by 75.4% in the fourth quarter. NorthCrest Asset Manangement LLC now owns 9,465 shares of the data storage provider’s stock worth $1,778,000 after acquiring an additional 4,068 shares in the last quarter. Finally, Cantor Fitzgerald L. P. grew its position in Western Digital by 399.8% in the third quarter. Cantor Fitzgerald L. P. now owns 32,487 shares of the data storage provider’s stock worth $3,900,000 after acquiring an additional 25,987 shares in the last quarter. Institutional investors and hedge funds own 92.51% of the company’s stock.

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.