Western Digital Corporation (NASDAQ:WDC) Stock Has Average Target Price of $591.04

Western Digital Corporation (NASDAQ:WDC) has received an average rating of “Moderate Buy” from the twenty-eight ratings firms that are covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $591.04.

Several equities analysts have commented on the stock. The Goldman Sachs Group set a $540.00 target price on shares of Western Digital in a research note on Friday, October 23rd. BNP Paribas Exane upped their price target on shares of Western Digital from $660.00 to $700.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Wedbush upped their price target on shares of Western Digital from $540.00 to $650.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Rosenblatt Securities decreased their price objective on shares of Western Digital from $800.00 to $650.00 and set a “buy” rating for the company in a report on Friday, October 23rd. Finally, Zacks Research upgraded shares of Western Digital from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 3rd.

Key Stories Impacting Western Digital

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

• Positive Sentiment: Western Digital shares climbed as investors bought back into the stock following the recent decline; peer storage names also rallied, suggesting a sector-wide rebound contributed. Western Digital climbs amid rebound from recent selloff
• Positive Sentiment: Coverage highlights Western Digital’s exposure to AI-driven storage demand, including cloud growth and adoption of higher-capacity hard drives, with strong growth prospects cited for fiscal 2027. This supports the longer-term bull case, though it is not a new company announcement. Western Digital and the AI storage boom
• Neutral Sentiment: A short-interest report says short interest was zero shares as of November 10, despite describing it as a significant increase. The figures appear inconsistent and do not provide clear evidence of short-covering as a catalyst.
• Negative Sentiment: Law firm Levi & Korsinsky announced an investigation into possible fiduciary-duty breaches by certain Western Digital officers and directors. The notice does not establish wrongdoing, but may add a legal and reputational overhang. Shareholder investigation announcement

Western Digital Trading Down 0.2%

NASDAQ WDC opened at $289.20 on Friday. Western Digital has a 52 week low of $132.43 and a 52 week high of $799.87. The stock has a market cap of $108.25 billion, a price-to-earnings ratio of 11.22, a price-to-earnings-growth ratio of 1.02 and a beta of 2.27. The company has a 50-day moving average price of $400.13 and a two-hundred day moving average price of $419.44.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, October 22nd. The data storage provider reported $4.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.11 by $0.53. Western Digital had a return on equity of 55.62% and a net margin of 69.20%. The business had revenue of $4.38 billion during the quarter, compared to the consensus estimate of $4.14 billion. During the same period in the previous year, the firm posted $1.78 earnings per share. The business’s revenue was up 55.5% on a year-over-year basis. As a group, equities research analysts expect that Western Digital will post 23.62 earnings per share for the current fiscal year.

Western Digital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Shareholders of record on Friday, December 4th will be given a $0.1750 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 0.2%. This is a positive change from Western Digital’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, December 4th. Western Digital’s payout ratio is currently 2.33%.

Insiders Place Their Bets

In other Western Digital news, insider Cynthia Tregillis sold 1,007 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $478.36, for a total transaction of $481,708.52. Following the completion of the transaction, the insider directly owned 112,155 shares of the company’s stock, valued at approximately $53,650,465.80. This trade represents a 0.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Vidyadhara Gubbi sold 1,795 shares of Western Digital stock in a transaction on Friday, September 4th. The shares were sold at an average price of $459.87, for a total value of $825,466.65. Following the transaction, the insider owned 80,571 shares in the company, valued at approximately $37,052,185.77. This trade represents a 2.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 5,436 shares of company stock valued at $2,440,664. 0.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Legal & General Group Plc bought a new position in shares of Western Digital during the 2nd quarter valued at about $1,602,927,000. ABS Investment Management LLC acquired a new stake in shares of Western Digital during the 2nd quarter valued at $1,226,342,000. Anther Capital Ltd acquired a new stake in shares of Western Digital during the 2nd quarter valued at $901,601,000. Deutsche Bank AG bought a new stake in shares of Western Digital during the 2nd quarter worth $885,565,000. Finally, Trivest Advisors Ltd bought a new stake in shares of Western Digital during the 2nd quarter worth $627,606,000. 92.51% of the stock is owned by institutional investors and hedge funds.

Western Digital Company Profile

Western Digital Corporation (NASDAQ: WDC) develops and supplies hard disk drives (HDDs) and related data-storage products. Its drives serve data centers and cloud providers, as well as businesses and consumers who need storage for computers, network-attached storage systems, surveillance and other applications. Its product brands include WD and Ultrastar. Founded in 1970, the company began as an electronics and semiconductor business before expanding into data storage. In February 2025, Western Digital completed the separation of its flash-memory business into the independently traded SanDisk Corporation, leaving Western Digital focused on HDDs.