Bank of America Increases Western Digital (NASDAQ:WDC) Price Target to $123.00

by · The Markets Daily

Western Digital (NASDAQ:WDC – Free Report) had its price objective upped by Bank of America from $100.00 to $123.00 in a research report released on Monday,Benzinga reports. They currently have a buy rating on the data storage provider’s stock.

A number of other equities analysts have also commented on the company. Mizuho lifted their price objective on Western Digital from $75.00 to $87.00 and gave the stock an “outperform” rating in a research note on Friday, August 1st. Rosenblatt Securities lifted their price objective on Western Digital from $53.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. Benchmark lifted their price objective on Western Digital from $85.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday. Morgan Stanley boosted their price target on Western Digital from $92.00 to $99.00 and gave the company an “overweight” rating in a research note on Wednesday, September 3rd. Finally, UBS Group boosted their price target on Western Digital from $45.00 to $75.00 and gave the company a “neutral” rating in a research note on Monday, July 21st. Seventeen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $86.95.

Read Our Latest Analysis on WDC

Western Digital Trading Down 2.1%

Western Digital stock opened at $100.94 on Monday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.84 and a current ratio of 1.08. The business’s 50-day simple moving average is $78.52 and its 200-day simple moving average is $58.30. The firm has a market capitalization of $35.22 billion, a PE ratio of 19.60, a PEG ratio of 1.16 and a beta of 1.69. Western Digital has a 52 week low of $28.83 and a 52 week high of $103.98.

Western Digital (NASDAQ:WDC – Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The data storage provider reported $1.66 EPS for the quarter, topping analysts’ consensus estimates of $1.48 by $0.18. The business had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.45 billion. Western Digital had a return on equity of 24.93% and a net margin of 14.13%.The firm’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.44 earnings per share. Western Digital has set its Q1 2026 guidance at 1.540-1.690 EPS. Equities research analysts forecast that Western Digital will post 4.89 earnings per share for the current year.

Western Digital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, September 4th will be given a $0.10 dividend. The ex-dividend date is Thursday, September 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.4%. Western Digital’s dividend payout ratio is currently 7.77%.

Insider Activity

In related news, SVP Gene M. Zamiska sold 353 shares of the company’s stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $80.90, for a total value of $28,557.70. Following the completion of the sale, the senior vice president owned 27,425 shares in the company, valued at $2,218,682.50. This represents a 1.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Irving Tan sold 8,621 shares of the company’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $75.90, for a total transaction of $654,333.90. Following the completion of the sale, the chief executive officer owned 594,836 shares of the company’s stock, valued at approximately $45,148,052.40. This represents a 1.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 49,730 shares of company stock worth $3,921,594 in the last 90 days. Corporate insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Western Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Private Wealth Management Group LLC boosted its stake in Western Digital by 102.5% in the 2nd quarter. Private Wealth Management Group LLC now owns 399 shares of the data storage provider’s stock worth $26,000 after purchasing an additional 202 shares during the period. 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. NewSquare Capital LLC boosted its stake in Western Digital by 86.9% in the 2nd quarter. NewSquare Capital LLC now owns 441 shares of the data storage provider’s stock worth $28,000 after purchasing an additional 205 shares during the period. Zions Bancorporation National Association UT acquired a new position in Western Digital in the 1st quarter worth $29,000. Finally, CNB Bank acquired a new position in Western Digital in the 2nd quarter worth $37,000. 92.51% of the stock is owned by institutional investors and hedge funds.

Western Digital Company Profile

(Get Free Report)

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.

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