Western Digital (NASDAQ:WDC) Price Target Raised to $410.00 at Evercore

Western Digital (NASDAQ:WDC) had its price target raised by Evercore to $410.00 in a research report sent to investors on Monday morning, Marketbeat.com reports. Evercore currently has an outperform rating on the data storage provider’s stock.

WDC has been the topic of a number of other research reports. Wall Street Zen cut Western Digital from a “buy” rating to a “hold” rating in a research report on Sunday, April 12th. New Street Research set a $250.00 price objective on shares of Western Digital in a research report on Tuesday, February 3rd. Argus set a $300.00 price objective on shares of Western Digital in a research note on Tuesday, February 3rd. TD Cowen raised their target price on shares of Western Digital from $200.00 to $325.00 and gave the company a “buy” rating in a report on Friday, January 30th. Finally, JPMorgan Chase & Co. raised their target price on shares of Western Digital to $400.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Twenty-one analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Western Digital currently has a consensus rating of “Moderate Buy” and a consensus target price of $305.63.

Western Digital Trading Up 0.4%

Shares of WDC stock opened at $374.11 on Monday. The stock has a market cap of $126.84 billion, a P/E ratio of 37.52, a price-to-earnings-growth ratio of 0.86 and a beta of 1.77. Western Digital has a 1 year low of $35.51 and a 1 year high of $380.65. The company has a current ratio of 1.46, a quick ratio of 1.19 and a debt-to-equity ratio of 0.34. The stock has a 50 day simple moving average of $294.93 and a 200 day simple moving average of $218.97.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, January 29th. The data storage provider reported $2.13 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.20. The firm had revenue of $3.02 billion for the quarter, compared to analyst estimates of $2.93 billion. Western Digital had a return on equity of 41.53% and a net margin of 35.52%.The company’s revenue was up 25.2% on a year-over-year basis. During the same quarter last year, the company earned $1.77 EPS. On average, research analysts predict that Western Digital will post 8.47 earnings per share for the current fiscal year.

Western Digital Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Thursday, March 5th were paid a $0.125 dividend. The ex-dividend date of this dividend was Thursday, March 5th. This represents a $0.50 annualized dividend and a yield of 0.1%. Western Digital’s dividend payout ratio (DPR) is 5.02%.

Insiders Place Their Bets

In other news, insider Cynthia L. Tregillis sold 9,324 shares of the firm’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 sale, the insider directly owned 121,682 shares in the company, valued at approximately $32,643,630.14. This trade represents a 7.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Matthew E. Massengill sold 36,926 shares of Western Digital stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $260.43, for a total transaction of $9,616,638.18. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 92,795 shares of company stock worth $24,265,884. Insiders own 0.18% 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. Avion Wealth grew its stake 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 worth $31,000 after buying an additional 113 shares during the last quarter. Roble Belko & Company Inc bought a new stake in shares of Western Digital during the first quarter worth about $50,000. Swiss RE Ltd. acquired a new position in shares of Western Digital in the fourth quarter valued at approximately $32,000. ORG Partners LLC raised its holdings in Western Digital by 124.5% in the 3rd quarter. ORG Partners LLC now owns 211 shares of the data storage provider’s stock valued at $25,000 after buying an additional 117 shares during the last quarter. Finally, Concord Wealth Partners bought a new position in Western Digital in the 4th quarter valued at approximately $41,000. Institutional investors own 92.51% of the company’s stock.

Key Western Digital News

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

• Positive Sentiment: Evercore raised its price target to $410 and reiterated an “outperform” rating, signaling bullish analyst conviction and providing near-term upside for the stock. Evercore price target raise
• Positive Sentiment: A separate price-target increase to $415 was published, adding more analyst support that can help sustain the rally. Price Target Raised to $415
• Positive Sentiment: Top analysts have been boosting targets ahead of earnings, reflecting confidence in WDC’s exposure to HDD/SSD demand from cloud hyperscalers and AI workloads. TipRanks analyst boost
• Positive Sentiment: News coverage highlights that increased investment from hyperscalers and growing data volumes are driving demand for Western Digital’s storage products, supporting revenue and margin outlooks. Hyperscaler investment article
• Positive Sentiment: Sector commentary expects data-center/AI-related parts (including WDC products) to continue rallying as AI deployments expand, which could sustain investor appetite for the stock. FXEmpire AI parts forecast
• Neutral Sentiment: Analysts and consumer-focused pieces are debating whether WDC at current levels should be a watch-list buy — interest is high, but some investors are waiting for clearer post-earnings guidance. Watch list article
• Negative Sentiment: Several articles flag a trade-off: Western Digital’s cash flow has improved due to AI-driven demand, but elevated debt raises questions about financial flexibility and growth funding — a risk that could cap the multiple if leverage isn’t reduced. Yahoo cash flow vs leverage Zacks cash flow vs leverage

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.