Bank of America Issues Positive Forecast for Western Digital (NASDAQ:WDC) Stock Price

Western Digital (NASDAQ:WDC) had its price target lifted by Bank of America to $495.00 in a report released on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the data storage provider’s stock.

WDC has been the subject of a number of other research reports. The Goldman Sachs Group set a $250.00 price objective on shares of Western Digital in a research report on Tuesday, February 3rd. Barclays lifted their price objective on shares of Western Digital from $325.00 to $405.00 and gave the company an “overweight” rating in a research report on Wednesday, April 22nd. Argus set a $300.00 price objective on shares of Western Digital in a research report on Tuesday, February 3rd. Citigroup lifted their price objective on shares of Western Digital to $405.00 and gave the company a “buy” rating in a research report on Monday, April 13th. Finally, Mizuho lifted their price objective on shares of Western Digital to $340.00 and gave the company an “outperform” rating in a research report on Wednesday, February 4th. Twenty analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Western Digital currently has a consensus rating of “Moderate Buy” and a consensus target price of $320.38.

Western Digital Stock Performance

Shares of WDC opened at $400.73 on Monday. The firm has a 50-day moving average of $306.87 and a 200-day moving average of $228.57. Western Digital has a one year low of $40.18 and a one year high of $416.37. The company has a market cap of $135.86 billion, a PE ratio of 40.19, a price-to-earnings-growth ratio of 0.85 and a beta of 1.77. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.46 and a quick ratio of 1.19.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, January 29th. The data storage provider reported $2.13 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.20. Western Digital had a net margin of 35.52% and a return on equity of 41.53%. The company had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same quarter last year, the firm posted $1.77 EPS. The company’s quarterly revenue was up 25.2% on a year-over-year basis. As a group, equities analysts forecast that Western Digital will post 8.52 earnings per share for the current year.

Western Digital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Thursday, March 5th were paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date was Thursday, March 5th. Western Digital’s dividend payout ratio (DPR) is currently 5.02%.

Insider Activity at Western Digital

In other Western Digital news, insider Vidyadhara K. Gubbi sold 8,518 shares of the company’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $255.32, for a total value of $2,174,815.76. Following the transaction, the insider directly owned 99,276 shares of the company’s stock, valued at $25,347,148.32. This represents a 7.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Matthew E. Massengill sold 36,926 shares of the company’s stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $260.43, for a total value of $9,616,638.18. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 92,711 shares of company stock worth $24,300,404. 0.18% of the stock is owned by corporate insiders.

Institutional Trading of Western Digital

Hedge funds and other institutional investors have recently bought and sold shares of the business. ORG Partners LLC raised its stake in Western Digital by 124.5% in the 3rd quarter. ORG Partners LLC now owns 211 shares of the data storage provider’s stock worth $25,000 after purchasing an additional 117 shares in the last quarter. Rakuten Securities Inc. raised 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 in the last quarter. Cullen Frost Bankers Inc. raised its stake in Western Digital by 551.4% in the 3rd quarter. Cullen Frost Bankers Inc. now owns 241 shares of the data storage provider’s stock worth $29,000 after purchasing an additional 204 shares in the last quarter. Westfuller Advisors LLC acquired a new stake in Western Digital in the 3rd quarter worth about $30,000. Finally, Avion Wealth raised its stake in Western Digital by 163.8% in the 4th quarter. Avion Wealth now owns 182 shares of the data storage provider’s stock worth $31,000 after purchasing an additional 113 shares in the last quarter. Institutional investors and hedge funds own 92.51% of the company’s stock.

Key Headlines Impacting Western Digital

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

• Positive Sentiment: Cantor Fitzgerald and Bank of America raised price targets sharply (Cantor to $500, BofA to $495), citing a structural HDD supply squeeze and durable pricing power that should boost WDC’s earnings outlook ahead of Q3. Cantor Fitzgerald Raises Western Digital Price Target to $500
• Positive Sentiment: Multiple broker notes (BofA, Wedbush, Cantor) and Cantor’s sector view point to a “clear path” for earnings growth driven by tight HDD supply and HAMR rollouts, supporting higher forward estimates for WDC. Price Target Hikes from BofA, Wedbush Ahead of Q3
• Positive Sentiment: UBS lifted its price target on WDC on expectations for a strong quarterly print, adding to analyst momentum pushing the stock higher on earnings anticipation. UBS Lifts PT on Western Digital
• Positive Sentiment: Broader industry coverage — Barron’s and Investopedia pieces — highlight durable demand from AI workloads and tight supply across HDD/SSD markets, a thematic tailwind benefiting WDC’s revenue and pricing power. Seagate, Western Digital Earnings Are Coming
• Neutral Sentiment: Pre‑Q3 estimates for SanDisk (SNDK) show tightening NAND supply and strong AI-driven demand — a sector signal that’s relevant for WDC but not a direct company release. Pre-Q3 Earnings: Is Sandisk Stock a Portfolio Must-Have?
• Neutral Sentiment: Market context — Fed meetings, geopolitical risk (Iran) and tech earnings cadence — create event risk that can amplify moves in high-beta names like WDC. 5 Things to Know Before the Stock Market Opens
• Negative Sentiment: Some investors are rotating within the memory/AI complex (example: Druckenmiller exiting SanDisk), which can pressure individual names even amid sector strength. Druckenmiller Sells Sandisk and Buys an AI Energy Stock
• Negative Sentiment: Valuation and liquidity — WDC’s trailing/forward P/E are elevated versus historical averages and today’s trading volume is below average, raising sensitivity to any earnings or macro miss.

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.