TLDR
- WDC hit an all-time high of $402.02, up roughly 936% over the past year
- Q3 FY2026 EPS of $2.13 beat estimates of $1.93; revenue of $3.02B was up 25.2% YoY
- BofA, Barclays, JPMorgan, and Evercore all raised price targets, ranging from $400–$415
- S&P Global upgraded WDC’s credit rating to ‘BBB-‘ following debt reduction moves
- Insider Cynthia Tregillis sold 363 shares at $377.09 under a pre-arranged 10b5-1 plan
Western Digital has been on a tear. The stock touched an all-time high of $402.02 on April 23, and is currently trading around $389–$402 — a level few would have predicted given it sat at a 52-week low of just $37.47 not long ago.
Western Digital Corporation, WDC
That’s a 936% move in twelve months.
The rally has been fueled by strong fundamentals. WDC’s most recent quarter showed EPS of $2.13, beating the $1.93 consensus estimate. Revenue came in at $3.02 billion, up 25.2% year-over-year and ahead of the $2.93 billion expected.
Net margin stood at 35.52% and return on equity at 41.53%. Those are numbers that get Wall Street’s attention.
Full-year revenue over the last twelve months reached $10.73 billion, up 28%, with market cap now sitting at roughly $131–$135 billion.
Analyst Upgrades Pile In
The analyst community has taken notice. Evercore raised its price target to $410 with an Outperform rating. Barclays moved to $405 with an Overweight rating. JPMorgan lifted its target to $400. BofA Securities is at $415, maintaining a Buy, and expects Q3 FY2026 results to beat the high end of guidance.
Bernstein SocGen Group upgraded WDC to Outperform, calling the earlier selloff in HDD and memory stocks a buying opportunity.
The consensus across 24 analysts sits at “Moderate Buy,” though the average price target of $310.79 is now well below where the stock is trading — suggesting the street has been slow to catch up.
Credit Upgrade and Sandisk News
S&P Global Ratings upgraded WDC’s credit rating to ‘BBB-‘, citing debt reduction efforts. The company exchanged 5.8 million Sandisk shares for debt as part of that process.
WDC also filed plans to sell up to 7.5 million Sandisk shares. That news sent Sandisk lower in after-hours trading.
Insider Activity and Valuation Flags
On April 21, insider Cynthia Tregillis sold 363 WDC shares at $377.09, totaling $136,883.67. The sale was executed under a pre-arranged Rule 10b5-1 plan, leaving her with 120,023 shares. That’s a 0.30% reduction in her position.
Institutional investors and hedge funds own 92.51% of the stock. Several funds added to positions in recent quarters, including Avion Wealth, which lifted its stake by 163.8%.
Some analysts have flagged that the rapid run-up leaves valuation stretched. The stock trades at a PE of 39.03. Zacks and others note a pullback is possible if AI demand or margin assumptions disappoint.
The 50-day moving average sits at $299.66. The 200-day is at $221.92. The stock is trading well above both.
WDC declared a quarterly dividend of $0.125 per share, paid March 18. That puts the annualized dividend at $0.50, with a yield of 0.1% and a payout ratio of 5.02%.
Analysts project full-year EPS of $8.47 for the current fiscal year.
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