Western Digital (WDC) Stock Is Up 850% — And Wall Street Still Sees More Upside

TLDR

• WDC stock is up 207.2% year-to-date and 850.8% over the past 52 weeks, far outpacing the S&P 500
• On June 11, the stock climbed 6% as tech and memory stocks rebounded on easing geopolitical tensions
• Q3 earnings came in strong: EPS of $2.72 beat estimates of $2.39, with revenue of $3.34 billion up 45.5% year-over-year
• Institutional ownership stands at 92.51%, with major players including Norges Bank and Fred Alger Management adding to positions
• Wall Street has a consensus “Strong Buy” rating, with Citigroup raising its price target to $685

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Western Digital (WDC) has been one of the standout performers in the market over the past year, and the numbers are hard to ignore. The stock has gained 850.8% over the past 52 weeks, compared to the S&P 500’s 22.8% return over the same period.

Western Digital Corporation, WDC

Year-to-date, WDC is up 207.2%. The S&P 500 has gained just 8% in that time.

The stock opened at $529.29 on Friday, June 13. That’s down about 12.2% from its 52-week high of $602.54, hit on June 3. The 52-week low sits at $54.60.

On June 11, WDC jumped 6% alongside a broader tech rally. Easing geopolitical tensions and falling Treasury yields lifted sentiment across semiconductor and memory stocks.

Earnings Beat Drives Momentum

Western Digital reported Q3 results on April 30 that came in well above expectations. EPS hit $2.72 against a consensus estimate of $2.39 — a beat of $0.33. Revenue came in at $3.34 billion, ahead of the $3.25 billion estimate.

That revenue figure was up 45.5% from the same quarter a year earlier, when EPS stood at $1.36.

Return on equity was 42.95% and net margin was 55.29%. For Q4 2026, the company has guided for EPS of $3.10 to $3.40. Full-year analyst estimates sit at $9.57 EPS.

The company also raised its quarterly dividend to $0.15, up from $0.13, payable June 17. Annualized, that works out to $0.60 per share.

Institutions Keep Buying

Institutional interest in WDC has been heavy. Currently, 92.51% of the stock is held by institutions and hedge funds.

Norges Bank opened a new position worth approximately $788.7 million in Q4. Fred Alger Management increased its stake by 4,923.9% in Q3, now holding over 3.4 million shares. Soroban Capital Partners grew its position by 1,926.3% in Q2.

ICICI Prudential Asset Management also entered the stock in Q4, buying 5,487 shares valued at roughly $945,000.

On the insider side, CEO Irving Tan sold 20,000 shares at an average price of $411.84 on May 1, under a pre-arranged Rule 10b5-1 plan. Director Bruce Kiddoo sold 750 shares on May 28 at $528.52.

In total, insiders have sold 29,322 shares worth $12.77 million over the past three months. Insiders hold 0.18% of the stock.

Analyst price targets have moved sharply higher. Citigroup raised its target from $500 to $685 on June 2. Cantor Fitzgerald set a target of $660. Jefferies put its target at $575. The consensus average stands at “Moderate Buy” with a mean price target of $531.95.

WDC has also been trading above its 50-day moving average of $441.92 and its 200-day moving average of $306.11 for most of the past year.

Rival Seagate Technology (STX) has gained 586.3% over the past 52 weeks — strong on its own terms, but still trailing WDC by a wide margin.