Western Digital jumps as investors digest strong quarterly results, upbeat outlook, and dividend hike

Western Digital Corporation (WDC) is up 6.7% today. Here is some analysis on what might have caused this price movement.

Analysis: The move appears tied to follow-through buying after Western Digital’s late-April quarterly results showed sharply higher revenue, expanding margins, and a higher shareholder-return signal via a dividend increase. Continued optimism around near-term profitability (including Q4 EPS guidance) and a fresh round of analyst price-target increases may also be adding fuel.

Details:

Western Digital reported fiscal Q3 2026 revenue of $3.34 billion and non-GAAP diluted EPS of $2.72, alongside non-GAAP gross margin above 50%.

The company guided fiscal Q4 2026 to revenue of about $3.65 billion (+/- $100 million) and non-GAAP EPS of about $3.25 (+/- $0.15), reinforcing expectations for strong near-term earnings power.

Western Digital’s board declared a quarterly cash dividend of $0.15 per share (a 20% increase), payable June 17, 2026 to holders of record on June 5, 2026.

This could also be a sentiment boost from post-earnings analyst updates that lifted price targets, often citing margin strength and durability of demand tied to large-scale data storage needs.

Sources:

Western Digital (press release / investor relations), SEC, Investing.com

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$WDC Insider Trading Activity

$WDC insiders have traded $WDC stock on the open market 91 times in the past 6 months. Of those trades, 0 have been purchases and 91 have been sales.

Here’s a breakdown of recent trading of $WDC stock by insiders over the last 6 months:

MATTHEW E MASSENGILL has made 0 purchases and 11 sales selling 36,926 shares for an estimated $9,616,465.
VIDYADHARA K GUBBI (Chief of Global Operations) has made 0 purchases and 6 sales selling 41,486 shares for an estimated $8,641,191.
CYNTHIA L TREGILLIS (Chief Legal Officer & Corp Sec) has made 0 purchases and 9 sales selling 20,367 shares for an estimated $5,209,191.
IRVING TAN (Chief Executive Officer) has made 0 purchases and 17 sales selling 20,000 shares for an estimated $5,108,831.
MARTIN I COLE has made 0 purchases and 33 sales selling 22,000 shares for an estimated $4,218,910.
BRIAN SCOTT DAVIS (Chief Sales & Mrktng Officer) has made 0 purchases and 12 sales selling 10,000 shares for an estimated $2,791,602.
KIMBERLY ALEXY has made 0 purchases and 2 sales selling 3,768 shares for an estimated $592,436.
ROXANNE OULMAN sold 1,800 shares for an estimated $277,956

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API.

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$WDC Hedge Fund Activity

We have seen 714 institutional investors add shares of $WDC stock to their portfolio, and 515 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

BANK OF AMERICA CORP /DE/ removed 10,316,359 shares (-46.1%) from their portfolio in Q4 2025, for an estimated $1,777,199,164
FMR LLC added 10,037,079 shares (+42.2%) to their portfolio in Q4 2025, for an estimated $1,729,087,599
UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC removed 7,791,559 shares (-73.5%) from their portfolio in Q4 2025, for an estimated $1,342,251,868
D. E. SHAW & CO., INC. removed 3,923,998 shares (-40.8%) from their portfolio in Q4 2025, for an estimated $675,987,135
UBS GROUP AG removed 2,779,175 shares (-37.9%) from their portfolio in Q4 2025, for an estimated $478,768,477
CITADEL ADVISORS LLC removed 2,407,840 shares (-64.6%) from their portfolio in Q4 2025, for an estimated $414,798,596
JPMORGAN CHASE & CO added 2,275,855 shares (+18.9%) to their portfolio in Q4 2025, for an estimated $392,061,540

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API.

$WDC Analyst Ratings

Wall Street analysts have issued reports on $WDC in the last several months. We have seen 10 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Rosenblatt issued a "Buy" rating on 05/01/2026
Mizuho issued a "Outperform" rating on 02/04/2026
Wells Fargo issued a "Overweight" rating on 01/30/2026
Cantor Fitzgerald issued a "Overweight" rating on 01/30/2026
Wedbush issued a "Outperform" rating on 01/30/2026
Morgan Stanley issued a "Overweight" rating on 01/22/2026
B of A Securities issued a "Buy" rating on 01/20/2026

To track analyst ratings and price targets for $WDC, check out Quiver Quantitative's $WDC forecast page.

$WDC Price Targets

Multiple analysts have issued price targets for $WDC recently. We have seen 18 analysts offer price targets for $WDC in the last 6 months, with a median target of $425.0.

Here are some recent targets:

Tristan Gerra from Baird set a target price of $450.0 on 05/04/2026
Kevin Cassidy from Rosenblatt set a target price of $500.0 on 05/01/2026
Timothy Arcuri from UBS set a target price of $375.0 on 05/01/2026
Asiya Merchant from Citigroup set a target price of $500.0 on 05/01/2026
Krish Sankar from TD Cowen set a target price of $500.0 on 05/01/2026
Amit Daryanani from Evercore ISI Group set a target price of $500.0 on 05/01/2026
Aaron Rakers from Wells Fargo set a target price of $500.0 on 05/01/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.