Key facts
- Western Digital (WDC) stock fell 3.1% on Thursday.
- The stock had gained nearly 23% over the past month.
- Q3 EPS of $2.72 beat estimates of $2.39.
- Q3 revenue was $3.34 billion, up 45.5% year-over-year.
- Several analysts raised their price targets for WDC.
- The company increased its quarterly dividend to $0.15 per share.
Western Digital (WDC) experienced a 3.1% stock pullback on Thursday, closing around $575–$577 after touching a low of $564.56. This occurred despite the stock's significant 23% gain over the past month, outpacing the tech sector and the S&P 500. Trading volume was 28% below average, suggesting the move was not driven by panic. The company recently reported Q3 earnings that beat estimates, with EPS of $2.72 against expectations of $2.39, and revenue of $3.34 billion, a 45.5% year-over-year increase. Analysts have been revising price targets upward, with Citigroup and Barclays notably increasing theirs. The consensus among 22 analysts is a 'Moderate Buy' rating. WDC also announced an increase in its quarterly dividend to $0.15 per share. Institutional investors hold a substantial 92.51% of the stock.