Western Digital (WDC) Stock Soars to Record Peak Following Stellar Q3 Performance
Western Digital's stock reached a record high of $442.30 after the company reported a strong Q3 performance with $3.34B revenue and $2.72 EPS, exceeding analyst forecasts. The company also announced a 20% increase to its quarterly dividend to $0.15 per share.
Western Digital's stock surged to a record peak of $442.30 following its exceptional Q3 financial performance. The company reported $3.34B revenue, a 45% year-over-year growth, and $2.72 EPS, exceeding analyst forecasts. Western Digital's Q4 outlook also surpassed expectations, with projected revenue of $3.65B and EPS of $3.25. Rosenblatt Securities increased its target price to $500, and 18 Wall Street analysts rate the stock as a Buy. The company announced a 20% increase to its quarterly dividend to $0.15 per share. Despite some market observers noting potential 'sell the news' behavior and insider selling pressure, institutional ownership remains robust at 92.51%.
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