Western Digital’s Stock Soars: Is the Sky the Limit?

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(SeaPRwire) –   By: Logan Pierce
Western Digital’s stock performance has been nothing short of spectacular. With a 207.2% year – to – date increase and an 850.8% jump in the past 52 weeks, it’s far outpacing the S&P 500. On June 11, it climbed 6% as tech and memory stocks rebounded.
The Q3 earnings were strong. EPS of $2.72 beat estimates, and revenue of $3.34 billion was up 45.5% year – over – year. Return on equity was 42.95% and net margin 55.29%. The company also raised its quarterly dividend.
Institutional ownership is high at 92.51%. Norges Bank, Fred Alger Management, and others have added to their positions. Meanwhile, insiders have sold some shares. Analyst price targets have moved up, with Citigroup raising it to $685.
Rival Seagate Technology has also done well, but still lags behind WDC. Western Digital’s strong performance, combined with institutional support, suggests it will continue to dominate the market.
Author bio: Logan Pierce, an independent business researcher and corporate governance writer on Medium.