Western Digital Stock Gets Fresh Buy Call as Analysts Eye Upside

A Citi analyst recently kept a Buy rating on Western Digital shares, setting a price target of $740. The stock closed at $415.29 the day the report came out.

That same day, Bernstein also stuck with a Buy rating, though it set a higher target of $770. Both firms see room for the stock to climb.

Western Digital's own numbers back up the optimism. For the quarter ending July 3, the company pulled in $3.75 billion in revenue and made a net profit of $3.2 billion. That is a big jump from the same time last year, when revenue was $2.61 billion and profit was just $257 million.

Analysts overall are bullish. The consensus rating is Strong Buy, with an average price target of $664.47. That means the stock could rise about 60% from where it trades now.

But not everyone is cheering. Recent insider activity tells a different story. Over the past quarter, more insiders have been selling shares than buying. One example is Vidyadhara K Gubbi, the Chief of Global Operations, who sold nearly 1,800 shares worth about $825,000 last month.

So while analysts see strong growth ahead, some people with inside knowledge are cashing out. That split is worth watching as the company moves forward.