Western Digital (WDC) shares climbed 6% on June 11, 2026, after the company announced plans to exchange approximately 1.04 million Sandisk (SNDK) shares for its own stock with select institutional investors. The move is part of a broader rally that has seen WDC stock skyrocket 850% over the past 52 weeks, dramatically outperforming the S&P 500’s 22.8% gain.
The company’s strong fundamentals have driven momentum: Q3 2026 earnings beat estimates with earnings per share of $2.72 against a consensus of $2.39, on revenue of $3.34 billion—up 45.5% year-over-year. Western Digital also raised its quarterly dividend to $0.15 per share and guided for Q4 EPS of $3.10–$3.40. Wall Street analysts remain bullish, with Citigroup setting a price target of $685 and the consensus rating a “Strong Buy.” Institutional ownership stands at 92.51%, with heavy buying from Norges Bank and Fred Alger Management.
The Sandisk share swap, to be priced based on volume-weighted average prices between June 16–18, is expected to close on June 22. It is a capital structure optimization, slightly reducing Western Digital’s stake in the flash memory company. While WDC trades at a P/E of 31.59 and insider selling has been noted, the stock’s technicals remain positive, trading above its 50- and 200-day moving averages. The news underscores the robust demand for data storage and memory technology, sectors that continue to attract broad market interest.
