Western Digital shares declined Tuesday following a new share swap program to exit its SanDisk equity stake. Disclosures of recent insider selling by the CEO and senior executives pressured the stock. Investors engaged in profit-taking after the shares reached an all-time high.
Zacks Equity Research named the company its Bull of the Day, citing AI-driven storage demand. The company beat third-quarter estimates in late April. Western Digital also increased its dividend by 20% during that reporting period.