Western Digital (NASDAQ:WDC) Insider Sells $214,571.28 in Stock

Western Digital Corporation (NASDAQ:WDC) insider Cynthia Tregillis sold 476 shares of the stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $450.78, for a total value of $214,571.28. Following the completion of the transaction, the insider owned 114,784 shares of the company’s stock, valued at $51,742,331.52. This represents a 0.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Western Digital Stock Down 1.5%

Shares of WDC stock traded down $6.88 during trading hours on Thursday, hitting $462.00. 7,597,984 shares of the company’s stock traded hands, compared to its average volume of 8,125,753. The stock has a market cap of $159.24 billion, a PE ratio of 19.08 and a beta of 2.14. Western Digital Corporation has a 12 month low of $77.90 and a 12 month high of $799.87. The stock’s 50 day simple moving average is $532.72 and its 200 day simple moving average is $439.49.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Wednesday, August 5th. The data storage provider reported $3.56 earnings per share for the quarter, beating the consensus estimate of $3.31 by $0.25. The business had revenue of $3.75 billion for the quarter, compared to analysts’ expectations of $3.70 billion. Western Digital had a net margin of 72.95% and a return on equity of 48.15%. The firm’s revenue for the quarter was up 43.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.66 EPS. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. As a group, equities research analysts expect that Western Digital Corporation will post 19.65 EPS for the current fiscal year.

Western Digital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Tuesday, September 8th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend is Tuesday, September 8th. Western Digital’s payout ratio is 2.48%.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. TD Cowen boosted their price objective on shares of Western Digital from $500.00 to $540.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Evercore reissued an “outperform” rating and set a $575.00 price objective on shares of Western Digital in a report on Tuesday, May 26th. Zacks Research raised shares of Western Digital from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 6th. Melius Research set a $1,050.00 target price on shares of Western Digital and gave the company a “buy” rating in a research report on Monday, June 29th. Finally, Fox Advisors cut shares of Western Digital from an “overweight” rating to an “equal weight” rating in a research note on Monday, June 22nd. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $534.56.

Institutional Investors Weigh In On Western Digital

A number of hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Western Digital by 7.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,988 shares of the data storage provider’s stock worth $1,698,000 after buying an additional 3,019 shares during the period. Geneos Wealth Management Inc. grew its holdings in shares of Western Digital by 229.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,388 shares of the data storage provider’s stock worth $56,000 after acquiring an additional 967 shares during the period. Sivia Capital Partners LLC bought a new position in shares of Western Digital in the 2nd quarter worth approximately $307,000. Cresset Asset Management LLC purchased a new position in shares of Western Digital in the 2nd quarter valued at approximately $292,000. Finally, Federated Hermes Inc. boosted its position in shares of Western Digital by 55.3% during the second quarter. Federated Hermes Inc. now owns 2,374 shares of the data storage provider’s stock valued at $152,000 after purchasing an additional 845 shares in the last quarter. 92.51% of the stock is currently owned by institutional investors.

Key Western Digital News

Here are the key news stories impacting Western Digital this week:

• Positive Sentiment: Western Digital’s AI- and cloud-storage growth thesis remains intact. Industry momentum from AI infrastructure, cloud computing, the Internet of Things and automotive applications is supporting expectations for continued demand. 3 Storage Devices Stocks to Buy as the Industry Gains Momentum
• Positive Sentiment: A recent exchange of approximately $191 million of 3% convertible notes due 2028 is viewed as constructive liability management because it can reduce debt, although issuing shares may create some dilution. What’s Going on With Western Digital Stock on Wednesday?
• Positive Sentiment: Western Digital recently reported revenue growth of 44% year over year to $3.75 billion and earnings of $3.56 per share, exceeding estimates. Its next-quarter earnings guidance of $3.85 to $4.15 per share also supports the bullish fundamental case.
• Positive Sentiment: Technical and analyst indicators remain favorable: a recent hammer chart pattern suggested potential support, while upward earnings-estimate revisions and a bullish Wall Street consensus point to possible longer-term recovery. Western Digital May Find a Bottom Soon

Western Digital Company Profile

Western Digital Corporation is a global data storage company that designs, manufactures and sells a broad range of storage devices and systems for personal, enterprise and cloud applications. Headquartered in San Jose, California, the company develops hard disk drives (HDDs), solid-state drives (SSDs), NAND flash components and finished storage products used in PCs, external storage, servers, network-attached storage (NAS) and embedded systems.

Its product portfolio spans consumer and commercial markets, including internal and external HDDs and SSDs, removable flash memory products and storage platforms for data center and enterprise environments.