Western Digital Corporation $WDC Stock Sold by Trek Financial LLC

Trek Financial LLC trimmed its holdings in Western Digital Corporation (NASDAQ:WDC) by 95.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 632 shares of the data storage provider’s stock after selling 13,794 shares during the period. Trek Financial LLC’s holdings in Western Digital were worth $287,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in WDC. Mowery & Schoenfeld Wealth Management LLC bought a new stake in Western Digital during the 2nd quarter valued at approximately $28,000. Dunhill Financial LLC purchased a new position in Western Digital in the 2nd quarter worth approximately $29,000. Stonehage Fleming Financial Services Holdings Ltd bought a new position in Western Digital in the 2nd quarter worth approximately $31,000. Gables Capital Management Inc. bought a new position in Western Digital in the 2nd quarter worth approximately $32,000. Finally, Valley National Advisers Inc. boosted its stake in Western Digital by 182.6% in the 3rd quarter. Valley National Advisers Inc. now owns 65 shares of the data storage provider’s stock worth $30,000 after purchasing an additional 42 shares during the period. Institutional investors own 92.51% of the company’s stock.

Western Digital News Summary

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

• Positive Sentiment: Memory stocks recovered some of Monday’s losses after a cautious outlook from Kioxia weighed on the group; Western Digital joined the rebound, providing a near-term tailwind for WDC. SanDisk Surges as Memory Stocks Rebound
• Positive Sentiment: Western Digital raised its quarterly dividend nearly 17% to $0.175 per share. The increase follows a strong fiscal first quarter, with revenue up 55% and adjusted earnings up 161% year over year. Western Digital Raises Its Dividend
• Neutral Sentiment: Cloud customers generated 88% of revenue, with cloud sales growing 54%. That reflects strong storage demand, but also leaves WDC particularly exposed to spending by a concentrated customer segment. Western Digital’s Cloud Revenue Share
• Negative Sentiment: A report on Jim Cramer’s comparison favored Micron over Western Digital, which may underscore competition for investor attention as AI-related memory demand attracts interest. Micron vs. Western Digital
• Negative Sentiment: A Western Digital director sold 18.7% of their stake under a preset plan. The planned nature of the sale may temper its significance, but insider selling can still draw investor notice. Western Digital Director Sells Shares

Western Digital Trading Up 2.6%

NASDAQ:WDC opened at $347.35 on Wednesday. The business’s 50-day moving average is $417.28 and its 200 day moving average is $418.03. Western Digital Corporation has a 12 month low of $132.43 and a 12 month high of $799.87. The company has a market capitalization of $130.02 billion, a P/E ratio of 13.48, a P/E/G ratio of 1.19 and a beta of 2.27.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Thursday, October 22nd. The data storage provider reported $4.64 earnings per share for the quarter, beating the consensus estimate of $4.11 by $0.53. Western Digital had a return on equity of 55.62% and a net margin of 69.20%. The business had revenue of $4.38 billion during the quarter, compared to analysts’ expectations of $4.14 billion. During the same quarter last year, the business posted $1.78 EPS. The firm’s revenue for the quarter was up 55.5% compared to the same quarter last year. On average, research analysts forecast that Western Digital Corporation will post 23.62 earnings per share for the current year.

Western Digital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Friday, December 4th will be given a dividend of $0.1750 per share. The ex-dividend date is Friday, December 4th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 0.2%. This is an increase from Western Digital’s previous quarterly dividend of $0.15. Western Digital’s dividend payout ratio is currently 2.33%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on WDC shares. Wall Street Zen lowered shares of Western Digital from a “strong-buy” rating to a “buy” rating in a report on Saturday. Citigroup lowered their target price on shares of Western Digital from $740.00 to $660.00 and set a “buy” rating on the stock in a report on Friday, October 23rd. Rosenblatt Securities dropped their target price on shares of Western Digital from $800.00 to $650.00 and set a “buy” rating for the company in a research report on Friday, October 23rd. Wells Fargo & Company dropped their target price on shares of Western Digital from $730.00 to $450.00 and set an “overweight” rating for the company in a research report on Friday, October 16th. Finally, Robert W. Baird set a $900.00 target price on shares of Western Digital in a research note on Friday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $591.04.

Insider Activity

In related news, insider Vidyadhara Gubbi sold 1,795 shares of the firm’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $459.87, for a total value of $825,466.65. Following the completion of the transaction, the insider directly owned 80,571 shares of the company’s stock, valued at approximately $37,052,185.77. This trade represents a 2.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Irving Tan sold 20,000 shares of the firm’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $444.97, for a total transaction of $8,899,400.00. Following the completion of the transaction, the chief executive officer directly owned 575,966 shares of the company’s stock, valued at approximately $256,287,591.02. This trade represents a 3.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 25,436 shares of company stock worth $11,340,064. 0.20% of the stock is currently owned by insiders.

Western Digital Profile

Western Digital Corporation (NASDAQ: WDC) is a data storage technology company that develops and manufactures hard disk drives (HDDs) and related storage solutions. Its products are used in data centers, cloud infrastructure, enterprise systems, personal computers, gaming platforms and external storage devices.

The company offers HDD-based products for business and consumer applications, including high-capacity drives designed for hyperscale and cloud data centers, enterprise storage environments, network-attached storage systems and personal computing.