Wedbush Securities Inc. lessened its holdings in Western Digital Corporation (NASDAQ:WDC – Free Report) by 19.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 33,509 shares of the data storage provider’s stock after selling 7,972 shares during the quarter. Wedbush Securities Inc.’s holdings in Western Digital were worth $21,403,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of WDC. Norges Bank acquired a new stake in Western Digital during the 4th quarter valued at approximately $788,729,000. Northern Trust Corp raised its holdings in shares of Western Digital by 11.2% during the third quarter. Northern Trust Corp now owns 3,805,463 shares of the data storage provider’s stock worth $456,884,000 after purchasing an additional 384,103 shares during the last quarter. Soroban Capital Partners LP raised its holdings in shares of Western Digital by 1,926.3% during the second quarter. Soroban Capital Partners LP now owns 3,061,134 shares of the data storage provider’s stock worth $195,882,000 after purchasing an additional 2,910,062 shares during the last quarter. AQR Capital Management LLC lifted its position in Western Digital by 70.4% during the fourth quarter. AQR Capital Management LLC now owns 2,972,703 shares of the data storage provider’s stock valued at $512,107,000 after purchasing an additional 1,228,661 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Western Digital by 6.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,809,409 shares of the data storage provider’s stock valued at $483,977,000 after purchasing an additional 159,167 shares during the last quarter. 92.51% of the stock is owned by hedge funds and other institutional investors.
Western Digital Stock Down 0.6%
WDC stock opened at $459.45 on Friday. Western Digital Corporation has a 52-week low of $77.90 and a 52-week high of $799.87. The firm has a market cap of $158.36 billion, a P/E ratio of 18.98 and a beta of 2.14. The company’s 50-day simple moving average is $526.99 and its 200-day simple moving average is $439.63.
Western Digital Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Tuesday, September 8th will be given a $0.15 dividend. The ex-dividend date is Tuesday, September 8th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.1%. Western Digital’s payout ratio is 2.48%.
Western Digital News Summary
Here are the key news stories impacting Western Digital this week:
- Positive Sentiment: Western Digital’s long-term outlook remains supported by demand for AI infrastructure, cloud computing, enterprise storage, automotive systems and other data-intensive applications. Analysts at Zacks continue to identify WDC as a potential beneficiary of strong memory and storage demand, particularly following Nvidia’s solid results. 4 High-Flying Memory and Storage Giants
- Positive Sentiment: The company’s latest quarterly results provide fundamental support: revenue rose 43.8% year over year to $3.75 billion, while earnings of $3.56 per share exceeded expectations. Guidance for $3.85 to $4.15 in next-quarter EPS also remains constructive.
- Positive Sentiment: Wall Street’s consensus remains bullish, with a “Moderate Buy” rating and an average price target above the current trading level. Several firms have cited continued AI and storage demand as reasons for further upside. Wall Street’s Bullish Views on WDC
- Neutral Sentiment: Insider Cynthia Tregillis sold a small portion of her holdings under a pre-arranged Rule 10b5-1 trading plan. The transactions modestly reduce her position but do not necessarily signal deteriorating confidence. Cynthia Tregillis Insider Transactions
- Negative Sentiment: Memory and storage stocks sold off even after Nvidia reported strong results, suggesting investors are taking profits from an extended AI trade and differentiating among suppliers. Western Digital’s underperformance versus peers has amplified concern that expectations or valuation may have become too aggressive. Why Memory Stocks Fell Despite Nvidia’s Results
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on WDC. Citigroup cut their price target on Western Digital from $800.00 to $740.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Bank of America upped their target price on Western Digital from $610.00 to $732.00 and gave the stock a “buy” rating in a research note on Wednesday, July 1st. Summit Insights lowered Western Digital from a “buy” rating to a “hold” rating in a report on Thursday, August 6th. UBS Group reduced their price target on Western Digital from $560.00 to $525.00 and set a “neutral” rating for the company in a research report on Thursday, August 6th. Finally, Melius Research set a $1,050.00 price target on Western Digital and gave the company a “buy” rating in a report on Monday, June 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $534.56.
View Our Latest Stock Analysis on WDC
Insider Activity
In related news, insider Vidyadhara K. Gubbi sold 2,475 shares of Western Digital stock in a transaction on Monday, June 1st. The shares were sold at an average price of $556.24, for a total value of $1,376,694.00. Following the sale, the insider owned 85,154 shares of the company’s stock, valued at approximately $47,366,060.96. This trade represents a 2.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Cynthia L. Tregillis sold 1,007 shares of the business’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $478.36, for a total transaction of $481,708.52. Following the completion of the sale, the insider directly owned 112,155 shares of the company’s stock, valued at approximately $53,650,465.80. The trade was a 0.89% decrease in their position. 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. Insiders sold 26,117 shares of company stock worth $12,053,353 over the last three months. 0.18% of the stock is currently owned by corporate insiders.
Western Digital 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.
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