Western Digital Corporation (NASDAQ:WDC – Get Free Report)’s share price traded up 2% during trading on Wednesday . The stock traded as high as $475.66 and last traded at $473.69. 4,990,529 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 8,587,012 shares. The stock had previously closed at $464.60.
Analysts Set New Price Targets
Several analysts have commented on the stock. Weiss Ratings cut shares of Western Digital from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 9th. JPMorgan Chase & Co. raised their target price on Western Digital from $530.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Mizuho set a $590.00 price target on Western Digital in a research note on Thursday, August 6th. Melius Research set a $1,050.00 price target on Western Digital and gave the stock a “buy” rating in a report on Monday, June 29th. Finally, Rosenblatt Securities lowered their price target on Western Digital from $900.00 to $800.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Western Digital presently has an average rating of “Moderate Buy” and a consensus target price of $534.56.
Check Out Our Latest Analysis on Western Digital
Western Digital Stock Up 2.0%
Western Digital (NASDAQ:WDC – Get Free Report) last announced its earnings results on Wednesday, August 5th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $0.25. Western Digital had a net margin of 72.95% and a return on equity of 48.15%. The business had revenue of $3.75 billion for the quarter, compared to analyst estimates of $3.70 billion. During the same quarter last year, the business earned $1.66 earnings per share. The company’s revenue for the quarter was up 43.8% compared to the same quarter last year. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. On average, sell-side analysts forecast that Western Digital Corporation will post 19.65 EPS for the current year.
Western Digital Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 17th. Shareholders of record on Tuesday, September 8th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.1%. The ex-dividend date was Tuesday, September 8th. Western Digital’s payout ratio is 2.48%.
Insider Buying and Selling at Western Digital
In related news, CEO Irving Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $444.97, for a total transaction of $8,899,400.00. Following the completion of the sale, the chief executive officer directly owned 575,966 shares in the company, valued at approximately $256,287,591.02. The trade was a 3.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Cynthia L. Tregillis sold 1,007 shares of the stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $478.36, for a total value of $481,708.52. Following the completion of the transaction, the insider directly owned 112,155 shares of the company’s stock, valued at approximately $53,650,465.80. This represents a 0.89% 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. Insiders sold 25,437 shares of company stock valued at $11,461,345 over the last quarter. 0.18% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Western Digital
A number of large investors have recently modified their holdings of WDC. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in Western Digital in the second quarter valued at $28,000. Dunhill Financial LLC purchased a new position in shares of Western Digital during the second quarter valued at approximately $29,000. Stonehage Fleming Financial Services Holdings Ltd purchased a new position in shares of Western Digital during the 2nd quarter worth $31,000. Valley Wealth Managers Inc. acquired a new stake in Western Digital in the 1st quarter worth about $32,000. Finally, Gables Capital Management Inc. purchased a new stake in Western Digital in the second quarter valued at approximately $32,000. Hedge funds and other institutional investors own 92.51% of the company’s stock.
Western Digital Company Profile
Western Digital Corporation (NASDAQ: WDC) develops, manufactures and sells data storage products and solutions for data centers, cloud service providers, enterprises, businesses and consumers. Its portfolio is centered on hard disk drives (HDDs), including high-capacity enterprise drives used in cloud and data center environments, as well as products for network-attached storage, surveillance and personal computing.
The company markets products under brands including Western Digital, WD, WD_BLACK and Ultrastar.
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