35,173 Shares in Western Digital Corporation $WDC Acquired by OP Asset Management Ltd

Key Points

• OP Asset Management disclosed a new first-quarter stake in Western Digital, buying 35,173 shares worth about $9.5 million.
• Western Digital has drawn bullish analyst attention, with multiple firms raising price targets and the stock holding a consensus rating of Moderate Buy and a target price of about $450.46.
• The company recently reported better-than-expected quarterly results, including $2.72 EPS and $3.34 billion in revenue, while also raising its quarterly dividend to $0.15 per share.

OP Asset Management Ltd purchased a new stake in Western Digital Corporation (NASDAQ:WDC - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 35,173 shares of the data storage provider's stock, valued at approximately $9,514,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Alps Advisors Inc. raised its position in Western Digital by 0.8% during the fourth quarter. Alps Advisors Inc. now owns 4,707 shares of the data storage provider's stock worth $811,000 after acquiring an additional 37 shares during the last quarter. Quadcap Wealth Management LLC lifted its holdings in shares of Western Digital by 2.1% in the fourth quarter. Quadcap Wealth Management LLC now owns 2,007 shares of the data storage provider's stock valued at $346,000 after purchasing an additional 41 shares in the last quarter. Moss Adams Wealth Advisors LLC grew its position in shares of Western Digital by 2.6% in the fourth quarter. Moss Adams Wealth Advisors LLC now owns 1,982 shares of the data storage provider's stock valued at $341,000 after purchasing an additional 51 shares during the last quarter. Bogart Wealth LLC increased its stake in shares of Western Digital by 19.4% during the 4th quarter. Bogart Wealth LLC now owns 369 shares of the data storage provider's stock worth $64,000 after purchasing an additional 60 shares in the last quarter. Finally, CYBER HORNET ETFs LLC increased its stake in shares of Western Digital by 7.2% during the 4th quarter. CYBER HORNET ETFs LLC now owns 889 shares of the data storage provider's stock worth $153,000 after purchasing an additional 60 shares in the last quarter. Institutional investors and hedge funds own 92.51% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on WDC. Evercore reissued an "outperform" rating and issued a $575.00 price target on shares of Western Digital in a report on Tuesday, May 26th. Robert W. Baird increased their price objective on Western Digital from $310.00 to $450.00 and gave the company an "outperform" rating in a research note on Monday, May 4th. Weiss Ratings raised shares of Western Digital from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 15th. JPMorgan Chase & Co. upped their target price on shares of Western Digital from $530.00 to $650.00 and gave the company an "overweight" rating in a report on Friday, June 12th. Finally, Cantor Fitzgerald raised their price target on shares of Western Digital to $660.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Western Digital presently has a consensus rating of "Moderate Buy" and a consensus target price of $450.46.

Western Digital Stock Up 4.9%

WDC stock opened at $675.39 on Friday. The stock has a market capitalization of $232.79 billion, a price-to-earnings ratio of 40.32 and a beta of 2.13. Western Digital Corporation has a 52-week low of $62.53 and a 52-week high of $799.87. The stock's fifty day simple moving average is $513.57 and its 200-day simple moving average is $342.93.

Western Digital (NASDAQ:WDC - Get Free Report) last released its earnings results on Thursday, April 30th. The data storage provider reported $2.72 EPS for the quarter, beating the consensus estimate of $2.39 by $0.33. Western Digital had a return on equity of 42.95% and a net margin of 55.29%.The firm had revenue of $3.34 billion during the quarter, compared to analyst estimates of $3.25 billion. During the same period in the prior year, the firm posted $1.36 earnings per share. The business's quarterly revenue was up 45.5% compared to the same quarter last year. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. As a group, analysts anticipate that Western Digital Corporation will post 9.58 earnings per share for the current fiscal year.

Western Digital Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, June 5th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.1%. This is an increase from Western Digital's previous quarterly dividend of $0.12. Western Digital's dividend payout ratio is currently 3.58%.

Western Digital News Summary

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

• Positive Sentiment: Micron’s strong quarter is being treated as a read-through for the entire memory/storage group, with investors betting that AI infrastructure demand will keep Western Digital’s business environment favorable. Western Digital Stock And Seagate Get Boost From Big Micron Earnings Beat
• Positive Sentiment: Reports highlighted that AI-related memory demand is outpacing supply, which could support better pricing and margins for Western Digital if current trends continue. AI boom keeps memory chip makers in sweet spot, says expert
• Positive Sentiment: Analysts and market commentators said Micron’s results helped “justify elevated valuations” across memory names, fueling a sector-wide rally that included Western Digital. Sandisk, Western Digital, and others soar as Micron results 'justify elevated valuations'
• Neutral Sentiment: Technical commentary noted a hammer pattern and improving earnings estimate revisions for WDC, which may be supporting bullish sentiment but is not a fundamental catalyst by itself. Here's Why Western Digital (WDC) Is a Great 'Buy the Bottom' Stock Now

Insider Activity at Western Digital

In related news, insider Vidyadhara K. Gubbi sold 4,674 shares of the company's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $443.19, for a total transaction of $2,071,470.06. Following the completion of the transaction, the insider owned 90,041 shares of the company's stock, valued at approximately $39,905,270.79. This represents a 4.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Irving Tan sold 20,000 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $411.84, for a total transaction of $8,236,800.00. Following the transaction, the chief executive officer directly owned 598,150 shares in the company, valued at approximately $246,342,096. This represents a 3.24% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 29,322 shares of company stock valued at $12,768,550. Insiders own 0.18% of the company's stock.

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.

Want to see what other hedge funds are holding WDC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Western Digital Corporation (NASDAQ:WDC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.