NorthCrest Asset Manangement LLC Makes New Investment in Western Digital Corporation $WDC

Key Points

• NorthCrest Asset Management LLC acquired 4,265 shares of Western Digital Corporation, valued at approximately $282,000, during Q2, highlighting increased interest from institutional investors in the stock.
• Western Digital has achieved a 30.0% year-over-year revenue growth in its latest quarterly earnings report, surpassing analysts' expectations with revenue of $2.61 billion.
• Seventeen research analysts have rated Western Digital as a Buy, indicating strong confidence in the stock's future performance, alongside a consensus price target of $88.68.

NorthCrest Asset Manangement LLC acquired a new stake in shares of Western Digital Corporation (NASDAQ:WDC - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 4,265 shares of the data storage provider's stock, valued at approximately $282,000.

A number of other institutional investors also recently added to or reduced their stakes in WDC. Zions Bancorporation National Association UT bought a new position in shares of Western Digital in the first quarter valued at about $29,000. Allworth Financial LP grew its stake in shares of Western Digital by 34.1% during the first quarter. Allworth Financial LP now owns 955 shares of the data storage provider's stock valued at $38,000 after purchasing an additional 243 shares during the last quarter. MorganRosel Wealth Management LLC acquired a new stake in shares of Western Digital in the first quarter valued at approximately $40,000. Whittier Trust Co. of Nevada Inc. raised its position in Western Digital by 242.2% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,208 shares of the data storage provider's stock worth $49,000 after purchasing an additional 855 shares during the last quarter. Finally, Brooklyn Investment Group lifted its holdings in Western Digital by 91.2% during the 1st quarter. Brooklyn Investment Group now owns 1,279 shares of the data storage provider's stock worth $52,000 after buying an additional 610 shares in the last quarter. 92.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Western Digital

In related news, insider Cynthia L. Tregillis sold 14,067 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $74.78, for a total value of $1,051,930.26. Following the completion of the transaction, the insider directly owned 135,351 shares in the company, valued at $10,121,547.78. The trade was a 9.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Irving Tan sold 8,621 shares of the company's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $75.90, for a total value of $654,333.90. Following the completion of the sale, the chief executive officer owned 594,836 shares of the company's stock, valued at approximately $45,148,052.40. The trade was a 1.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 49,730 shares of company stock valued at $3,921,594. Insiders own 0.30% of the company's stock.

Western Digital Stock Performance

Shares of NASDAQ:WDC traded up $5.78 during midday trading on Monday, reaching $112.41. 9,679,566 shares of the company traded hands, compared to its average volume of 8,517,338. The firm's fifty day moving average price is $81.04 and its two-hundred day moving average price is $59.85. The firm has a market capitalization of $39.22 billion, a price-to-earnings ratio of 21.83, a price-to-earnings-growth ratio of 1.20 and a beta of 1.69. Western Digital Corporation has a 12 month low of $28.83 and a 12 month high of $112.83. The company has a quick ratio of 0.84, a current ratio of 1.08 and a debt-to-equity ratio of 0.47.

Western Digital (NASDAQ:WDC - Get Free Report) last posted its earnings results on Wednesday, July 30th. The data storage provider reported $1.66 EPS for the quarter, topping the consensus estimate of $1.48 by $0.18. The business had revenue of $2.61 billion during the quarter, compared to analysts' expectations of $2.45 billion. Western Digital had a return on equity of 24.93% and a net margin of 14.13%.The firm's revenue was up 30.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.44 earnings per share. Western Digital has set its Q1 2026 guidance at 1.540-1.690 EPS. On average, equities analysts expect that Western Digital Corporation will post 4.89 earnings per share for the current year.

Western Digital Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th were issued a $0.10 dividend. The ex-dividend date was Thursday, September 4th. This represents a $0.40 dividend on an annualized basis and a yield of 0.4%. Western Digital's dividend payout ratio is 7.77%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on WDC. Morgan Stanley boosted their target price on Western Digital from $92.00 to $99.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 3rd. Benchmark upped their price target on Western Digital from $85.00 to $115.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. TD Cowen lifted their price objective on shares of Western Digital from $58.00 to $90.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Bank of America boosted their price objective on shares of Western Digital from $100.00 to $123.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Finally, Sanford C. Bernstein upgraded Western Digital to a "hold" rating in a research note on Tuesday, September 16th. Seventeen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Western Digital has an average rating of "Moderate Buy" and a consensus target price of $88.68.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.