Algert Global LLC purchased a new position in Western Digital Corporation (NASDAQ:WDC - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,875 shares of the data storage provider's stock, valued at approximately $5,030,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Western Digital during the 4th quarter valued at $788,729,000. Northern Trust Corp lifted its position in Western Digital by 11.2% during the 3rd quarter. Northern Trust Corp now owns 3,805,463 shares of the data storage provider's stock valued at $456,884,000 after acquiring an additional 384,103 shares during the period. Soroban Capital Partners LP lifted its position in Western Digital by 1,926.3% during the 2nd quarter. Soroban Capital Partners LP now owns 3,061,134 shares of the data storage provider's stock valued at $195,882,000 after acquiring an additional 2,910,062 shares during the period. AQR Capital Management LLC boosted its stake 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 worth $512,107,000 after acquiring an additional 1,228,661 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew 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 worth $483,977,000 after purchasing an additional 159,167 shares during the period. 92.51% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of equities analysts have weighed in on the stock. Zacks Research raised shares of Western Digital from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 6th. 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 note on Friday, August 7th. Melius Research set a $1,050.00 price objective on Western Digital and gave the company a "buy" rating in a research report on Monday, June 29th. JPMorgan Chase & Co. lifted their price objective on Western Digital from $530.00 to $650.00 and gave the company an "overweight" rating in a research note on Friday, June 12th. Finally, Cantor Fitzgerald increased their target price on Western Digital from $660.00 to $900.00 and gave the stock an "overweight" rating in a research note on Monday, June 29th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $534.56.
Check Out Our Latest Stock Analysis on Western Digital
Western Digital Stock Down 1.5%
Shares of NASDAQ WDC opened at $462.00 on Friday. The firm has a market cap of $159.24 billion, a P/E ratio of 19.08 and a beta of 2.14. Western Digital Corporation has a twelve month low of $77.90 and a twelve month high of $799.87. The company has a 50 day moving average of $532.72 and a 200 day moving average of $439.49.
Western Digital (NASDAQ:WDC - Get Free Report) last posted its earnings results on Wednesday, August 5th. The data storage provider reported $3.56 EPS for the quarter, topping analysts' consensus estimates of $3.31 by $0.25. Western Digital had a return on equity of 48.15% and a net margin of 72.95%.The business had revenue of $3.75 billion during the quarter, compared to analyst estimates of $3.70 billion. During the same quarter last year, the company earned $1.66 EPS. The company's quarterly revenue 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. As a group, equities analysts expect that Western Digital Corporation will post 19.65 earnings per share for the current fiscal year.
Western Digital Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Tuesday, September 8th will be issued a $0.15 dividend. The ex-dividend date is Tuesday, September 8th. This represents a $0.60 annualized dividend and a yield of 0.1%. Western Digital's dividend payout ratio (DPR) is currently 2.48%.
Key Western Digital News
Here are the key news stories impacting Western Digital this week:
- Positive Sentiment: Western Digital’s AI- and cloud-storage growth thesis remains intact. Industry momentum from AI infrastructure, cloud computing, the Internet of Things and automotive applications is supporting expectations for continued demand. 3 Storage Devices Stocks to Buy as the Industry Gains Momentum
- Positive Sentiment: A recent exchange of approximately $191 million of 3% convertible notes due 2028 is viewed as constructive liability management because it can reduce debt, although issuing shares may create some dilution. What’s Going on With Western Digital Stock on Wednesday?
- Positive Sentiment: Western Digital recently reported revenue growth of 44% year over year to $3.75 billion and earnings of $3.56 per share, exceeding estimates. Its next-quarter earnings guidance of $3.85 to $4.15 per share also supports the bullish fundamental case.
- Positive Sentiment: Technical and analyst indicators remain favorable: a recent hammer chart pattern suggested potential support, while upward earnings-estimate revisions and a bullish Wall Street consensus point to possible longer-term recovery. Western Digital May Find a Bottom Soon
Insiders Place Their Bets
In other news, insider Cynthia L. Tregillis sold 1,007 shares of the firm's stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $478.36, for a total value of $481,708.52. Following the transaction, the insider directly owned 112,155 shares in the company, valued at $53,650,465.80. This trade represents a 0.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Irving Tan sold 20,000 shares of Western Digital stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $444.97, for a total value of $8,899,400.00. Following the completion of the sale, the chief executive officer directly owned 575,966 shares of the company's stock, valued at $256,287,591.02. The trade was a 3.36% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 26,117 shares of company stock valued at $12,053,353. Company insiders own 0.18% of the company's stock.
Western Digital Company Profile
(
Free Report)
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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