AXQ Capital LP Sells 11,166 Shares of Western Digital Corporation $WDC

Key Points

• AXQ Capital sharply reduced its Western Digital position by 73.7% in the second quarter, selling 11,166 shares and retaining 3,992 shares valued at approximately $2.55 million. Institutional investors collectively own 92.51% of WDC.
• Western Digital reported better-than-expected quarterly results, with EPS of $3.56 versus the $3.31 consensus and revenue of $3.75 billion. Revenue increased 43.8% year over year, and the company issued first-quarter 2027 EPS guidance of $3.85–$4.15.
• WDC shares opened at $441.57, down 1.6%, while analysts maintained a “Moderate Buy” consensus rating with an average price target of $534.56. The company also declared a $0.15 quarterly dividend, representing a 0.1% yield.

AXQ Capital LP lessened its holdings in Western Digital Corporation (NASDAQ:WDC - Free Report) by 73.7% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,992 shares of the data storage provider's stock after selling 11,166 shares during the quarter. AXQ Capital LP's holdings in Western Digital were worth $2,550,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of WDC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Western Digital by 7.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,988 shares of the data storage provider's stock valued at $1,698,000 after purchasing an additional 3,019 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in shares of Western Digital by 229.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,388 shares of the data storage provider's stock worth $56,000 after acquiring an additional 967 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in Western Digital during the second quarter valued at approximately $307,000. Cresset Asset Management LLC purchased a new stake in Western Digital during the second quarter valued at approximately $292,000. Finally, Federated Hermes Inc. boosted its stake in Western Digital by 55.3% in the second quarter. Federated Hermes Inc. now owns 2,374 shares of the data storage provider's stock valued at $152,000 after acquiring an additional 845 shares in the last quarter. Hedge funds and other institutional investors own 92.51% of the company's stock.

Western Digital Trading Down 1.6%

NASDAQ WDC opened at $441.57 on Friday. The stock has a market capitalization of $152.20 billion, a price-to-earnings ratio of 18.24, a PEG ratio of 1.90 and a beta of 2.13. The stock has a 50-day moving average of $508.41 and a 200 day moving average of $445.56. Western Digital Corporation has a twelve month low of $85.92 and a twelve month high of $799.87.

Western Digital (NASDAQ:WDC - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $0.25. The company had revenue of $3.75 billion for the quarter, compared to analysts' expectations of $3.70 billion. Western Digital had a return on equity of 48.15% and a net margin of 72.95%.Western Digital's revenue was up 43.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.66 EPS. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. Equities analysts predict that Western Digital Corporation will post 19.65 EPS for the current fiscal year.

Western Digital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Tuesday, September 8th will be 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 of this dividend is Tuesday, September 8th. Western Digital's dividend payout ratio is currently 2.48%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on WDC. Citigroup reduced 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. Barclays raised their price objective on Western Digital from $450.00 to $620.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 27th. Summit Insights lowered Western Digital from a "buy" rating to a "hold" rating in a research report on Thursday, August 6th. Fox Advisors cut Western Digital from an "overweight" rating to an "equal weight" rating in a research note on Monday, June 22nd. Finally, 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. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Western Digital has a consensus rating of "Moderate Buy" and an average price target of $534.56.

Insider Transactions at Western Digital

In other news, insider Cynthia L. Tregillis sold 1,007 shares of Western Digital 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 transaction, the insider owned 112,155 shares in the company, valued at $53,650,465.80. The trade was a 0.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Irving Tan sold 20,000 shares of the business's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $444.97, for a total transaction of $8,899,400.00. Following the completion of the transaction, the chief executive officer owned 575,966 shares in the company, valued at $256,287,591.02. The trade was a 3.36% 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. In the last quarter, insiders sold 23,210 shares of company stock valued at $10,440,960. 0.18% of the stock is owned by insiders.

Western Digital Company 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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