Crossmark Global Holdings Inc. Reduces Stock Position in Western Digital Corporation $WDC

Key Points

• Crossmark Global Holdings cut its Western Digital stake by 30.2% in the fourth quarter, selling 65,515 shares and ending with 151,757 shares worth about $26.1 million.
• Wall Street sentiment remains bullish on Western Digital, with multiple analysts raising price targets and the stock carrying a Moderate Buy consensus rating and $395.83 average target.
• Western Digital reported strong quarterly results, beating EPS and revenue estimates, and it also raised its quarterly dividend from $0.13 to $0.15 per share.

Crossmark Global Holdings Inc. decreased its stake in shares of Western Digital Corporation (NASDAQ:WDC - Free Report) by 30.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 151,757 shares of the data storage provider's stock after selling 65,515 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in Western Digital were worth $26,143,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. ORG Partners LLC grew its holdings in Western Digital by 124.5% in the 3rd quarter. ORG Partners LLC now owns 211 shares of the data storage provider's stock valued at $25,000 after buying an additional 117 shares in the last quarter. Rakuten Securities Inc. raised its holdings in shares of Western Digital by 4,070.0% during the 2nd quarter. Rakuten Securities Inc. now owns 417 shares of the data storage provider's stock worth $27,000 after acquiring an additional 407 shares during the period. Cullen Frost Bankers Inc. boosted its position in shares of Western Digital by 551.4% during the 3rd quarter. Cullen Frost Bankers Inc. now owns 241 shares of the data storage provider's stock valued at $29,000 after acquiring an additional 204 shares during the last quarter. Westfuller Advisors LLC acquired a new position in shares of Western Digital during the 3rd quarter valued at about $30,000. Finally, Avion Wealth grew its holdings in shares of Western Digital by 163.8% in the fourth quarter. Avion Wealth now owns 182 shares of the data storage provider's stock valued at $31,000 after purchasing an additional 113 shares during the period. Institutional investors and hedge funds own 92.51% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Cantor Fitzgerald raised their price target on shares of Western Digital to $660.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. Robert W. Baird upped their price objective on Western Digital from $310.00 to $450.00 and gave the company an "outperform" rating in a report on Monday, May 4th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $400.00 price objective on shares of Western Digital in a research report on Friday, May 1st. TD Cowen lifted their target price on Western Digital from $325.00 to $500.00 and gave the company a "buy" rating in a research report on Friday, May 1st. Finally, Morgan Stanley reaffirmed an "overweight" rating and issued a $488.00 price target on shares of Western Digital in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $395.83.

Western Digital Price Performance

WDC opened at $480.09 on Friday. Western Digital Corporation has a 12 month low of $43.88 and a 12 month high of $483.87. The stock has a market capitalization of $165.48 billion, a price-to-earnings ratio of 28.66, a PEG ratio of 0.87 and a beta of 2.10. The business has a fifty day moving average price of $325.84 and a 200 day moving average price of $242.16.

Western Digital (NASDAQ:WDC - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The data storage provider reported $2.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.39 by $0.33. The company had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.25 billion. Western Digital had a return on equity of 42.95% and a net margin of 55.29%.Western Digital's revenue for the quarter was up 45.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.36 EPS. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. On average, research analysts anticipate that Western Digital Corporation will post 9.57 earnings per share for the current year.

Western Digital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Friday, June 5th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.1%. This is a positive change from Western Digital's previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, June 5th. Western Digital's dividend payout ratio is 2.99%.

Western Digital News Roundup

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

• Positive Sentiment: Wall Street analysts remain upbeat on Western Digital, with firms lifting price targets and Zacks upgrading the stock to Strong Buy, signaling rising confidence in demand trends and earnings momentum. Zacks Research upgrade
• Positive Sentiment: Coverage is highlighting Western Digital as a beneficiary of the AI memory and data-center storage supercycle, with demand for high-capacity storage solutions expected to stay elevated. Motley Fool article
• Positive Sentiment: The company’s recent earnings beat, raised guidance, and multiple target increases from analysts continue to support the stock’s sharp year-to-date gain and keep momentum investors engaged. Yahoo Finance article
• Neutral Sentiment: Western Digital also announced progress on simplifying its structure by unwinding its remaining Sandisk stake through share swaps and future distributions, which may help investors better value WDC as a more focused storage pure play. Yahoo Finance share swap article

Insider Buying and Selling

In other Western Digital news, CEO Irving Tan sold 20,000 shares of the business's stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $411.84, for a total transaction of $8,236,800.00. Following the completion of the transaction, the chief executive officer owned 598,150 shares in the company, valued at $246,342,096. The trade was a 3.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Cynthia L. Tregillis sold 9,324 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $268.27, for a total transaction of $2,501,349.48. Following the completion of the sale, the insider directly owned 121,682 shares in the company, valued at approximately $32,643,630.14. This represents a 7.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 53,679 shares of company stock worth $18,049,314 over the last 90 days. 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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