Edgestream Partners L.P. Sells 19,723 Shares of Western Digital Corporation $WDC

Key Points

• Edgestream Partners cut its Western Digital stake by 89.9%, selling 19,723 shares and retaining 2,217 shares worth approximately $600,000. Institutional investors overall own 92.51% of WDC.
• Western Digital insiders have also been selling shares, including director Bruce E. Kiddoo and insider Vidyadhara K. Gubbi; insiders sold 5,093 shares worth $2.75 million over the past quarter.
• Analysts remain broadly optimistic, with the stock carrying a consensus “Moderate Buy” rating, although upcoming earnings and elevated valuation could bring volatility. Key factors include AI-driven storage demand, margins and the durability of the AI-storage cycle.

Edgestream Partners L.P. cut its position in Western Digital Corporation (NASDAQ:WDC - Free Report) by 89.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,217 shares of the data storage provider's stock after selling 19,723 shares during the period. Edgestream Partners L.P.'s holdings in Western Digital were worth $600,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in WDC. Valley Wealth Managers Inc. bought a new stake in shares of Western Digital in the 1st quarter valued at $32,000. IMG Wealth Management Inc. lifted its holdings in Western Digital by 853.8% during the first quarter. IMG Wealth Management Inc. now owns 124 shares of the data storage provider's stock worth $34,000 after acquiring an additional 111 shares in the last quarter. Catalyst Capital Advisors LLC bought a new position in Western Digital during the first quarter worth about $35,000. Cornerstone Planning Group LLC grew its stake in Western Digital by 33.3% in the first quarter. Cornerstone Planning Group LLC now owns 132 shares of the data storage provider's stock valued at $36,000 after acquiring an additional 33 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC grew its stake in Western Digital by 80.2% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 146 shares of the data storage provider's stock valued at $39,000 after acquiring an additional 65 shares during the period. 92.51% of the stock is owned by institutional investors.

Insider Activity at Western Digital

In other Western Digital news, Director Bruce E. Kiddoo sold 750 shares of the firm's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $528.52, for a total value of $396,390.00. Following the completion of the transaction, the director directly owned 3,903 shares in the company, valued at $2,062,813.56. This trade represents a 16.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Vidyadhara K. Gubbi sold 2,475 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $556.24, for a total value of $1,376,694.00. Following the transaction, the insider directly owned 85,154 shares in the company, valued at $47,366,060.96. This trade represents a 2.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 5,093 shares of company stock valued at $2,751,337. 0.18% of the stock is owned by insiders.

Western Digital Price Performance

Western Digital stock opened at $548.56 on Wednesday. The firm has a 50-day moving average of $569.37 and a 200-day moving average of $413.52. Western Digital Corporation has a one year low of $73.14 and a one year high of $799.87. The company has a market cap of $189.08 billion, a price-to-earnings ratio of 32.75 and a beta of 2.14.

Key Stories Impacting Western Digital

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

• Positive Sentiment: Analysts remain broadly optimistic about Western Digital (WDC) after its substantial year-to-date rally. Coverage highlights strong earnings-surprise history, favorable ratings and price targets that generally point to additional upside, although expectations are elevated. Are Wall Street Analysts Predicting Western Digital Stock Will Climb or Sink?
• Positive Sentiment: Investors are looking for WDC to benefit from continued AI-related infrastructure investment and improving enterprise-storage demand. Strong results from rival Seagate have reinforced hopes that Western Digital could deliver a similarly positive earnings update. Should You Buy Western Digital Before Its Earnings Report?
• Neutral Sentiment: Multiple previews say the earnings release could either rekindle investor enthusiasm or trigger a sharp reaction, since the stock has already risen significantly. Key issues include management’s outlook for demand, gross margin expansion and the durability of the AI-storage cycle. Sandisk and Western Digital Are Set to Report Earnings Soon
• Negative Sentiment: Recent weakness across memory and storage stocks reflects profit-taking, valuation concerns and caution ahead of earnings. Investors are also monitoring competition in the memory market and broader semiconductor-sector volatility. Western Digital Slides as Investors Appear to De-Risk Ahead of Earnings
• Negative Sentiment: Reported insider-trading data shows substantial selling by company executives and other insiders over the past six months, with no reported open-market purchases. While such sales may reflect compensation or diversification, they could add to investor caution at elevated valuations.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. JPMorgan Chase & Co. raised their price target on Western Digital from $530.00 to $650.00 and gave the stock an "overweight" rating in a research report on Friday, June 12th. Susquehanna lifted their price objective on Western Digital from $360.00 to $500.00 and gave the company a "neutral" rating in a report on Wednesday, July 8th. Evercore reiterated an "outperform" rating and issued a $575.00 price objective on shares of Western Digital in a research report on Tuesday, May 26th. Bank of America increased their target price on Western Digital from $610.00 to $732.00 and gave the stock a "buy" rating in a research note on Wednesday, July 1st. Finally, Melius Research set a $1,050.00 target price on shares of 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 given a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $520.32.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source