Pier 88 Investment Partners LLC Buys Shares of 4,820 Western Digital Corporation $WDC

Key Points

• Pier 88 Investment Partners disclosed a new fourth-quarter stake in Western Digital, buying 4,820 shares valued at about $830,000.
• Western Digital reported better-than-expected quarterly results, with EPS of $2.72 versus $2.39 expected and revenue of $3.34 billion versus $3.25 billion estimated. The company also raised its quarterly dividend from $0.13 to $0.15 per share.
• Analysts remain broadly bullish on WDC, with several firms raising price targets and the stock trading sharply higher; the article notes a 7.5% gain and a consensus rating of Moderate Buy.

Pier 88 Investment Partners LLC bought a new stake in Western Digital Corporation (NASDAQ:WDC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,820 shares of the data storage provider's stock, valued at approximately $830,000.

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

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Mizuho set a $470.00 price objective on Western Digital in a research note on Friday, May 1st. Cantor Fitzgerald raised their price objective on Western Digital to $660.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Argus set a $300.00 price objective on Western Digital in a research note on Tuesday, February 3rd. Citigroup raised their price objective on Western Digital from $405.00 to $500.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. Finally, TD Cowen raised their price objective on Western Digital from $325.00 to $500.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $395.83.

Western Digital Trading Up 7.5%

NASDAQ:WDC opened at $515.83 on Tuesday. Western Digital Corporation has a 12-month low of $46.40 and a 12-month high of $525.15. The stock has a 50-day moving average price of $334.30 and a 200 day moving average price of $247.47. The stock has a market capitalization of $177.80 billion, a P/E ratio of 30.80 and a beta of 2.10.

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

Western Digital Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Friday, June 5th will be given a dividend of $0.15 per share. This is an increase from Western Digital's previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. The ex-dividend date is Friday, June 5th. Western Digital's dividend payout ratio (DPR) is 2.99%.

Trending Headlines about Western Digital

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

• Positive Sentiment: Western Digital reported better-than-expected Q3 results, with EPS of $2.72 versus $2.39 expected and revenue of $3.34 billion versus $3.25 billion estimated, while also boosting its dividend by 20%. Western Digital (WDC) Stock Soars to Record Peak on Stellar Q3 Results and Dividend Boost
• Positive Sentiment: Several reports said WDC is benefiting from surging AI infrastructure spending, which is increasing demand for high-capacity data center storage and memory chips. Western Digital rallies 7% amid AI surge in Micron and Sandisk
• Positive Sentiment: Analyst commentary highlighted Western Digital as a potential winner from continued hyperscaler AI spending, reinforcing the bullish memory-storage trade. Why These 3 High-Flying Memory & Storage Stocks Will Rise Further
• Neutral Sentiment: Short-interest data showed 0 shares reported as of May 11, which does not provide a meaningful signal for investors.
• Neutral Sentiment: Related coverage also noted strong momentum in SanDisk and the broader memory ETF, adding to sector enthusiasm rather than changing WDC-specific fundamentals. SanDisk's 4,000% Moonshot Just Made Its Parent The Underdog

Insider Buying and Selling

In related news, CEO Irving Tan sold 20,000 shares of the stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $411.84, for a total transaction of $8,236,800.00. Following the completion of the sale, the chief executive officer owned 598,150 shares in the company, valued at approximately $246,342,096. This trade represents a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Vidyadhara K. Gubbi sold 4,674 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $443.19, for a total value of $2,071,470.06. Following the sale, the insider owned 90,041 shares of the company's stock, valued at $39,905,270.79. This represents a 4.93% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 53,679 shares of company stock worth $18,049,314. 0.18% of the stock is owned by corporate insiders.

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.

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