Proficio Capital Partners LLC Acquires Shares of 2,874 Western Digital Corporation $WDC

Key Points

• Proficio Capital Partners opened a position in Western Digital during the second quarter, purchasing 2,874 shares valued at approximately $1.84 million. Institutional investors collectively own 92.51% of the company.
• Western Digital insiders sold 23,642 shares worth about $10.7 million over the past three months, including 20,000 shares sold by CEO Irving Tan under a pre-arranged trading plan.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $534.56. The company recently beat quarterly earnings and revenue estimates, reporting $3.56 EPS and $3.75 billion in revenue, while declaring a quarterly dividend of $0.15 per share.

Proficio Capital Partners LLC acquired a new position in shares of Western Digital Corporation (NASDAQ:WDC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 2,874 shares of the data storage provider's stock, valued at approximately $1,836,000.

Several other hedge funds and other institutional investors also recently modified their holdings of WDC. Rakuten Securities Inc. raised its stake in shares of Western Digital by 4,070.0% in the 2nd quarter. Rakuten Securities Inc. now owns 417 shares of the data storage provider's stock valued at $27,000 after purchasing an additional 407 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC acquired a new position in Western Digital in the second quarter worth about $28,000. Dunhill Financial LLC acquired a new position in Western Digital in the second quarter worth about $29,000. Stonehage Fleming Financial Services Holdings Ltd bought a new stake in Western Digital in the second quarter valued at about $31,000. Finally, Valley Wealth Managers Inc. bought a new stake in Western Digital in the first quarter valued at about $32,000. Institutional investors own 92.51% of the company's stock.

Insider Buying and Selling at Western Digital

In related news, insider Cynthia L. Tregillis sold 1,007 shares of the company's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $478.36, for a total value of $481,708.52. Following the completion of the sale, the insider owned 112,155 shares of the company's stock, valued at $53,650,465.80. This represents a 0.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Irving Tan sold 20,000 shares of the 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 of the company's stock, valued at $256,287,591.02. This represents 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 three months, insiders sold 23,642 shares of company stock valued at $10,676,659. Company insiders own 0.18% of the company's stock.

Wall Street Analysts Forecast Growth

WDC has been the topic of a number of research analyst reports. Susquehanna increased their target price on Western Digital from $360.00 to $500.00 and gave the stock a "neutral" rating in a report on Wednesday, July 8th. Bank of America raised their price objective on Western Digital from $610.00 to $732.00 and gave the stock a "buy" rating in a research note on Wednesday, July 1st. Jefferies Financial Group set a $575.00 target price on shares of Western Digital in a research note on Tuesday, May 26th. UBS Group dropped their target price on shares of Western Digital from $560.00 to $525.00 and set a "neutral" rating on the stock in a report on Thursday, August 6th. Finally, Zacks Research upgraded shares of Western Digital from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Western Digital currently has a consensus rating of "Moderate Buy" and a consensus price target of $534.56.

Western Digital Stock Down 1.9%

WDC stock opened at $450.55 on Tuesday. Western Digital Corporation has a fifty-two week low of $77.90 and a fifty-two week high of $799.87. The firm's 50-day simple moving average is $521.35 and its 200 day simple moving average is $442.03. The stock has a market cap of $155.30 billion, a PE ratio of 18.61 and a beta of 2.14.

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

Western Digital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Tuesday, September 8th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date is Tuesday, September 8th. Western Digital's payout ratio is 2.48%.

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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