State of Alaska Department of Revenue Has $3.15 Million Stake in Western Digital Corporation $WDC

Key Points

• The State of Alaska Department of Revenue increased its stake in Western Digital Corporation by 20.8% during Q2, now holding approximately $3.15 million worth of shares.
• Western Digital reported earnings of $1.66 per share, surpassing analyst expectations, and showed a 30% year-over-year revenue growth at $2.61 billion.
• Multiple analysts upgraded Western Digital's stock rating, with Morgan Stanley revising its price target to $99.00 and Bank of America increasing it to $141.00, reflecting positive market sentiment.

State of Alaska Department of Revenue lifted its holdings in shares of Western Digital Corporation (NASDAQ:WDC - Free Report) by 20.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,212 shares of the data storage provider's stock after purchasing an additional 8,460 shares during the quarter. State of Alaska Department of Revenue's holdings in Western Digital were worth $3,148,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of WDC. UMB Bank n.a. grew its stake in Western Digital by 6.2% in the second quarter. UMB Bank n.a. now owns 3,465 shares of the data storage provider's stock valued at $222,000 after purchasing an additional 202 shares in the last quarter. Allworth Financial LP raised its holdings in shares of Western Digital by 34.1% during the 1st quarter. Allworth Financial LP now owns 955 shares of the data storage provider's stock worth $38,000 after buying an additional 243 shares in the last quarter. Truvestments Capital LLC boosted its stake in shares of Western Digital by 11.7% during the first quarter. Truvestments Capital LLC now owns 2,483 shares of the data storage provider's stock valued at $100,000 after purchasing an additional 261 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its stake in shares of Western Digital by 4.5% during the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,080 shares of the data storage provider's stock valued at $246,000 after purchasing an additional 263 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Western Digital by 0.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,395 shares of the data storage provider's stock valued at $1,835,000 after buying an additional 264 shares during the last quarter. 92.51% of the stock is currently owned by institutional investors.

Western Digital Price Performance

Shares of WDC stock opened at $120.06 on Wednesday. The stock has a 50-day moving average price of $86.36 and a 200 day moving average price of $62.62. The company has a quick ratio of 0.84, a current ratio of 1.08 and a debt-to-equity ratio of 0.47. The firm has a market cap of $41.89 billion, a price-to-earnings ratio of 23.31, a PEG ratio of 1.00 and a beta of 1.69. Western Digital Corporation has a 12 month low of $28.83 and a 12 month high of $122.59.

Western Digital (NASDAQ:WDC - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The data storage provider reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.48 by $0.18. Western Digital had a return on equity of 24.93% and a net margin of 14.13%.The business had revenue of $2.61 billion for the quarter, compared to analysts' expectations of $2.45 billion. During the same quarter in the previous year, the business posted $1.44 EPS. Western Digital's revenue for the quarter was up 30.0% on a year-over-year basis. Western Digital has set its Q1 2026 guidance at 1.540-1.690 EPS. Research analysts expect that Western Digital Corporation will post 4.89 EPS for the current year.

Western Digital Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, September 4th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, September 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.3%. Western Digital's payout ratio is presently 7.77%.

Insiders Place Their Bets

In other Western Digital news, insider Vidyadhara K. Gubbi sold 11,343 shares of the company's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $90.29, for a total value of $1,024,159.47. Following the transaction, the insider directly owned 151,596 shares of the company's stock, valued at $13,687,602.84. This represents a 6.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Gene M. Zamiska sold 3,160 shares of the company's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $75.68, for a total value of $239,148.80. Following the sale, the senior vice president owned 31,560 shares of the company's stock, valued at approximately $2,388,460.80. The trade was a 9.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 49,730 shares of company stock valued at $3,921,594 over the last 90 days. 0.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on WDC. Morgan Stanley boosted their price objective on shares of Western Digital from $92.00 to $99.00 and gave the stock an "overweight" rating in a report on Wednesday, September 3rd. Bank of America boosted their target price on shares of Western Digital from $123.00 to $141.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. Zacks Research lowered Western Digital from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 12th. The Goldman Sachs Group initiated coverage on shares of Western Digital in a report on Thursday, July 10th. They issued a "neutral" rating and a $70.00 target price for the company. Finally, UBS Group upped their target price on shares of Western Digital from $45.00 to $75.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Seventeen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $91.47.

About Western Digital

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.

Want to see what other hedge funds are holding WDC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Western Digital Corporation (NASDAQ:WDC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.