Twin Tree Management LP Makes New $3.60 Million Investment in Western Digital Corporation $WDC

Key Points

• Twin Tree Management initiated a $3.60 million position in Western Digital during the second quarter, joining several other hedge funds that also bought shares. Institutional investors collectively own 92.51% of the company.
• Western Digital reported quarterly earnings of $3.56 per share, beating estimates of $3.31, while revenue rose 43.8% year over year to $3.75 billion. The company guided to fiscal Q1 2027 EPS of $3.85–$4.15.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $534.56. However, company insiders sold about $11.45 million of shares over the past 90 days, and the stock opened at $459.44, down 2.0%.

Twin Tree Management LP acquired a new position in shares of Western Digital Corporation (NASDAQ:WDC - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,642 shares of the data storage provider's stock, valued at approximately $3,604,000.

Several other hedge funds also recently modified their holdings of the stock. Clear Harbor Asset Management LLC acquired a new stake in shares of Western Digital in the second quarter valued at about $2,061,000. Compass Financial Management LLC bought a new stake in Western Digital during the second quarter worth about $756,000. Elevation Point Wealth Partners LLC acquired a new position in Western Digital during the second quarter valued at approximately $27,269,000. Greenland Capital Management LP acquired a new position in Western Digital during the second quarter valued at approximately $505,000. Finally, Alta Advisers Ltd bought a new position in Western Digital in the second quarter valued at approximately $11,735,000. Institutional investors own 92.51% of the company's stock.

Insider Activity at Western Digital

In other news, 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 value of $8,899,400.00. Following the transaction, the chief executive officer directly owned 575,966 shares of the company's stock, valued at $256,287,591.02. This represents a 3.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Cynthia L. Tregillis sold 808 shares of the firm's stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $529.63, for a total transaction of $427,941.04. Following the sale, the insider owned 114,539 shares of the company's stock, valued at approximately $60,663,290.57. This represents a 0.70% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 24,679 shares of company stock valued at $11,451,605 in the last ninety days. Company insiders own 0.18% of the company's stock.

Wall Street Analyst Weigh In

WDC has been the topic of several recent analyst reports. TD Cowen boosted their price target on Western Digital from $500.00 to $540.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Summit Insights downgraded Western Digital from a "buy" rating to a "hold" rating in a report on Thursday, August 6th. Robert W. Baird set a $630.00 target price on shares of Western Digital in a research note on Thursday, August 6th. 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. Finally, Jefferies Financial Group set a $575.00 price target on shares of Western Digital in a research report on Tuesday, May 26th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $534.56.

Western Digital Trading Down 2.0%

Shares of NASDAQ WDC opened at $459.44 on Friday. Western Digital Corporation has a 12 month low of $74.57 and a 12 month high of $799.87. The stock has a 50 day moving average of $552.24 and a 200-day moving average of $433.31. The company has a market capitalization of $158.36 billion, a P/E ratio of 18.98 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 for the quarter, topping analysts' consensus estimates of $3.31 by $0.25. Western Digital had a return on equity of 48.15% and a net margin of 72.95%.The business had revenue of $3.75 billion for the quarter, compared to analyst estimates of $3.70 billion. During the same period in the previous year, the firm earned $1.66 EPS. The firm's revenue was up 43.8% compared to the same quarter last year. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. Analysts predict that Western Digital Corporation will post 19.65 EPS for the current fiscal year.

Western Digital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Tuesday, September 8th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. The ex-dividend date is Tuesday, September 8th. Western Digital's payout ratio is currently 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.

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