Western Digital Corporation $WDC is Alta Park Capital LP's Largest Position

Alta Park Capital LP decreased its position in Western Digital Corporation (NASDAQ:WDC - Free Report) by 16.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 393,479 shares of the data storage provider's stock after selling 77,421 shares during the period. Western Digital accounts for approximately 8.2% of Alta Park Capital LP's investment portfolio, making the stock its largest position. Alta Park Capital LP owned 0.12% of Western Digital worth $67,785,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Alps Advisors Inc. grew its stake in shares of Western Digital by 0.8% in the 4th quarter. Alps Advisors Inc. now owns 4,707 shares of the data storage provider's stock valued at $811,000 after buying an additional 37 shares during the period. Quadcap Wealth Management LLC grew its stake in shares of Western Digital by 2.1% in the 4th quarter. Quadcap Wealth Management LLC now owns 2,007 shares of the data storage provider's stock valued at $346,000 after buying an additional 41 shares during the period. Moss Adams Wealth Advisors LLC grew its stake in shares of Western Digital by 2.6% in the 4th quarter. Moss Adams Wealth Advisors LLC now owns 1,982 shares of the data storage provider's stock valued at $341,000 after buying an additional 51 shares during the period. Bogart Wealth LLC grew its stake in shares of Western Digital by 19.4% in the 4th quarter. Bogart Wealth LLC now owns 369 shares of the data storage provider's stock valued at $64,000 after buying an additional 60 shares during the period. Finally, CYBER HORNET ETFs LLC boosted its position in shares of Western Digital by 7.2% during the 4th quarter. CYBER HORNET ETFs LLC now owns 889 shares of the data storage provider's stock worth $153,000 after purchasing an additional 60 shares during the period. Hedge funds and other institutional investors own 92.51% of the company's stock.

Insider Activity

In other news, insider Cynthia L. Tregillis sold 432 shares of the firm's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $545.60, for a total value of $235,699.20. Following the sale, the insider directly owned 116,643 shares in the company, valued at approximately $63,640,420.80. This trade represents a 0.37% decrease in their position. 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, Director Bruce E. Kiddoo sold 750 shares of the firm's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $528.52, for a total transaction of $396,390.00. Following the completion of the sale, the director owned 3,903 shares in the company, valued at $2,062,813.56. The trade was a 16.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 29,322 shares of company stock valued at $12,768,550 over the last quarter. Company insiders own 0.18% of the company's stock.

Key Headlines Impacting Western Digital

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

• Positive Sentiment: Morgan Stanley boosted its outlook on Western Digital, lifting its price target and reinforcing a bullish view on HDD demand and the company’s HAMR roadmap, which helped push the shares to new highs. Western Digital Stock Just Hit a New All-Time High. Here's Why.
• Positive Sentiment: Several articles point to surging AI infrastructure spending and cloud storage demand as the main catalyst, with Western Digital increasingly viewed as a beneficiary of the AI trade. Western Digital stock jumps as AI trade reignites
• Positive Sentiment: Recent coverage says earnings are nearly doubling on AI and cloud demand, while estimates continue to move higher, supporting momentum-trader interest in WDC. Western Digital (WDC) Moves 4.2% Higher: Will This Strength Last?
• Neutral Sentiment: Investors are also watching the June 22 SanDisk-related catalyst, which could influence sentiment but is not yet a confirmed financial event. Dear Western Digital Stock Fans, Mark Your Calendars for June 22
• Negative Sentiment: Some commentary warns the rally may have run ahead of fundamentals and could be due for a near-term pullback after the stock’s massive year-to-date run. Western Digital stock looks ripe for a near-term pullback: find out more

Analysts Set New Price Targets

A number of research firms recently weighed in on WDC. Mizuho increased their price objective on shares of Western Digital from $550.00 to $685.00 and gave the stock an "outperform" rating in a research report on Monday, June 8th. Sanford C. Bernstein raised shares of Western Digital from a "market perform" rating to an "outperform" rating and set a $340.00 price objective for the company in a research report on Tuesday, March 31st. Wells Fargo & Company increased their price objective on shares of Western Digital from $500.00 to $575.00 and gave the stock an "overweight" rating in a research report on Monday, June 1st. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $400.00 price objective on shares of Western Digital in a research report on Friday, May 1st. Finally, Barclays increased their price objective on shares of Western Digital from $450.00 to $620.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Western Digital has an average rating of "Moderate Buy" and a consensus target price of $450.46.

Western Digital Stock Up 4.6%

Western Digital stock opened at $712.13 on Thursday. Western Digital Corporation has a 52-week low of $58.53 and a 52-week high of $741.85. The company's 50 day moving average is $470.28 and its two-hundred day moving average is $320.11. The firm has a market cap of $245.46 billion, a PE ratio of 42.52 and a beta of 2.13.

Western Digital (NASDAQ:WDC - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The data storage provider reported $2.72 earnings per share for the quarter, beating analysts' consensus estimates of $2.39 by $0.33. Western Digital had a net margin of 55.29% and a return on equity of 42.95%. The business had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.25 billion. During the same period last year, the business earned $1.36 EPS. The company'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, equities research analysts anticipate that Western Digital Corporation will post 9.6 earnings per share for the current fiscal year.

Western Digital Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, June 5th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date was Friday, June 5th. This is a positive change from Western Digital's previous quarterly dividend of $0.13. Western Digital's dividend payout ratio (DPR) is 3.58%.

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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