Western Digital Corporation $WDC Shares Sold by Assetmark Inc.

Key Points

• Assetmark Inc. cut its stake in Western Digital by 11.4% in the first quarter, selling 30,898 shares and leaving it with 239,012 shares worth about $64.7 million.
• Western Digital reported better-than-expected earnings for the latest quarter, with EPS of $2.72 and revenue of $3.34 billion, both ahead of analyst estimates and up sharply year over year.
• Analysts remain generally constructive on the stock, with a Moderate Buy consensus and an average price target of $520.32, while the company also recently raised its quarterly dividend to $0.15 per share.

Assetmark Inc. decreased its position in Western Digital Corporation (NASDAQ:WDC - Free Report) by 11.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 239,012 shares of the data storage provider's stock after selling 30,898 shares during the quarter. Assetmark Inc. owned about 0.07% of Western Digital worth $64,650,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Western Digital by 7.7% in the 1st 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 purchasing an additional 3,019 shares during the period. Geneos Wealth Management Inc. increased its position in shares of 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 worth $56,000 after acquiring an additional 967 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Western Digital in the second quarter worth approximately $307,000. Cresset Asset Management LLC acquired a new stake in shares of Western Digital during the second quarter valued at approximately $292,000. Finally, Federated Hermes Inc. lifted its stake in Western Digital by 55.3% in the 2nd quarter. Federated Hermes Inc. now owns 2,374 shares of the data storage provider's stock worth $152,000 after acquiring an additional 845 shares in the last quarter. 92.51% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Western Digital news, CEO Irving Tan sold 20,000 shares of Western Digital stock in a transaction on Friday, May 1st. The stock was sold at an average price of $411.84, for a total value of $8,236,800.00. Following the completion of the transaction, the chief executive officer owned 598,150 shares in the company, valued at approximately $246,342,096. The trade was a 3.24% decrease in their position. The sale 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 Cynthia L. Tregillis sold 432 shares of the 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 completion of the transaction, the insider owned 116,643 shares in the company, valued at $63,640,420.80. The trade was a 0.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 29,322 shares of company stock valued at $12,768,550 in the last 90 days. Insiders own 0.18% of the company's stock.

Key Stories Impacting Western Digital

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

• Positive Sentiment: New coverage says Western Digital is well positioned to benefit from global AI infrastructure growth, with rising demand for advanced memory and storage supporting a stronger long-term revenue outlook. 4 Top-Ranked Memory Stocks to Buy as AI Infrastructure Expands Globally
• Positive Sentiment: Another report highlighted Western Digital as one of two smaller AI storage names that could benefit from expanding data center demand, citing improving margins and earnings growth potential. Everyone's Buying NVIDIA, but 2 Smaller AI Stocks Could Soar Higher
• Positive Sentiment: A separate Zacks piece argues AI data growth is accelerating HDD demand and that Western Digital’s focused strategy could help it capture hyperscale storage opportunities. AI Data Growth is Exploding: Can Western Digital Keep Up?
• Neutral Sentiment: Several market wrap-ups noted high volatility in tech and momentum stocks, which is adding noise to trading in Western Digital and other memory names. The Tech Shakeout: Market Extremes & Gavin Baker's Bold Call
• Neutral Sentiment: Wall Street commentary also flagged Western Digital as part of a broader AI-memory trade, with analysts still generally constructive but market sentiment swinging sharply day to day. Which Storage Stock Is Best Positioned to Win the AI Memory War?
• Negative Sentiment: Multiple reports said Western Digital fell alongside SanDisk and Micron as investors took profits in semiconductor and memory stocks, reflecting sector-wide rotation rather than company-specific trouble. Nasdaq Slips as Chip Stocks Come Under Pressure
• Negative Sentiment: Western Digital also faced a post-rally pullback as traders reassessed how durable the AI-driven storage boom will be ahead of the company’s next earnings report and guidance. Why Western Digital (WDC) Stock Is Down Today

Western Digital Trading Up 2.2%

WDC stock opened at $477.22 on Friday. Western Digital Corporation has a 1-year low of $66.04 and a 1-year high of $799.87. The firm has a market cap of $164.49 billion, a P/E ratio of 28.49 and a beta of 2.11. The business's 50 day moving average is $560.89 and its 200-day moving average is $384.59.

Western Digital (NASDAQ:WDC - Get Free Report) last posted its earnings results on Thursday, April 30th. The data storage provider reported $2.72 EPS for the quarter, topping the consensus estimate of $2.39 by $0.33. The business had revenue of $3.34 billion during the quarter, compared to the consensus estimate of $3.25 billion. Western Digital had a return on equity of 42.95% and a net margin of 55.29%.Western Digital's revenue was up 45.5% on a year-over-year basis. During the same quarter last year, the company earned $1.36 EPS. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. Sell-side analysts forecast that Western Digital Corporation will post 9.6 EPS for the current year.

Western Digital Increases Dividend

The firm also recently announced 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 annualized dividend and a dividend yield of 0.1%. The ex-dividend date of this dividend was Friday, June 5th. This is an increase from Western Digital's previous quarterly dividend of $0.12. Western Digital's dividend payout ratio (DPR) is presently 3.58%.

Analysts Set New Price Targets

A number of brokerages have issued reports on WDC. Fox Advisors lowered shares of Western Digital from an "overweight" rating to an "equal weight" rating in a research note on Monday, June 22nd. Jefferies Financial Group set a $575.00 price target on Western Digital in a research report on Tuesday, May 26th. UBS Group reiterated a "neutral" rating and set a $560.00 price target on shares of Western Digital in a report on Monday. Mizuho raised their price objective on shares of Western Digital from $550.00 to $685.00 and gave the stock an "outperform" rating in a research note on Monday, June 8th. Finally, TD Cowen raised their price objective on shares of Western Digital from $325.00 to $500.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, Western Digital currently has a consensus rating of "Moderate Buy" and a consensus target price of $520.32.

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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