Western Digital Corporation $WDC Shares Sold by Bank of America Corp DE

Key Points

• Bank of America cut its Western Digital position by 29.5%, selling 3.56 million shares, but still held 8.49 million shares worth approximately $2.30 billion, or 2.46% of the company.
• Western Digital reported quarterly earnings of $2.72 per share, beating estimates of $2.39, while revenue reached $3.34 billion and grew 45.5% year over year.
• Analysts remain broadly bullish, with a “Moderate Buy” consensus and an average price target of $520.32, although insiders have sold 9,767 shares worth about $4.8 million over the past 90 days.

Bank of America Corp DE reduced its position in shares of Western Digital Corporation (NASDAQ:WDC - Free Report) by 29.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,489,612 shares of the data storage provider's stock after selling 3,560,039 shares during the period. Bank of America Corp DE owned about 2.46% of Western Digital worth $2,296,355,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Western Digital during the 4th quarter worth about $788,729,000. Soroban Capital Partners LP grew its position in Western Digital by 1,926.3% in the 2nd quarter. Soroban Capital Partners LP now owns 3,061,134 shares of the data storage provider's stock valued at $195,882,000 after acquiring an additional 2,910,062 shares in the last quarter. Polar Capital Holdings Plc acquired a new position in Western Digital in the 3rd quarter valued at about $221,800,000. Value Aligned Research Advisors LLC acquired a new position in shares of Western Digital in the first quarter valued at approximately $350,403,000. Finally, National Pension Service grew its holdings in shares of Western Digital by 267.6% in the fourth quarter. National Pension Service now owns 1,691,659 shares of the data storage provider's stock valued at $291,422,000 after purchasing an additional 1,231,477 shares in the last quarter. 92.51% of the stock is owned by institutional investors and hedge funds.

Western Digital Trading Up 15.4%

Shares of WDC stock opened at $533.04 on Friday. The firm has a fifty day moving average price of $566.82 and a 200 day moving average price of $406.62. The company has a market cap of $183.73 billion, a P/E ratio of 31.82 and a beta of 2.11. Western Digital Corporation has a 12 month low of $73.14 and a 12 month high of $799.87.

Western Digital (NASDAQ:WDC - Get Free Report) last posted its quarterly earnings results 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. The company had revenue of $3.34 billion for the quarter, compared to analysts' expectations of $3.25 billion. Western Digital had a return on equity of 42.95% and a net margin of 55.29%.Western Digital's quarterly revenue was up 45.5% on a year-over-year basis. During the same period last year, the firm earned $1.36 earnings per share. On average, equities analysts forecast that Western Digital Corporation will post 9.61 EPS for the current year.

Insider Activity

In other news, insider Cynthia L. Tregillis sold 808 shares of Western Digital 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 in the company, valued at approximately $60,663,290.57. The trade was a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Vidyadhara K. Gubbi sold 4,674 shares of the business's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $443.19, for a total value of $2,071,470.06. Following the completion of the sale, the insider directly owned 90,041 shares of the company's stock, valued at $39,905,270.79. The trade was a 4.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 9,767 shares of company stock worth $4,822,807. 0.18% of the stock is currently owned by insiders.

Western Digital News Summary

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

• Positive Sentiment: Memory stocks rallied across the market, with the Roundhill Memory ETF and semiconductor indexes also advancing. Western Digital participated in the sector-wide rebound as investors returned to AI and data-center hardware names. Memory Stocks Surge. SanDisk Tops S&P 500 Gainers
• Positive Sentiment: Analyst commentary argued that a semiconductor oversupply cycle is unlikely before 2028 because the physical infrastructure needed to create excess capacity is not yet available. That view supports continued pricing power and demand for memory and storage products. Top Chip Analyst on Semiconductor Oversupply
• Positive Sentiment: Strong demand for hard drives and tighter global supply expectations are improving the outlook for Western Digital’s revenue, margins and cash generation. Positive results from Seagate also boosted confidence in Western Digital as a storage-industry peer. Why Is Western Digital Stock Surging?
• Neutral Sentiment: Western Digital’s upcoming earnings report is the next major catalyst. Investors will assess whether AI-driven demand, pricing and supply constraints are translating into higher margins and favorable guidance; Wall Street currently expects year-over-year earnings growth. Western Digital Reports Next Week
• Negative Sentiment: Concerns remain about competition from China’s ChangXin Memory Technologies following its strong market debut, while the broader memory trade has experienced sharp volatility. These factors could pressure valuations if investors begin to expect supply growth or weaker pricing.
• Negative Sentiment: Western Digital insider Cynthia Tregillis sold 808 shares worth approximately $428,000 under a pre-arranged Rule 10b5-1 plan. The sale represented only 0.70% of her holdings, making it a limited negative signal. Western Digital Insider Sale

Analysts Set New Price Targets

WDC has been the topic of a number of research reports. Rosenblatt Securities increased their target price on shares of Western Digital from $340.00 to $500.00 and gave the stock a "buy" rating in a report on Friday, May 1st. Weiss Ratings upgraded Western Digital from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, July 13th. TD Cowen boosted their target price on Western Digital from $325.00 to $500.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. Evercore restated an "outperform" rating and set a $575.00 price target on shares of Western Digital in a report on Tuesday, May 26th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $400.00 price target on shares of Western Digital in a research report on Friday, May 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target 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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