Western Digital Corporation $WDC Shares Sold by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management cut its Western Digital stake by 37.1% in the second quarter, selling 260,463 shares and retaining 440,889 shares. Institutional investors and hedge funds collectively own 92.51% of the company.
• Western Digital reported quarterly EPS of $3.56, exceeding estimates of $3.31, while revenue rose 43.8% year over year to $3.75 billion. The company issued first-quarter 2027 EPS guidance of $3.85–$4.15.
• The stock recently traded around $473.69, while analysts maintained a “Moderate Buy” consensus with an average price target of $534.56. Western Digital also pays a quarterly dividend of $0.15 per share, for a 0.1% yield.

Envestnet Asset Management Inc. trimmed its holdings in shares of Western Digital Corporation (NASDAQ:WDC - Free Report) by 37.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 440,889 shares of the data storage provider's stock after selling 260,463 shares during the period. Envestnet Asset Management Inc. owned about 0.13% of Western Digital worth $281,602,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. ABS Direct Equity Fund LLC raised its position in Western Digital by 112.8% in the second quarter. ABS Direct Equity Fund LLC now owns 1,277 shares of the data storage provider's stock worth $816,000 after acquiring an additional 677 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Western Digital by 3.5% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 17,263 shares of the data storage provider's stock valued at $11,026,000 after purchasing an additional 579 shares in the last quarter. MCF Advisors LLC increased its holdings in shares of Western Digital by 480.4% in the 2nd quarter. MCF Advisors LLC now owns 296 shares of the data storage provider's stock valued at $189,000 after purchasing an additional 245 shares in the last quarter. Archford Capital Strategies LLC acquired a new stake in shares of Western Digital in the second quarter valued at about $384,000. Finally, WINTON GROUP Ltd lifted its stake in shares of Western Digital by 1.3% in the second quarter. WINTON GROUP Ltd now owns 24,252 shares of the data storage provider's stock valued at $15,490,000 after purchasing an additional 315 shares during the period. 92.51% of the stock is owned by institutional investors and hedge funds.

Western Digital Stock Up 2.0%

Shares of Western Digital stock opened at $473.69 on Thursday. The business's fifty day moving average is $474.48 and its two-hundred day moving average is $462.70. Western Digital Corporation has a fifty-two week low of $105.42 and a fifty-two week high of $799.87. The firm has a market cap of $163.27 billion, a PE ratio of 19.57, a P/E/G ratio of 1.97 and a beta of 2.13.

Western Digital (NASDAQ:WDC - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The data storage provider reported $3.56 EPS for the quarter, beating analysts' consensus estimates of $3.31 by $0.25. The company had revenue of $3.75 billion during the quarter, compared to the consensus estimate of $3.70 billion. Western Digital had a net margin of 72.95% and a return on equity of 48.15%. The company's quarterly revenue was up 43.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.66 EPS. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. Equities research analysts anticipate that Western Digital Corporation will post 19.65 EPS for the current year.

Western Digital Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 17th. Shareholders of record on Tuesday, September 8th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.1%. The ex-dividend date was Tuesday, September 8th. Western Digital's payout ratio is currently 2.48%.

Insider Activity

In other news, insider Cynthia Tregillis sold 1,007 shares of the firm's stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $478.36, for a total value of $481,708.52. Following the transaction, the insider owned 112,155 shares of the company's stock, valued at approximately $53,650,465.80. This trade represents a 0.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Irving Tan sold 20,000 shares of the firm's 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 completion of the transaction, the chief executive officer directly owned 575,966 shares in the company, valued at $256,287,591.02. This trade represents a 3.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 25,437 shares of company stock valued at $11,461,345. Company insiders own 0.18% of the company's stock.

Analyst Upgrades and Downgrades

WDC has been the topic of several recent analyst reports. Wells Fargo & Company upped their target price on shares of Western Digital from $575.00 to $730.00 and gave the stock an "overweight" rating in a research report on Friday, July 10th. Summit Insights lowered Western Digital from a "buy" rating to a "hold" rating in a research note on Thursday, August 6th. Cantor Fitzgerald upped their price target on Western Digital from $660.00 to $900.00 and gave the stock an "overweight" rating in a report on Monday, June 29th. UBS Group dropped their price objective on Western Digital from $560.00 to $525.00 and set a "neutral" rating for the company in a research note on Thursday, August 6th. Finally, Fox Advisors cut shares of Western Digital from an "overweight" rating to an "equal weight" rating in a research note on Monday, June 22nd. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Western Digital currently has a consensus rating of "Moderate Buy" and an average price target of $534.56.

About Western Digital

Western Digital Corporation NASDAQ: WDC develops, manufactures and sells data storage products and solutions for data centers, cloud service providers, enterprises, businesses and consumers. Its portfolio is centered on hard disk drives (HDDs), including high-capacity enterprise drives used in cloud and data center environments, as well as products for network-attached storage, surveillance and personal computing.

The company markets products under brands including Western Digital, WD, WD_BLACK and Ultrastar.

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