Western Digital Corporation $WDC Shares Sold by Parkway Wealth Management Group LLC

Key Points

• Parkway Wealth Management Group cut its Western Digital stake by 40.1% in the third quarter, selling 5,538 shares and retaining 8,272 shares valued at approximately $3.76 million. Institutional investors collectively own 92.51% of WDC.
• Western Digital reported quarterly earnings of $3.56 per share, exceeding estimates of $3.31, while revenue rose 43.8% year over year to $3.75 billion. The company issued fiscal Q1 2027 EPS guidance of $3.85–$4.15.
• Analysts remain broadly positive, with 21 of 28 covering firms rating the stock Buy or Strong Buy and an average price target of $608.26. Western Digital also declared a quarterly dividend of $0.15 per share, representing a 0.2% yield.

Parkway Wealth Management Group LLC trimmed its stake in Western Digital Corporation (NASDAQ:WDC - Free Report) by 40.1% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 8,272 shares of the data storage provider's stock after selling 5,538 shares during the quarter. Parkway Wealth Management Group LLC's holdings in Western Digital were worth $3,759,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Dogwood Wealth Management LLC lifted its position in Western Digital by 28.6% in the 2nd quarter. Dogwood Wealth Management LLC now owns 90 shares of the data storage provider's stock valued at $57,000 after purchasing an additional 20 shares during the last quarter. Legacy Wealth Asset Management LLC boosted its stake in Western Digital by 1.0% during the 2nd quarter. Legacy Wealth Asset Management LLC now owns 2,302 shares of the data storage provider's stock valued at $1,470,000 after purchasing an additional 22 shares during the period. Everpar Advisors LLC boosted its stake in Western Digital by 1.8% during the 2nd quarter. Everpar Advisors LLC now owns 1,442 shares of the data storage provider's stock valued at $921,000 after purchasing an additional 25 shares during the period. Ares Financial Consulting LLC grew its position in Western Digital by 45.5% in the 2nd quarter. Ares Financial Consulting LLC now owns 80 shares of the data storage provider's stock worth $51,000 after purchasing an additional 25 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC grew its position in Western Digital by 2.1% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 1,390 shares of the data storage provider's stock worth $888,000 after purchasing an additional 28 shares during the last quarter. 92.51% of the stock is currently owned by institutional investors.

Western Digital Trading Up 6.1%

Western Digital stock opened at $352.21 on Tuesday. Western Digital Corporation has a 52 week low of $117.23 and a 52 week high of $799.87. The stock has a market cap of $131.84 billion, a price-to-earnings ratio of 14.55, a PEG ratio of 1.41 and a beta of 2.11. The company's 50-day moving average price is $441.12 and its two-hundred day moving average price is $478.99.

Western Digital (NASDAQ:WDC - Get Free Report) last issued its quarterly 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. The company had revenue of $3.75 billion during the quarter, compared to analyst estimates of $3.70 billion. Western Digital had a net margin of 72.95% and a return on equity of 48.15%. The business's revenue for the quarter was up 43.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.66 EPS. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. Research analysts expect that Western Digital Corporation will post 19.65 earnings per share for the current fiscal year.

Western Digital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 17th. Investors of record on Tuesday, September 8th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, September 8th. This represents a $0.60 annualized dividend and a yield of 0.2%. Western Digital's payout ratio is presently 2.48%.

Analyst Upgrades and Downgrades

Several brokerages have commented on WDC. Wedbush raised their price target on shares of Western Digital from $540.00 to $650.00 and gave the company an "outperform" rating in a research note on Monday, July 27th. Robert W. Baird set a $630.00 price target on Western Digital in a report on Thursday, August 6th. Melius Research set a $1,050.00 price objective on Western Digital and gave the stock a "buy" rating in a research report on Monday, June 29th. Rosenblatt Securities decreased their price objective on Western Digital from $900.00 to $800.00 and set a "buy" rating for the company in a report on Thursday, August 6th. Finally, Morgan Stanley reissued an "overweight" rating and issued a $676.00 price objective (up from $650.00) on shares of Western Digital in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, Western Digital presently has an average rating of "Moderate Buy" and an average price target of $608.26.

Western Digital News Summary

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

• Positive Sentiment: Western Digital was among the leading S&P 500 gainers as AI-related stocks rebounded. The recovery followed a sharp decline the previous week and reflected renewed buying interest in data-storage companies. Sandisk, Datadog, Amazon Lead S&P 500 As AI Stocks Rebound
• Positive Sentiment: Analyst sentiment provided another lift, with Wall Street Zen upgrading Western Digital to “Strong-Buy.” A separate analysis also presented the company as a potential value entry with substantial exposure to AI-driven storage demand. Wall Street Zen Upgrades Western Digital to Strong-Buy
• Positive Sentiment: Western Digital is being highlighted as an AI data-center beneficiary, since expanding AI workloads require significant storage capacity. Analysts cited in market coverage see sizable upside for selected AI-related technology stocks, including WDC. These 3 AI Tech Stocks Offer 80%+ Upside, According to Analysts
• Neutral Sentiment: Western Digital is scheduled to report fiscal first-quarter results late Thursday. With technology earnings viewed as an important test of whether AI spending remains durable, the report could become the next major catalyst for the stock. This Week's Tech Earnings Could Be a Validation Moment for the AI Trade
• Negative Sentiment: Despite the rebound, WDC remains below its key moving averages after its steep previous-week selloff. Investors are also monitoring weakness and volatility across global memory and chip stocks ahead of related earnings reports, which could pressure storage-sector valuations. Chip Investors Watch Out: China’s CXMT Plunges Despite Record Forecast

Insider Buying and Selling

In other Western Digital news, CEO Irving Tan sold 20,000 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $444.97, for a total transaction of $8,899,400.00. Following the completion of the transaction, the chief executive officer directly owned 575,966 shares of the company's stock, valued at approximately $256,287,591.02. This trade represents a 3.36% 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 Vidyadhara K. Gubbi sold 1,795 shares of Western Digital stock in a transaction on Friday, September 4th. The shares were sold at an average price of $459.87, for a total value of $825,466.65. Following the transaction, the insider owned 80,571 shares in the company, valued at approximately $37,052,185.77. This trade represents a 2.18% 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 24,629 shares of company stock valued at $11,033,404 over the last quarter. Corporate insiders own 0.20% of the company's stock.

About Western Digital

Western Digital Corporation NASDAQ: WDC is a data storage technology company that develops and manufactures hard disk drives (HDDs) and related storage solutions. Its products are used in data centers, cloud infrastructure, enterprise systems, personal computers, gaming platforms and external storage devices.

The company offers HDD-based products for business and consumer applications, including high-capacity drives designed for hyperscale and cloud data centers, enterprise storage environments, network-attached storage systems and personal computing.

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