Praxis Investment Management Inc. Boosts Holdings in Western Digital Corporation $WDC

Praxis Investment Management Inc. lifted its position in shares of Western Digital Corporation (NASDAQ:WDC) by 16.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,716 shares of the data storage provider’s stock after buying an additional 1,650 shares during the period. Praxis Investment Management Inc.’s holdings in Western Digital were worth $3,169,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Norges Bank acquired a new stake in Western Digital during the fourth quarter worth $788,729,000. Fred Alger Management LLC grew its holdings in shares of Western Digital by 4,923.9% during the 3rd quarter. Fred Alger Management LLC now owns 3,407,042 shares of the data storage provider’s stock worth $409,049,000 after purchasing an additional 3,339,225 shares during the period. Soroban Capital Partners LP grew its holdings in shares of Western Digital by 1,926.3% during the 2nd quarter. Soroban Capital Partners LP now owns 3,061,134 shares of the data storage provider’s stock worth $195,882,000 after purchasing an additional 2,910,062 shares during the period. Polar Capital Holdings Plc acquired a new stake in shares of Western Digital during the 3rd quarter worth about $221,800,000. Finally, National Pension Service increased its position in shares of Western Digital by 267.6% during the 4th quarter. National Pension Service now owns 1,691,659 shares of the data storage provider’s stock worth $291,422,000 after purchasing an additional 1,231,477 shares during the last quarter. Hedge funds and other institutional investors own 92.51% of the company’s stock.

Insider Buying and Selling

In other news, insider Cynthia L. Tregillis sold 432 shares of the stock in a transaction on Friday, June 5th. The stock was 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bruce E. Kiddoo sold 750 shares of Western Digital stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $528.52, for a total value of $396,390.00. Following the completion of the transaction, the director owned 3,903 shares of the company’s stock, valued at approximately $2,062,813.56. This trade represents a 16.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 29,322 shares of company stock worth $12,768,550 over the last ninety days. Insiders own 0.18% of the company’s stock.

Key Western Digital News

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

• Positive Sentiment: Zacks still lists Western Digital as a top momentum stock for Q3 2026, pointing to continued investor interest in the memory chip theme and potential upside if the sector rebound continues.
• Positive Sentiment: MarketBeat noted that the memory rally may still be intact despite the broader semiconductor sell-off, which could support Western Digital if demand for memory chips remains strong.
• Positive Sentiment: A review of WD Red Plus 4TB highlighted the product as a reliable NAS hard drive, reinforcing Western Digital’s reputation in storage hardware.
• Neutral Sentiment: Western Digital was mentioned alongside other decliners as semiconductor stocks fell on fears that AI-driven chip demand may be cooling, suggesting the stock is being dragged by sector sentiment more than a fresh company-specific catalyst.
• Neutral Sentiment: Analyst-focused articles cited Western Digital’s bullish Wall Street view and strong earnings surprise history, but they did not introduce new information likely to move the stock immediately.
• Neutral Sentiment: Retail promotion news from Flipkart’s GOAT Sale included WD-branded storage devices, which is supportive for brand visibility but likely not material to the stock today.
• Negative Sentiment: The steep decline in Western Digital shares followed a broader semiconductor pullback, with investors apparently rotating out of high-flying AI and chip names.
• Negative Sentiment: Articles about Sandisk’s huge post-spin-off rally and the possibility of a stock split may remind investors of competition and relative performance within the storage space, but they mainly add narrative pressure rather than direct upside for WDC.

Western Digital Stock Performance

NASDAQ WDC opened at $539.00 on Friday. The firm has a 50 day simple moving average of $539.71 and a 200-day simple moving average of $359.19. Western Digital Corporation has a one year low of $63.67 and a one year high of $799.87. The firm has a market cap of $185.78 billion, a price-to-earnings ratio of 32.18 and a beta of 2.11.

Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, April 30th. The data storage provider reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.39 by $0.33. The firm had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.25 billion. Western Digital had a net margin of 55.29% and a return on equity of 42.95%. The firm’s revenue for the quarter was up 45.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.36 EPS. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. Equities analysts predict that Western Digital Corporation will post 9.6 EPS for the current fiscal year.

Western Digital Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, June 5th were given a dividend of $0.15 per share. This is an increase from Western Digital’s previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend was Friday, June 5th. Western Digital’s dividend payout ratio is currently 3.58%.

Analysts Set New Price Targets

WDC has been the topic of a number of recent analyst reports. TD Cowen upped their target price on shares of Western Digital from $325.00 to $500.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Barclays boosted their price target on shares of Western Digital from $450.00 to $620.00 and gave the company an “overweight” rating in a research note on Wednesday, May 27th. Robert W. Baird upped their price objective on shares of Western Digital from $310.00 to $450.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Melius Research set a $1,050.00 price objective on shares of Western Digital and gave the stock a “buy” rating in a research report on Monday, June 29th. Finally, Cantor Fitzgerald boosted their target price on Western Digital from $660.00 to $900.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $493.52.

Western Digital Company 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.