Cynthia Tregillis Sells 1,007 Shares of Western Digital (NASDAQ:WDC) Stock

Western Digital Corporation (NASDAQ:WDC) insider Cynthia Tregillis sold 1,007 shares of the firm’s stock in a transaction dated Thursday, August 27th. The stock was 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 $53,650,465.80. This trade represents a 0.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Western Digital Trading Down 1.5%

WDC stock traded down $6.88 during trading on Thursday, hitting $462.00. The company had a trading volume of 7,597,984 shares, compared to its average volume of 8,125,753. The business has a 50-day moving average of $532.72 and a 200-day moving average of $439.49. Western Digital Corporation has a one year low of $77.90 and a one year high of $799.87. The stock has a market cap of $159.24 billion, a PE ratio of 19.08 and a beta of 2.14.

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

Western Digital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Tuesday, September 8th will be given a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 8th. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. Western Digital’s dividend payout ratio is 2.48%.

Western Digital News Roundup

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

• Positive Sentiment: Western Digital’s AI- and cloud-storage growth thesis remains intact. Industry momentum from AI infrastructure, cloud computing, the Internet of Things and automotive applications is supporting expectations for continued demand. 3 Storage Devices Stocks to Buy as the Industry Gains Momentum
• Positive Sentiment: A recent exchange of approximately $191 million of 3% convertible notes due 2028 is viewed as constructive liability management because it can reduce debt, although issuing shares may create some dilution. What’s Going on With Western Digital Stock on Wednesday?
• Positive Sentiment: Western Digital recently reported revenue growth of 44% year over year to $3.75 billion and earnings of $3.56 per share, exceeding estimates. Its next-quarter earnings guidance of $3.85 to $4.15 per share also supports the bullish fundamental case.
• Positive Sentiment: Technical and analyst indicators remain favorable: a recent hammer chart pattern suggested potential support, while upward earnings-estimate revisions and a bullish Wall Street consensus point to possible longer-term recovery. Western Digital May Find a Bottom Soon

Institutional Investors Weigh In On Western Digital

Hedge funds and other institutional investors have recently modified their holdings of the company. Handelsbanken Fonder AB grew its stake in shares of Western Digital by 71.4% during the second quarter. Handelsbanken Fonder AB now owns 230,578 shares of the data storage provider’s stock valued at $147,275,000 after buying an additional 96,078 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in shares of Western Digital by 33.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 1,122,095 shares of the data storage provider’s stock valued at $193,303,000 after acquiring an additional 282,156 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new stake in Western Digital during the 4th quarter valued at about $20,889,000. World Investment Advisors grew its position in Western Digital by 145.8% during the 4th quarter. World Investment Advisors now owns 5,950 shares of the data storage provider’s stock worth $1,025,000 after acquiring an additional 3,529 shares during the last quarter. Finally, Pictet Asset Management Holding SA increased its stake in Western Digital by 62.1% in the 4th quarter. Pictet Asset Management Holding SA now owns 342,516 shares of the data storage provider’s stock worth $59,040,000 after purchasing an additional 131,247 shares during the period. Institutional investors own 92.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Robert W. Baird set a $630.00 target price on shares of Western Digital in a report on Thursday, August 6th. Jefferies Financial Group set a $575.00 price objective on Western Digital in a research note on Tuesday, May 26th. Melius Research set a $1,050.00 target price on Western Digital and gave the company a “buy” rating in a research report on Monday, June 29th. Summit Insights downgraded Western Digital from a “buy” rating to a “hold” rating in a report on Thursday, August 6th. Finally, Citigroup cut their price target on Western Digital from $800.00 to $740.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Western Digital has an average rating of “Moderate Buy” and a consensus target price of $534.56.

About Western Digital

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.