22,648 Shares in Western Digital Corporation $WDC Bought by NewEdge Wealth LLC

NewEdge Wealth LLC bought a new stake in shares of Western Digital Corporation (NASDAQ:WDC) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 22,648 shares of the data storage provider’s stock, valued at approximately $14,466,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Dogwood Wealth Management LLC raised its position in shares of Western Digital by 28.6% during the second quarter. Dogwood Wealth Management LLC now owns 90 shares of the data storage provider’s stock valued at $57,000 after buying an additional 20 shares during the last quarter. Legacy Wealth Asset Management LLC increased its stake in Western Digital by 1.0% during the second quarter. Legacy Wealth Asset Management LLC now owns 2,302 shares of the data storage provider’s stock valued at $1,470,000 after acquiring an additional 22 shares during the period. Everpar Advisors LLC lifted its position in shares of Western Digital by 1.8% in the 2nd quarter. Everpar Advisors LLC now owns 1,442 shares of the data storage provider’s stock worth $921,000 after acquiring an additional 25 shares during the period. Ares Financial Consulting LLC grew its holdings in shares of Western Digital by 45.5% during 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 in the last quarter. Finally, Dynamic Advisor Solutions LLC increased its position in shares of Western Digital by 2.1% during the second quarter. Dynamic Advisor Solutions LLC now owns 1,390 shares of the data storage provider’s stock valued at $888,000 after purchasing an additional 28 shares during the period. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

WDC has been the subject of several research reports. JPMorgan Chase & Co. raised their target price on Western Digital from $530.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, June 12th. Morgan Stanley reissued an “overweight” rating and issued a $676.00 price target on shares of Western Digital in a report on Thursday, August 6th. Wall Street Zen downgraded shares of Western Digital from a “strong-buy” rating to a “buy” rating in a report on Sunday. Zacks Research raised shares of Western Digital from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 6th. Finally, UBS Group decreased their target price on shares of Western Digital from $560.00 to $525.00 and set a “neutral” rating on the stock in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $534.56.

Insider Activity

In other Western Digital news, Director Bruce E. Kiddoo sold 750 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $528.52, for a total transaction of $396,390.00. Following the sale, the director directly owned 3,903 shares of the company’s stock, valued at approximately $2,062,813.56. This represents a 16.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Cynthia L. Tregillis sold 808 shares of the company’s 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 directly owned 114,539 shares in the company, valued at $60,663,290.57. This represents a 0.70% 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. Over the last 90 days, insiders have sold 24,987 shares of company stock worth $11,602,097. Company insiders own 0.18% of the company’s stock.

Key Stories Impacting Western Digital

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

• Positive Sentiment: Western Digital is benefiting from a shortage of storage products and continued AI-related demand, supporting an optimistic long-term growth outlook. Is Western Digital Stock an Undervalued AI Stock to Buy?
• Positive Sentiment: Momentum-focused analysis continues to identify WDC as an attractive pick, reflecting strong recent performance and favorable investor sentiment toward AI-driven storage demand. Why Western Digital Is a Great Momentum Choice
• Neutral Sentiment: Jim Cramer said it may not be too late to invest in memory and storage stocks, but he also highlighted the sector’s historical boom-and-bust cycles, underscoring the risk of sharp swings in demand and pricing. Jim Cramer Discusses WDC and Other Memory Stocks
• Negative Sentiment: A broader technology selloff pressured WDC and other memory stocks as investors reduced exposure to AI hardware following a Wall Street Journal report about undisclosed AI-related spending commitments. WSJ Report Sends Memory Stocks Lower
• Negative Sentiment: Rising Treasury yields are weighing on high-growth semiconductor and storage shares by increasing discount rates and making richly valued AI trades less attractive, even without a deterioration in memory fundamentals. Higher Rates Test the Memory Boom
• Negative Sentiment: One recent analysis argues that WDC could be substantially overvalued after its strong rally, while uncertainty over whether Apple can source high-bandwidth memory from Chinese suppliers is creating additional volatility around potential demand shifts. Western Digital Could Be Overvalued on Apple China Memory Push

Western Digital Price Performance

Shares of WDC stock opened at $462.09 on Thursday. The stock’s fifty day simple moving average is $555.52 and its 200 day simple moving average is $431.58. The firm has a market cap of $159.27 billion, a price-to-earnings ratio of 19.09 and a beta of 2.14. Western Digital Corporation has a one year low of $73.14 and a one year high of $799.87.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Wednesday, August 5th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $0.25. The firm had revenue of $3.75 billion during the quarter, compared to analyst estimates of $3.70 billion. Western Digital had a return on equity of 48.15% and a net margin of 72.95%.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 company posted $1.66 earnings per share. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. On average, research analysts anticipate that Western Digital Corporation will post 19.65 earnings per share for the current year.

Western Digital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Investors 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 dividend on an annualized basis and a dividend yield of 0.1%. Western Digital’s dividend payout ratio (DPR) is 2.48%.

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.