Elevation Point Wealth Partners LLC Makes New $27.27 Million Investment in Western Digital Corporation $WDC

Elevation Point Wealth Partners LLC bought a new position in shares of Western Digital Corporation (NASDAQ:WDC) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 42,693 shares of the data storage provider’s stock, valued at approximately $27,269,000.

A number of other institutional investors also recently modified their holdings of WDC. Dogwood Wealth Management LLC lifted its position in Western Digital by 28.6% during the 2nd quarter. Dogwood Wealth Management LLC now owns 90 shares of the data storage provider’s stock worth $57,000 after acquiring an additional 20 shares during the last quarter. Legacy Wealth Asset Management LLC grew its position in shares of Western Digital by 1.0% in 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 purchasing an additional 22 shares during the last quarter. Everpar Advisors LLC grew its position in shares of Western Digital by 1.8% in the second 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 last quarter. Ares Financial Consulting LLC increased its stake in shares of Western Digital by 45.5% in the second 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 period. Finally, Dynamic Advisor Solutions LLC increased its stake in shares of Western Digital by 2.1% in the second 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 period. Institutional investors own 92.51% of the company’s stock.

Insider Buying and Selling at Western Digital

In other news, insider Vidyadhara K. Gubbi sold 2,475 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $556.24, for a total value of $1,376,694.00. Following the sale, the insider directly owned 85,154 shares in the company, valued at approximately $47,366,060.96. This represents a 2.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Irving Tan sold 20,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was 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 of the company’s stock, valued at approximately $256,287,591.02. The trade was a 3.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 24,679 shares of company stock worth $11,451,605. 0.18% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. UBS Group decreased their target price 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. TD Cowen upped their price target on Western Digital from $500.00 to $540.00 and gave the stock a “buy” rating 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 research note on Sunday, August 16th. Jefferies Financial Group set a $575.00 target price on shares of Western Digital in a research report on Tuesday, May 26th. Finally, Susquehanna upped their target price on shares of Western Digital from $360.00 to $500.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Western Digital presently has an average rating of “Moderate Buy” and a consensus target price of $534.56.

Western Digital Trading Down 2.0%

Shares of NASDAQ WDC opened at $459.44 on Friday. The business has a fifty day simple moving average of $552.24 and a 200 day simple moving average of $433.31. The firm has a market capitalization of $158.36 billion, a price-to-earnings ratio of 18.98 and a beta of 2.14. Western Digital Corporation has a one year low of $74.57 and a one year high of $799.87.

Western Digital (NASDAQ:WDC) last posted 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 firm had revenue of $3.75 billion for 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 business’s revenue was up 43.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $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 fiscal year.

Western Digital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Tuesday, September 8th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.60 dividend on an annualized basis and a yield of 0.1%. Western Digital’s payout ratio is presently 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.