683 Capital Management LLC Decreases Stake in Western Digital Corporation $WDC

683 Capital Management LLC lowered its position in Western Digital Corporation (NASDAQ:WDC) by 57.7% in the fourth quarter, Holdings Channel reports. The fund owned 143,300 shares of the data storage provider’s stock after selling 195,700 shares during the period. Western Digital makes up approximately 1.1% of 683 Capital Management LLC’s portfolio, making the stock its 12th biggest holding. 683 Capital Management LLC’s holdings in Western Digital were worth $24,686,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in WDC. Alps Advisors Inc. raised its holdings in Western Digital by 0.8% during the fourth quarter. Alps Advisors Inc. now owns 4,707 shares of the data storage provider’s stock worth $811,000 after purchasing an additional 37 shares in the last quarter. Quadcap Wealth Management LLC raised its holdings in Western Digital by 2.1% during the fourth quarter. Quadcap Wealth Management LLC now owns 2,007 shares of the data storage provider’s stock worth $346,000 after purchasing an additional 41 shares in the last quarter. Moss Adams Wealth Advisors LLC raised its holdings in Western Digital by 2.6% during the fourth quarter. Moss Adams Wealth Advisors LLC now owns 1,982 shares of the data storage provider’s stock worth $341,000 after purchasing an additional 51 shares in the last quarter. Bogart Wealth LLC raised its holdings in Western Digital by 19.4% during the fourth quarter. Bogart Wealth LLC now owns 369 shares of the data storage provider’s stock worth $64,000 after purchasing an additional 60 shares in the last quarter. Finally, CYBER HORNET ETFs LLC raised its holdings in Western Digital by 7.2% during the fourth quarter. CYBER HORNET ETFs LLC now owns 889 shares of the data storage provider’s stock worth $153,000 after purchasing an additional 60 shares in the last quarter. Hedge funds and other institutional investors own 92.51% of the company’s stock.

Insider Buying and Selling at Western Digital

In related news, insider Vidyadhara K. Gubbi sold 2,475 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were 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 $47,366,060.96. The trade was a 2.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Cynthia L. Tregillis sold 432 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $545.60, for a total transaction of $235,699.20. Following the completion of the sale, the insider owned 116,643 shares in the company, valued at $63,640,420.80. This represents a 0.37% 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. Insiders have sold 29,322 shares of company stock valued at $12,768,550 over the last 90 days. 0.18% of the stock is currently owned by corporate insiders.

Western Digital Stock Performance

Shares of NASDAQ WDC opened at $712.13 on Thursday. The firm has a market capitalization of $245.46 billion, a P/E ratio of 42.52 and a beta of 2.13. Western Digital Corporation has a one year low of $58.53 and a one year high of $741.85. The company’s fifty day moving average is $470.28 and its two-hundred day moving average is $320.11.

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

Western Digital Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, June 5th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. The ex-dividend date was Friday, June 5th. This is an increase from Western Digital’s previous quarterly dividend of $0.13. Western Digital’s payout ratio is presently 3.58%.

Key Headlines Impacting Western Digital

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

• Positive Sentiment: Morgan Stanley boosted its outlook on Western Digital, lifting its price target and reinforcing a bullish view on HDD demand and the company’s HAMR roadmap, which helped push the shares to new highs. Western Digital Stock Just Hit a New All-Time High. Here’s Why.
• Positive Sentiment: Several articles point to surging AI infrastructure spending and cloud storage demand as the main catalyst, with Western Digital increasingly viewed as a beneficiary of the AI trade. Western Digital stock jumps as AI trade reignites
• Positive Sentiment: Recent coverage says earnings are nearly doubling on AI and cloud demand, while estimates continue to move higher, supporting momentum-trader interest in WDC. Western Digital (WDC) Moves 4.2% Higher: Will This Strength Last?
• Neutral Sentiment: Investors are also watching the June 22 SanDisk-related catalyst, which could influence sentiment but is not yet a confirmed financial event. Dear Western Digital Stock Fans, Mark Your Calendars for June 22
• Negative Sentiment: Some commentary warns the rally may have run ahead of fundamentals and could be due for a near-term pullback after the stock’s massive year-to-date run. Western Digital stock looks ripe for a near-term pullback: find out more

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on WDC. Sanford C. Bernstein raised shares of Western Digital from a “market perform” rating to an “outperform” rating and set a $340.00 target price on the stock in a report on Tuesday, March 31st. Evercore reaffirmed an “outperform” rating and issued a $575.00 target price on shares of Western Digital in a report on Tuesday, May 26th. Morgan Stanley lifted their target price on shares of Western Digital from $488.00 to $650.00 and gave the company an “overweight” rating in a report on Monday. Rosenblatt Securities lifted their price objective on shares of Western Digital from $340.00 to $500.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Finally, Jefferies Financial Group set a $575.00 price objective on shares of Western Digital in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $450.46.

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.