Alta Park Capital LP Sells 77,421 Shares of Western Digital Corporation $WDC

Alta Park Capital LP reduced its stake in shares of Western Digital Corporation (NASDAQ:WDC) by 16.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 393,479 shares of the data storage provider’s stock after selling 77,421 shares during the quarter. Western Digital comprises about 8.2% of Alta Park Capital LP’s portfolio, making the stock its biggest position. Alta Park Capital LP’s holdings in Western Digital were worth $67,785,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rakuten Securities Inc. raised its stake in Western Digital by 4,070.0% during the 2nd quarter. Rakuten Securities Inc. now owns 417 shares of the data storage provider’s stock worth $27,000 after acquiring an additional 407 shares in the last quarter. Avion Wealth raised its stake in Western Digital by 163.8% during the 4th quarter. Avion Wealth now owns 182 shares of the data storage provider’s stock worth $31,000 after acquiring an additional 113 shares in the last quarter. Swiss RE Ltd. acquired a new stake in Western Digital during the 4th quarter worth $32,000. BOKF NA raised its stake in Western Digital by 6,700.0% during the 3rd quarter. BOKF NA now owns 272 shares of the data storage provider’s stock worth $33,000 after acquiring an additional 268 shares in the last quarter. Finally, JPL Wealth Management LLC acquired a new stake in Western Digital during the 3rd quarter worth $33,000. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on WDC. Sanford C. Bernstein raised shares of Western Digital from a “market perform” rating to an “outperform” rating and set a $340.00 price objective on the stock in a research report on Tuesday, March 31st. Mizuho raised their price objective on shares of Western Digital from $550.00 to $685.00 and gave the stock an “outperform” rating in a research report on Monday, June 8th. Jefferies Financial Group set a $575.00 price objective on shares of Western Digital in a research report on Tuesday, May 26th. Cantor Fitzgerald raised their price objective on shares of Western Digital to $660.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Finally, Citigroup raised their price objective on shares of Western Digital from $500.00 to $685.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $450.46.

Insider Activity

In related news, CEO Irving Tan sold 20,000 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $411.84, for a total transaction of $8,236,800.00. Following the sale, the chief executive officer owned 598,150 shares of the company’s stock, valued at approximately $246,342,096. The trade was a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bruce E. Kiddoo sold 750 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was 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 in the company, valued at approximately $2,062,813.56. This represents a 16.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 29,322 shares of company stock worth $12,768,550 in the last ninety days. 0.18% of the stock is currently owned by insiders.

Western Digital News Summary

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

Western Digital Stock Up 4.6%

Shares of NASDAQ:WDC opened at $712.13 on Thursday. The company has a market cap of $245.46 billion, a price-to-earnings ratio of 42.52 and a beta of 2.13. The firm’s 50-day simple moving average is $470.28 and its 200-day simple moving average is $320.11. Western Digital Corporation has a fifty-two week low of $58.53 and a fifty-two week high of $741.85.

Western Digital (NASDAQ:WDC) last issued its earnings results on Thursday, April 30th. The data storage provider reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.39 by $0.33. The business 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 business’s quarterly revenue was up 45.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.36 earnings per share. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. On average, research analysts forecast that Western Digital Corporation will post 9.6 EPS for the current year.

Western Digital Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, June 5th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, June 5th. This is a positive change from Western Digital’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. Western Digital’s payout ratio is presently 3.58%.

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.