Ocean Park Asset Management LLC Invests $296,000 in Western Digital Corporation $WDC

Ocean Park Asset Management LLC purchased a new stake in shares of Western Digital Corporation (NASDAQ:WDC) during the first quarter, HoldingsChannel reports. The institutional investor purchased 1,095 shares of the data storage provider’s stock, valued at approximately $296,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. Avion Wealth lifted its position in Western Digital by 163.8% in the 4th quarter. Avion Wealth now owns 182 shares of the data storage provider’s stock valued at $31,000 after acquiring an additional 113 shares in the last quarter. Roble Belko & Company Inc bought a new stake in shares of Western Digital in the 1st quarter worth $50,000. Swiss RE Ltd. purchased a new position in shares of Western Digital in the fourth quarter worth $32,000. Concord Wealth Partners purchased a new position in shares of Western Digital in the fourth quarter worth $41,000. Finally, BOKF NA lifted its holdings in shares of Western Digital by 6,700.0% during the third quarter. BOKF NA now owns 272 shares of the data storage provider’s stock valued at $33,000 after purchasing an additional 268 shares in the last quarter. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

Key Headlines Impacting Western Digital

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

• Positive Sentiment: Western Digital is benefiting from a broad rally in memory and storage stocks ahead of Micron’s earnings, with investors betting that AI infrastructure demand will keep pricing and shipments strong. Micron and Western Digital Rise 6%, SanDisk Gains 5% as Memory Stocks Rally Into Micron’s Earnings
• Positive Sentiment: JPMorgan recently raised its price target on Western Digital to $650 from $530 and kept an Overweight rating, citing improved earnings expectations. JPMorgan Lifts PT on Western Digital Corporation (WDC)
• Positive Sentiment: Recent coverage highlighted Western Digital as a major AI memory and storage beneficiary, with strong revenue growth and guidance suggesting the trend can continue. Don’t Forget About Western Digital Amid Sandisk Euphoria
• Neutral Sentiment: Western Digital remains a heavily watched stock, with investor attention rising as the AI storage theme keeps drawing traders into the name. Western Digital Corporation (WDC) is Attracting Investor Attention: Here is What You Should Know
• Neutral Sentiment: One technical note said the shares are very overbought, which could mean a short-term pullback if momentum cools. Stock Of The Day: When Will Western Digital Reverse?
• Negative Sentiment: Fox Advisors downgraded Western Digital from Overweight to Equal Weight, which may temper some enthusiasm after the recent run-up. The Fly downgrade item
• Negative Sentiment: Western Digital also slipped more than the broader market in the latest session, suggesting some profit-taking after a very strong move. Why Western Digital (WDC) Dipped More Than Broader Market Today

Western Digital Stock Down 1.8%

NASDAQ WDC opened at $732.62 on Tuesday. The company has a 50-day moving average price of $495.01 and a 200-day moving average price of $332.35. Western Digital Corporation has a 52 week low of $58.66 and a 52 week high of $799.87. The firm has a market capitalization of $252.52 billion, a P/E ratio of 43.74 and a beta of 2.13.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, April 30th. The data storage provider reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.39 by $0.33. The company 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 firm’s revenue was up 45.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.36 earnings per share. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. As a group, equities research analysts anticipate that Western Digital Corporation will post 9.6 EPS for the current year.

Western Digital Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, June 5th were paid a dividend of $0.15 per share. The ex-dividend date was Friday, June 5th. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. This is a boost from Western Digital’s previous quarterly dividend of $0.12. Western Digital’s dividend payout ratio is 3.58%.

Insider Buying and Selling at Western Digital

In related news, Director Bruce E. Kiddoo sold 750 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $528.52, for a total value of $396,390.00. Following the transaction, the director directly owned 3,903 shares of the company’s stock, valued at approximately $2,062,813.56. This trade represents a 16.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Cynthia L. Tregillis sold 432 shares of Western Digital stock in a transaction on Friday, June 5th. The shares were sold at an average price of $545.60, for a total value of $235,699.20. Following the transaction, the insider owned 116,643 shares in the company, valued at $63,640,420.80. This trade represents a 0.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 29,322 shares of company stock worth $12,768,550. 0.18% of the stock is owned by insiders.

Wall Street Analyst Weigh In

WDC has been the topic of several recent analyst reports. Weiss Ratings raised Western Digital from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 15th. Cantor Fitzgerald boosted their target price on Western Digital to $660.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Zacks Research upgraded shares of Western Digital from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 6th. Bank of America raised their price target on shares of Western Digital to $495.00 and gave the company a “buy” rating in a report on Monday, April 27th. Finally, TD Cowen lifted their price target on shares of Western Digital from $325.00 to $500.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price 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.