Beta Wealth Group Inc. Has $216,000 Position in Western Digital Corporation $WDC

Beta Wealth Group Inc. lessened its position in Western Digital Corporation (NASDAQ:WDC) by 71.4% in the 1st quarter, Holdings Channel reports. The firm owned 800 shares of the data storage provider’s stock after selling 2,000 shares during the period. Beta Wealth Group Inc.’s holdings in Western Digital were worth $216,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of WDC. Commonwealth Financial Services LLC bought a new position in shares of Western Digital during the first quarter worth $315,000. Hollencrest Capital Management increased its position in shares of Western Digital by 11.7% in the 1st quarter. Hollencrest Capital Management now owns 1,489 shares of the data storage provider’s stock valued at $403,000 after buying an additional 156 shares in the last quarter. Meeder Asset Management Inc. increased its position in shares of Western Digital by 7.2% in the 1st quarter. Meeder Asset Management Inc. now owns 15,231 shares of the data storage provider’s stock valued at $4,120,000 after buying an additional 1,022 shares in the last quarter. Meeder Advisory Services Inc. raised its stake in Western Digital by 3.2% during the 1st quarter. Meeder Advisory Services Inc. now owns 11,450 shares of the data storage provider’s stock worth $3,097,000 after buying an additional 360 shares during the period. Finally, Balefire LLC acquired a new stake in Western Digital during the 1st quarter worth $258,000. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have issued reports on WDC. Cantor Fitzgerald boosted their target price on Western Digital from $660.00 to $900.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Melius Research set a $1,050.00 price target on Western Digital and gave the stock a “buy” rating in a research report on Monday, June 29th. Citigroup lifted their price objective on Western Digital from $685.00 to $800.00 and gave the company a “buy” rating in a report on Monday, July 13th. UBS Group reiterated a “neutral” rating and set a $560.00 price objective on shares of Western Digital in a report on Monday, July 13th. Finally, Morgan Stanley boosted their price objective on Western Digital from $488.00 to $650.00 and gave the company an “overweight” rating in a research report on Monday, June 15th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Western Digital has a consensus rating of “Moderate Buy” and a consensus target price of $520.32.

Insider Transactions at Western Digital

In other news, insider Cynthia L. Tregillis sold 432 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $545.60, for a total transaction of $235,699.20. Following the completion of the transaction, the insider directly owned 116,643 shares of the company’s stock, valued at $63,640,420.80. This trade represents a 0.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bruce E. Kiddoo sold 750 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $528.52, for a total transaction of $396,390.00. Following the transaction, the director directly owned 3,903 shares of the company’s stock, valued at $2,062,813.56. This represents a 16.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 28,959 shares of company stock worth $12,631,666 in the last 90 days. 0.18% of the stock is owned by corporate insiders.

Western Digital News Summary

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

• Positive Sentiment: Western Digital is benefiting from a rebound in memory stocks as investors step back in after last week’s selloff, improving sentiment across the semiconductor group. Micron Jumps 5%, SanDisk Rises 6%, Western Digital Climbs 4% as Memory Stocks Rebound With Chips
• Positive Sentiment: Morgan Stanley’s view that the memory-stock selloff created a strong entry point is encouraging dip-buying in Western Digital and other chip names. The Memory Stock Sell-Off Created a ‘Strong Entry Point,’ Says Morgan Stanley. Investors Are Buying In.
• Neutral Sentiment: Western Digital Malaysia was recognized for advancing sustainable AI infrastructure, which supports the company’s AI narrative but is unlikely to be the main stock-moving catalyst today. WD Malaysia Recognized for Advancing Sustainable AI Infrastructure

Western Digital Trading Up 2.1%

WDC stock opened at $487.42 on Tuesday. The stock has a 50-day moving average price of $560.32 and a two-hundred day moving average price of $388.23. The stock has a market cap of $168.00 billion, a PE ratio of 29.10 and a beta of 2.11. Western Digital Corporation has a 1 year low of $66.04 and a 1 year high of $799.87.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Thursday, April 30th. The data storage provider reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.39 by $0.33. The firm had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.25 billion. Western Digital had a return on equity of 42.95% and a net margin of 55.29%.The company’s revenue for the quarter was up 45.5% on a year-over-year basis. During the same quarter last year, the business posted $1.36 EPS. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. On average, analysts forecast that Western Digital Corporation will post 9.61 earnings per share for the current fiscal year.

Western Digital Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, June 5th were given a $0.15 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $0.60 dividend on an annualized basis and a yield of 0.1%. This is a boost from Western Digital’s previous quarterly dividend of $0.12. Western Digital’s payout ratio is 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.