2,874 Shares in Western Digital Corporation $WDC Acquired by Proficio Capital Partners LLC

Proficio Capital Partners LLC bought a new position in Western Digital Corporation (NASDAQ:WDC) during the second quarter, Holdings Channel reports. The fund bought 2,874 shares of the data storage provider’s stock, valued at approximately $1,836,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Rakuten Securities Inc. lifted its stake in Western Digital by 4,070.0% during the second quarter. Rakuten Securities Inc. now owns 417 shares of the data storage provider’s stock valued at $27,000 after buying an additional 407 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Western Digital in the 2nd quarter valued at approximately $28,000. Dunhill Financial LLC acquired a new position in Western Digital in the 2nd quarter worth approximately $29,000. Stonehage Fleming Financial Services Holdings Ltd acquired a new position in Western Digital in the 2nd quarter worth approximately $31,000. Finally, Valley Wealth Managers Inc. purchased a new position in Western Digital during the 1st quarter worth approximately $32,000. Hedge funds and other institutional investors own 92.51% of the company’s stock.

Wall Street Analyst Weigh In

WDC has been the subject of a number of research reports. Wells Fargo & Company raised their price objective on Western Digital from $575.00 to $730.00 and gave the stock an “overweight” rating in a research report on Friday, July 10th. Mizuho set a $590.00 target price on Western Digital in a report on Thursday, August 6th. Robert W. Baird set a $630.00 price target on shares of Western Digital in a report on Thursday, August 6th. TD Cowen boosted their price objective on shares of Western Digital from $500.00 to $540.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Finally, Weiss Ratings lowered Western Digital from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Western Digital has a consensus rating of “Moderate Buy” and a consensus price target of $534.56.

Western Digital Stock Performance

WDC opened at $450.55 on Tuesday. Western Digital Corporation has a twelve month low of $77.90 and a twelve month high of $799.87. The firm has a market cap of $155.30 billion, a P/E ratio of 18.61 and a beta of 2.14. The business has a 50 day moving average price of $521.35 and a 200 day moving average price of $442.03.

Western Digital (NASDAQ:WDC) last released its 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 during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.66 EPS. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. As a group, analysts anticipate that Western Digital Corporation will post 19.65 earnings per share for the current fiscal year.

Western Digital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Tuesday, September 8th will be given a dividend of $0.15 per share. 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 2.48%.

Insider Buying and Selling at Western Digital

In other news, insider Cynthia L. Tregillis sold 1,007 shares of the business’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $478.36, for a total transaction of $481,708.52. Following the transaction, the insider owned 112,155 shares in the company, valued at approximately $53,650,465.80. The trade was a 0.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Irving Tan sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $444.97, for a total transaction of $8,899,400.00. Following the transaction, the chief executive officer directly owned 575,966 shares of the company’s stock, valued at $256,287,591.02. This represents a 3.36% decrease in their position. 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 23,642 shares of company stock valued at $10,676,659. Corporate insiders own 0.18% of the company’s stock.

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.