Icon Wealth Advisors LLC Purchases Shares of 1,264 Western Digital Corporation $WDC

Icon Wealth Advisors LLC purchased a new stake in Western Digital Corporation (NASDAQ:WDC) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 1,264 shares of the data storage provider’s stock, valued at approximately $218,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AustralianSuper Pty Ltd purchased a new stake in Western Digital in the third quarter valued at about $34,244,000. Cantor Fitzgerald L. P. raised its stake in shares of Western Digital by 399.8% in the third quarter. Cantor Fitzgerald L. P. now owns 32,487 shares of the data storage provider’s stock worth $3,900,000 after purchasing an additional 25,987 shares during the last quarter. NorthCrest Asset Manangement LLC raised its stake in shares of Western Digital by 75.4% in the fourth quarter. NorthCrest Asset Manangement LLC now owns 9,465 shares of the data storage provider’s stock worth $1,778,000 after purchasing an additional 4,068 shares during the last quarter. China Universal Asset Management Co. Ltd. purchased a new position in shares of Western Digital in the fourth quarter worth about $2,270,000. Finally, WESPAC Advisors LLC purchased a new position in shares of Western Digital in the fourth quarter worth about $793,000. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

More Western Digital News

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

• Positive Sentiment: Morgan Stanley reiterated an Overweight rating and lifted its price target to $650, while other firms also turned constructive on Western Digital and the broader hard-drive/storage group. What’s Going On With The Jump In Western Digital Stock?
• Positive Sentiment: Investors are re-rating WDC on expectations that AI and cloud data-center buildouts will keep HDD and storage demand tight, supporting pricing power and margin expansion. Why Western Digital’s stock was the S&P 500’s biggest gainer on Monday
• Positive Sentiment: Recent earnings were stronger than expected, with revenue and EPS beating estimates and management guiding to continued profitability, reinforcing confidence in the turnaround story. Western Digital Corporation Will Hit $600 on This Date
• Neutral Sentiment: Broader market sentiment was also upbeat, with risk appetite improving across AI, chip, and memory stocks, adding a sector tailwind to the move in WDC.

Analysts Set New Price Targets

Several research analysts have recently issued reports on WDC shares. Barclays raised their price objective on Western Digital from $450.00 to $620.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 27th. Evercore restated an “outperform” rating and issued a $575.00 price objective on shares of Western Digital in a research note on Tuesday, May 26th. The Goldman Sachs Group restated a “neutral” rating and issued a $400.00 price objective on shares of Western Digital in a research note on Friday, May 1st. Wall Street Zen upgraded Western Digital from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Finally, Morgan Stanley raised their price objective on Western Digital from $488.00 to $650.00 and gave the stock an “overweight” rating in a research note on Monday. One 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 stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $450.46.

Western Digital Price Performance

Shares of NASDAQ:WDC opened at $653.53 on Tuesday. The business’s 50 day moving average price is $454.40 and its 200-day moving average price is $312.52. The firm has a market capitalization of $225.26 billion, a PE ratio of 39.02 and a beta of 2.13. Western Digital Corporation has a 1 year low of $56.26 and a 1 year high of $658.80.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings results 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 firm had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.25 billion. Western Digital had a return on equity of 42.95% and a net margin of 55.29%.The business’s revenue was up 45.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.36 earnings per share. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. As a group, analysts expect that Western Digital Corporation will post 9.6 earnings per share for the current year.

Western Digital Increases Dividend

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

Insider Buying and Selling

In other Western Digital news, insider Cynthia L. Tregillis sold 432 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $545.60, for a total transaction of $235,699.20. Following the transaction, the insider owned 116,643 shares of the company’s stock, valued at approximately $63,640,420.80. The trade was a 0.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible 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 business’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 in the company, valued at $2,062,813.56. This trade represents a 16.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 29,322 shares of company stock worth $12,768,550. 0.18% of the stock is currently owned by corporate insiders.

About Western Digital

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.