Parkway Wealth Management Group LLC Sells 5,538 Shares of Western Digital Corporation $WDC

Parkway Wealth Management Group LLC lowered its holdings in Western Digital Corporation (NASDAQ:WDC) by 40.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,272 shares of the data storage provider’s stock after selling 5,538 shares during the period. Parkway Wealth Management Group LLC’s holdings in Western Digital were worth $3,759,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Eagle Wealth Advisors LLC boosted its holdings in Western Digital by 6.6% during the third quarter. Eagle Wealth Advisors LLC now owns 778 shares of the data storage provider’s stock worth $354,000 after buying an additional 48 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Western Digital by 4.2% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 76,193 shares of the data storage provider’s stock worth $34,627,000 after buying an additional 3,103 shares during the last quarter. CWA Asset Management Group LLC grew its position in Western Digital by 9.2% in the third quarter. CWA Asset Management Group LLC now owns 27,011 shares of the data storage provider’s stock worth $12,275,000 after buying an additional 2,281 shares during the last quarter. Fairvoy Private Wealth LLC increased its holdings in shares of Western Digital by 15.4% in the third quarter. Fairvoy Private Wealth LLC now owns 10,135 shares of the data storage provider’s stock valued at $4,606,000 after buying an additional 1,349 shares in the last quarter. Finally, Kercheville Advisors LLC increased its holdings in shares of Western Digital by 100.0% in the third quarter. Kercheville Advisors LLC now owns 1,600 shares of the data storage provider’s stock valued at $727,000 after buying an additional 800 shares in the last quarter. 92.51% of the stock is currently owned by institutional investors.

Key Stories Impacting Western Digital

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

• Positive Sentiment: Western Digital was among the leading S&P 500 gainers as AI-related stocks rebounded. The recovery followed a sharp decline the previous week and reflected renewed buying interest in data-storage companies. Sandisk, Datadog, Amazon Lead S&P 500 As AI Stocks Rebound
• Positive Sentiment: Analyst sentiment provided another lift, with Wall Street Zen upgrading Western Digital to “Strong-Buy.” A separate analysis also presented the company as a potential value entry with substantial exposure to AI-driven storage demand. Wall Street Zen Upgrades Western Digital to Strong-Buy
• Positive Sentiment: Western Digital is being highlighted as an AI data-center beneficiary, since expanding AI workloads require significant storage capacity. Analysts cited in market coverage see sizable upside for selected AI-related technology stocks, including WDC. These 3 AI Tech Stocks Offer 80%+ Upside, According to Analysts
• Neutral Sentiment: Western Digital is scheduled to report fiscal first-quarter results late Thursday. With technology earnings viewed as an important test of whether AI spending remains durable, the report could become the next major catalyst for the stock. This Week’s Tech Earnings Could Be a Validation Moment for the AI Trade
• Negative Sentiment: Despite the rebound, WDC remains below its key moving averages after its steep previous-week selloff. Investors are also monitoring weakness and volatility across global memory and chip stocks ahead of related earnings reports, which could pressure storage-sector valuations. Chip Investors Watch Out: China’s CXMT Plunges Despite Record Forecast

Analysts Set New Price Targets

A number of brokerages have recently commented on WDC. Wall Street Zen upgraded Western Digital from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Robert W. Baird set a $630.00 price objective on Western Digital in a research note on Thursday, August 6th. Citigroup decreased their target price on Western Digital from $800.00 to $740.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Zacks Research cut Western Digital from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. Finally, Fox Advisors lowered Western Digital from an “overweight” rating to an “equal weight” rating in a research report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, Western Digital currently has a consensus rating of “Moderate Buy” and a consensus target price of $608.26.

Insider Transactions at Western Digital

In related news, insider Cynthia L. Tregillis sold 432 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $451.20, for a total transaction of $194,918.40. Following the transaction, the insider directly owned 111,030 shares of the company’s stock, valued at approximately $50,096,736. The trade was a 0.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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 business’s stock in a transaction that occurred on 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 in the company, valued at $256,287,591.02. The trade was a 3.36% 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. Insiders sold 24,629 shares of company stock valued at $11,033,404 over the last three months. 0.20% of the stock is owned by corporate insiders.

Western Digital Trading Up 6.1%

NASDAQ:WDC opened at $352.21 on Tuesday. The business’s fifty day moving average price is $441.12 and its 200 day moving average price is $478.99. The firm has a market capitalization of $131.84 billion, a price-to-earnings ratio of 14.55, a PEG ratio of 1.41 and a beta of 2.11. Western Digital Corporation has a 1-year low of $117.23 and a 1-year high of $799.87.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Wednesday, August 5th. The data storage provider reported $3.56 EPS for the quarter, topping analysts’ consensus estimates of $3.31 by $0.25. Western Digital had a return on equity of 48.15% and a net margin of 72.95%. The firm had revenue of $3.75 billion during the quarter, compared to analyst estimates of $3.70 billion. During the same period last year, the company posted $1.66 EPS. The business’s quarterly revenue was up 43.8% compared to the same quarter last year. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. Equities analysts forecast that Western Digital Corporation will post 19.65 earnings per share for the current year.

Western Digital Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 17th. Stockholders of record on Tuesday, September 8th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Tuesday, September 8th. Western Digital’s dividend payout ratio is 2.48%.

About Western Digital

Western Digital Corporation (NASDAQ: WDC) is a data storage technology company that develops and manufactures hard disk drives (HDDs) and related storage solutions. Its products are used in data centers, cloud infrastructure, enterprise systems, personal computers, gaming platforms and external storage devices.

The company offers HDD-based products for business and consumer applications, including high-capacity drives designed for hyperscale and cloud data centers, enterprise storage environments, network-attached storage systems and personal computing.