Pier 88 Investment Partners LLC Makes New Investment in Western Digital Corporation $WDC

Pier 88 Investment Partners LLC bought a new stake in Western Digital Corporation (NASDAQ:WDC) during the 4th quarter, HoldingsChannel reports. The fund bought 4,820 shares of the data storage provider’s stock, valued at approximately $830,000.

Several other hedge funds and other institutional investors have also made changes to their positions in WDC. WCM Investment Management LLC purchased a new stake in shares of Western Digital in the third quarter valued at $791,317,000. Fred Alger Management LLC raised its stake in shares of Western Digital by 4,923.9% in the third quarter. Fred Alger Management LLC now owns 3,407,042 shares of the data storage provider’s stock valued at $409,049,000 after acquiring an additional 3,339,225 shares during the period. Soroban Capital Partners LP raised its stake in shares of Western Digital by 1,926.3% in the second quarter. Soroban Capital Partners LP now owns 3,061,134 shares of the data storage provider’s stock valued at $195,882,000 after acquiring an additional 2,910,062 shares during the period. Polar Capital Holdings Plc purchased a new stake in shares of Western Digital in the third quarter valued at $221,800,000. Finally, AQR Capital Management LLC raised its stake in shares of Western Digital by 175.4% in the second quarter. AQR Capital Management LLC now owns 1,232,071 shares of the data storage provider’s stock valued at $78,347,000 after acquiring an additional 784,645 shares during the period. Hedge funds and other institutional investors own 92.51% of the company’s stock.

Western Digital Stock Up 7.5%

WDC opened at $515.83 on Tuesday. The business has a fifty day moving average of $334.30 and a 200 day moving average of $247.47. Western Digital Corporation has a 52-week low of $46.40 and a 52-week high of $525.15. The stock has a market cap of $177.80 billion, a P/E ratio of 30.80 and a beta of 2.10.

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, beating analysts’ consensus estimates of $2.39 by $0.33. Western Digital had a return on equity of 42.95% and a net margin of 55.29%.The company had revenue of $3.34 billion during the quarter, compared to analysts’ expectations of $3.25 billion. During the same quarter in the previous year, the business earned $1.36 EPS. Western Digital’s revenue was up 45.5% compared to the same quarter last year. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. Equities analysts anticipate that Western Digital Corporation will post 9.57 EPS for the current fiscal year.

Western Digital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Friday, June 5th will be given a dividend of $0.15 per share. This is a boost from Western Digital’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, June 5th. This represents a $0.60 dividend on an annualized basis and a yield of 0.1%. Western Digital’s dividend payout ratio is presently 2.99%.

Western Digital News Roundup

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

• Positive Sentiment: Western Digital reported better-than-expected Q3 results, with EPS of $2.72 versus $2.39 expected and revenue of $3.34 billion versus $3.25 billion estimated, while also boosting its dividend by 20%. Western Digital (WDC) Stock Soars to Record Peak on Stellar Q3 Results and Dividend Boost
• Positive Sentiment: Several reports said WDC is benefiting from surging AI infrastructure spending, which is increasing demand for high-capacity data center storage and memory chips. Western Digital rallies 7% amid AI surge in Micron and Sandisk
• Positive Sentiment: Analyst commentary highlighted Western Digital as a potential winner from continued hyperscaler AI spending, reinforcing the bullish memory-storage trade. Why These 3 High-Flying Memory & Storage Stocks Will Rise Further
• Neutral Sentiment: Short-interest data showed 0 shares reported as of May 11, which does not provide a meaningful signal for investors.
• Neutral Sentiment: Related coverage also noted strong momentum in SanDisk and the broader memory ETF, adding to sector enthusiasm rather than changing WDC-specific fundamentals. SanDisk’s 4,000% Moonshot Just Made Its Parent The Underdog

Analysts Set New Price Targets

Several brokerages have recently weighed in on WDC. Wedbush reissued an “outperform” rating and issued a $325.00 target price on shares of Western Digital in a research note on Monday, February 9th. Rosenblatt Securities boosted their price objective on Western Digital from $340.00 to $500.00 and gave the company a “buy” rating in a report on Friday, May 1st. Weiss Ratings restated a “buy (b-)” rating on shares of Western Digital in a report on Friday, May 1st. Mizuho set a $470.00 price objective on Western Digital in a report on Friday, May 1st. Finally, Sanford C. Bernstein upgraded Western Digital from a “market perform” rating to an “outperform” rating and set a $340.00 price objective for the company in a report on Tuesday, March 31st. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned 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 a consensus price target of $395.83.

Insider Buying and Selling at Western Digital

In other Western Digital news, CEO Irving Tan sold 20,000 shares of Western Digital stock in a transaction on Friday, May 1st. The stock was sold at an average price of $411.84, for a total transaction of $8,236,800.00. Following the completion of the sale, the chief executive officer directly owned 598,150 shares of the company’s stock, valued at $246,342,096. The trade was a 3.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Cynthia L. Tregillis sold 363 shares of Western Digital stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $377.09, for a total value of $136,883.67. Following the sale, the insider directly owned 120,023 shares of the company’s stock, valued at approximately $45,259,473.07. This trade represents a 0.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 53,679 shares of company stock valued at $18,049,314 in the last ninety days. Corporate insiders own 0.18% of the company’s stock.

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.