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Gene M. Zamiska, Senior Vice President and Principal Accounting Officer at Western Digital Corp (NASDAQ:WDC), executed a sale of 456 shares of common stock on March 12, 2025. The shares were sold at a price of $43.37 each, amounting to a total transaction value of $19,776. Following this sale, Zamiska retains ownership of 43,320 shares in the company. The transaction occurs as Western Digital, with a market capitalization of $14.9 billion, trades near its InvestingPro Fair Value, despite being down over the past month. The transaction was carried out under a Rule 10b5-1 trading plan, which was established in December 2023. InvestingPro analysis indicates the company remains profitable with positive net income expectations for the year ahead. For deeper insights into Western Digital’s financial health and growth prospects, including 8 additional ProTips and comprehensive valuation metrics, investors can access the detailed Pro Research Report available on InvestingPro.
In other recent news, Western Digital Corp. reported several significant developments. The company completed the spin-off of its Sandisk flash business, resulting in a credit rating upgrade from S&P Global Ratings to ’BB+’ with a stable outlook. Additionally, Fitch Ratings removed Western Digital from its Rating Watch Negative list, affirming a ’BB+’ rating and highlighting the company’s post-separation financial stability. Western Digital plans to use a $600 million dividend from the Sandisk separation and free cash flow to reduce debt, aiming for a net leverage of 1.0x-1.5x EBITDA.
Cantor Fitzgerald adjusted its price target for Western Digital to $65, maintaining an Overweight rating, while Citi raised its target to $64, reiterating a Buy rating. Both firms noted the company’s strong market position and potential for growth, with Citi emphasizing a stable HDD market as a key factor. Western Digital’s financial strategy includes a focus on reducing net debt and resuming dividends in fiscal year 2025. The company has also seen a rebound in HDD sales, with revenue growth exceeding 80% in the first half of the fiscal year.
Despite these positive developments, Western Digital remains cautious about potential risks such as industry cyclicality and technology transitions. The company continues to benefit from strong demand for high-capacity drives, collaborating closely with cloud service providers.
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