Gene M. Zamiska, Senior Vice President and Principal Accounting Officer at Western Digital Corp (NASDAQ:WDC), recently executed a stock sale as part of a pre-arranged trading plan. On November 29, Zamiska sold 313 shares of Western Digital at an average price of $72.63 per share, totaling $22,733. Following this transaction, Zamiska holds 28,383 shares directly. The sale comes as Western Digital, a prominent player in technology hardware and storage, has seen its stock surge over 50% in the past year, trading near $73.43 with a market capitalization of $25.3 billion.
Additionally, on November 27, Zamiska disposed of 167 shares at a price of $71.50 each to cover tax obligations related to the vesting of securities. This transaction was not part of the trading plan and left him with 28,696 shares. These moves are part of routine financial management activities for executives. According to InvestingPro, analysts maintain a bullish outlook on Western Digital, with price targets ranging from $60 to $115 per share. Get access to detailed analysis and 7 additional exclusive ProTips with an InvestingPro subscription.
In other recent news, Western Digital Corp has reported significant growth in its fiscal first quarter of 2025, with revenue hitting $4.1 billion and earnings per share increasing to $1.78. This comes in conjunction with the company's strategic move to spin off its Flash business, a decision that TD Cowen views as a positive sign for Western Digital's Hard Disk Drive (HDD) business. Shareholders are set to receive one-third of the shares in the newly formed entity, a direct investment in the future of both companies.
The company also announced an expansion of its 2021 Long-Term Incentive Plan by 6 million shares, aimed at providing equity-based compensation to key employees. Meanwhile, Citi has raised its outlook on SK Hynix shares, predicting a promising scenario for 4Q DRAM pricing.
These recent developments come as Western Digital continues to streamline its operations, with the separation of its Flash and HDD businesses expected to be completed by the end of the fiscal second quarter. For the next quarter, the company anticipates revenue between $4.2 billion and $4.4 billion, with projected earnings per share between $1.75 and $2.05. Despite experiencing operational dissynergies of approximately $30 million due to carrying dual cost structures, the company remains committed to optimizing profitability and executing strategic initiatives.
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