Gene M. Zamiska, the Senior Vice President and Principal Accounting Officer at Western Digital Corp (NASDAQ:WDC), has recently sold a portion of his company stock, according to the latest filings with the Securities and Exchange Commission. On May 21, Zamiska sold 416 shares at a price of $71.88 per share, amounting to a total sale value of $29,902.
The transactions were carried out under a prearranged 10b5-1 trading plan, which allows company insiders to sell stocks at predetermined times to avoid accusations of insider trading. This plan was adopted by Zamiska on December 1, 2023, indicating that the sale was planned well in advance and not based on any immediate knowledge of company matters that could affect the stock price.
In addition to the sale, the filing also showed that Zamiska disposed of 221 shares at a price of $73.05 per share to cover tax obligations related to the vesting of securities. This transaction, which took place on May 20, was valued at $16,144 and was part of the company’s arrangements for handling tax liabilities incident to the vesting of securities in compliance with Rule 16b-3(e).
Following these transactions, Zamiska still holds a substantial number of shares in Western Digital, with 30,321 shares remaining in his possession. These latest moves by a high-ranking executive at Western Digital provide investors with insight into the trading activities of the company's insiders and are part of the routine disclosures required by SEC regulations.
InvestingPro Insights
Recent insider trading at Western Digital Corp (NASDAQ:WDC) by Senior Vice President Gene M. Zamiska has caught the attention of investors, shedding light on the company's financial standing and stock performance. Western Digital's market dynamics appear to be a blend of challenges and strengths, as reflected in the InvestingPro data and tips.
One of the notable InvestingPro Tips for Western Digital is that analysts have recently revised their earnings projections upwards for the upcoming period. This optimism is interesting given the context of Zamiska's stock sale and could indicate a potential positive outlook for the company's future performance. Additionally, Western Digital is recognized as a prominent player in the Technology Hardware, Storage & Peripherals industry, which may provide it with a competitive edge in its market segment.
From the InvestingPro Data, Western Digital's market capitalization stands at $24.01 billion, underlining its significant presence in the industry. However, the company's P/E ratio is currently negative at -14.58, and the adjusted P/E ratio for the last twelve months as of Q3 2024 is also negative at -16.11, suggesting that the company has faced profitability challenges. The revenue growth for the same period shows a decline of -15.97%, but there is a silver lining with a quarterly revenue growth of 23.33% in Q3 2024, hinting at potential recovery.
Investors and potential shareholders interested in a deeper dive into Western Digital's financials can explore additional InvestingPro Tips, with a total of 11 more tips available at InvestingPro. To make the most of these insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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