Western Digital Corp (NASDAQ: WDC) Chief Legal Officer and Corporate Secretary Cynthia L. Tregillis has executed a series of stock transactions, revealing recent insider activity within the storage solutions provider. On June 5, 2026, Ms. Tregillis sold 432 shares of the company's common stock. These shares were transacted at a price of $545.60 per share, resulting in a total value of approximately $235,699. The sale was conducted in accordance with a Rule 10b5-1 trading plan, a pre-arranged framework designed to facilitate trading in compliance with securities regulations. Ms. Tregillis originally adopted this plan on March 6, 2026.
Separately, earlier in the week on June 3, 2026, Ms. Tregillis disposed of 699 shares of common stock. This transaction occurred at a price of $594.11 per share, amounting to approximately $415,282. The disposition was directly linked to the payment of tax obligations, executed through the withholding of securities incident to the vesting of securities. On the same date, June 3, 2026, Ms. Tregillis also acquired 6 shares of common stock. These shares were the result of converting dividend equivalent rights, which were paid in the form of the Issuer's common stock on a one-for-one basis in connection with the vesting of restricted stock units. A cash amount was paid to settle a fractional dividend equivalent right associated with this conversion.
Following these transactions, Ms. Tregillis directly owned 116,643 shares of Western Digital common stock. This insider activity unfolds while Western Digital Corporation reports robust financial results for its fiscal third quarter of 2026, surpassing earnings expectations. The company achieved an earnings per share (EPS) of $2.72, exceeding the forecasted $2.36, and reported revenue of $3.34 billion, above the anticipated $3.23 billion. This performance highlights robust demand across its business segments.
In corporate developments, Western Digital announced the integration of post-quantum cryptography into its Ultrastar UltraSMR hard disk drives, a move aimed at enhancing data security. The drives are currently in qualification with multiple hyperscale customers. Additionally, the company appointed Manuvir Das to its board of directors, effective immediately. The company also entered into exchange agreements with institutional investors, exchanging shares of Sandisk Corporation for its own stock.
Market sentiment remains positive, with Evercore ISI raising its price target for Western Digital shares to $575, maintaining an Outperform rating, citing strong demand driven by AI advancements. The stock closed at 511.72 USD, down 63.63 (-11.06%), with after-hours trading at 502.78 USD, down 8.94 (-1.75%).