Fred Alger Management LLC increased its stake in Western Digital Corporation by 4,923.9%, according to a recent SEC filing. The firm acquired over 3.3 million shares. This brings its total ownership to approximately 1% of the company. The position is valued at roughly $409 million.
Western Digital now represents the 14th largest holding in the firm's portfolio. The investment signals institutional confidence in the company’s high-capacity hard disk drives for AI and cloud data centers. Investors view the tight supply of high-capacity drives as a primary growth driver.
Western Digital shares rallied following the news of strong institutional demand. The company also maintains a previously announced $4.0 billion share repurchase program.