State of Alaska Department of Revenue decreased its position in shares of Western Digital Co. (NASDAQ:WDC – Get Rating) by 12.4% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 103,828 shares of the data storage provider’s stock after selling 14,745 shares during the quarter. State of Alaska Department of Revenue’s holdings in Western Digital were worth $4,654,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Addison Advisors LLC lifted its stake in shares of Western Digital by 6,375.0% in the 1st quarter. Addison Advisors LLC now owns 518 shares of the data storage provider’s stock valued at $26,000 after purchasing an additional 510 shares during the period. Herold Advisors Inc. acquired a new position in shares of Western Digital in the 1st quarter valued at $40,000. Wolverine Asset Management LLC lifted its stake in shares of Western Digital by 113.2% in the 1st quarter. Wolverine Asset Management LLC now owns 828 shares of the data storage provider’s stock valued at $41,000 after purchasing an additional 7,100 shares during the period. Tobam acquired a new position in shares of Western Digital in the 1st quarter valued at $43,000. Finally, NuWave Investment Management LLC acquired a new position in shares of Western Digital in the 1st quarter valued at $46,000. Institutional investors and hedge funds own 84.57% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft downgraded Western Digital from a “buy” rating to a “hold” rating and cut their price target for the company from $56.00 to $40.00 in a research note on Monday. Credit Suisse Group assumed coverage on Western Digital in a research note on Tuesday, August 16th. They issued a “neutral” rating and a $52.00 price target on the stock. Benchmark downgraded Western Digital from a “hold” rating to a “sell” rating and set a $34.00 price target on the stock. in a research note on Thursday, September 1st. Mizuho cut their price target on Western Digital from $68.00 to $62.00 and set a “buy” rating on the stock in a research note on Monday, August 8th. Finally, Evercore ISI raised their price objective on Western Digital from $60.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, June 2nd. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $56.64.
Western Digital Price Performance
Western Digital (NASDAQ:WDC – Get Rating) last released its earnings results on Friday, August 5th. The data storage provider reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.51 by $0.27. The firm had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.57 billion. Western Digital had a return on equity of 19.15% and a net margin of 7.98%. The company’s revenue was down 8.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.96 EPS. Equities analysts forecast that Western Digital Co. will post 2.61 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, SVP Gene M. Zamiska sold 2,169 shares of the firm’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $40.90, for a total value of $88,712.10. Following the completion of the transaction, the senior vice president now owns 31,554 shares in the company, valued at approximately $1,290,558.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.17% of the company’s stock.
About Western Digital
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook personal computers (PCs), smart video systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications; and flash-based memory wafers.
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