Pictet Asset Management SA trimmed its holdings in shares of Western Digital Co. (NASDAQ:WDC – Get Rating) by 98.4% during the second quarter, Holdings Channel.com reports. The fund owned 130,943 shares of the data storage provider’s stock after selling 8,002,358 shares during the quarter. Pictet Asset Management SA’s holdings in Western Digital were worth $5,870,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Greenwich Wealth Management LLC raised its stake in Western Digital by 0.7% in the second quarter. Greenwich Wealth Management LLC now owns 40,973 shares of the data storage provider’s stock valued at $1,837,000 after purchasing an additional 266 shares in the last quarter. Financial Gravity Asset Management Inc. raised its position in shares of Western Digital by 148.0% in the 2nd quarter. Financial Gravity Asset Management Inc. now owns 496 shares of the data storage provider’s stock valued at $334,000 after buying an additional 296 shares in the last quarter. V Wealth Advisors LLC lifted its holdings in shares of Western Digital by 5.7% during the 2nd quarter. V Wealth Advisors LLC now owns 5,572 shares of the data storage provider’s stock worth $250,000 after acquiring an additional 300 shares during the period. Hartford Investment Management Co. boosted its position in shares of Western Digital by 1.0% during the 2nd quarter. Hartford Investment Management Co. now owns 29,965 shares of the data storage provider’s stock worth $1,343,000 after acquiring an additional 303 shares in the last quarter. Finally, Pinnacle Associates Ltd. increased its stake in Western Digital by 2.8% in the first quarter. Pinnacle Associates Ltd. now owns 11,550 shares of the data storage provider’s stock valued at $573,000 after acquiring an additional 315 shares during the last quarter. Institutional investors and hedge funds own 84.57% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on WDC. BNP Paribas began coverage on Western Digital in a research note on Tuesday, September 13th. They set an “underperform” rating and a $30.00 target price for the company. Robert W. Baird reduced their price objective on Western Digital from $55.00 to $50.00 in a research note on Monday, October 31st. Morgan Stanley lowered their target price on Western Digital from $65.00 to $52.00 and set an “overweight” rating for the company in a research note on Tuesday, October 25th. Benchmark reduced their price target on shares of Western Digital from $34.00 to $28.00 and set a “sell” rating on the stock in a research note on Friday, September 30th. Finally, Craig Hallum lowered their price objective on shares of Western Digital from $85.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, October 4th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Western Digital has a consensus rating of “Hold” and an average target price of $49.81.
Insider Activity at Western Digital
Western Digital Stock Up 0.9 %
Shares of NASDAQ WDC opened at $36.86 on Friday. The company’s 50 day moving average price is $35.57 and its 200-day moving average price is $45.10. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.05 and a current ratio of 1.83. Western Digital Co. has a 52-week low of $31.56 and a 52-week high of $69.36. The company has a market capitalization of $11.71 billion, a P/E ratio of 12.71 and a beta of 1.53.
Western Digital Company Profile
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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