Livforsakringsbolaget Skandia Omsesidigt cut its position in Western Digital Co. (NASDAQ:WDC – Free Report) by 7.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 47,960 shares of the data storage provider’s stock after selling 4,100 shares during the period. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Western Digital were worth $1,806,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of WDC. Massmutual Trust Co. FSB ADV boosted its stake in shares of Western Digital by 75.3% in the first quarter. Massmutual Trust Co. FSB ADV now owns 661 shares of the data storage provider’s stock worth $25,000 after buying an additional 284 shares during the last quarter. Mizuho Securities Co. Ltd. purchased a new position in Western Digital during the first quarter worth approximately $27,000. CI Investments Inc. boosted its position in Western Digital by 114.4% during the fourth quarter. CI Investments Inc. now owns 879 shares of the data storage provider’s stock worth $28,000 after purchasing an additional 469 shares in the last quarter. Global Retirement Partners LLC boosted its position in Western Digital by 66.7% during the first quarter. Global Retirement Partners LLC now owns 1,072 shares of the data storage provider’s stock worth $35,000 after purchasing an additional 429 shares in the last quarter. Finally, Addison Advisors LLC boosted its position in Western Digital by 1,885.7% during the first quarter. Addison Advisors LLC now owns 973 shares of the data storage provider’s stock worth $37,000 after purchasing an additional 924 shares in the last quarter. Hedge funds and other institutional investors own 83.38% of the company’s stock.
Analyst Upgrades and Downgrades
WDC has been the topic of a number of recent analyst reports. Morgan Stanley reiterated an “overweight” rating and set a $52.00 price target on shares of Western Digital in a research report on Tuesday, August 1st. Bank of America increased their price target on Western Digital from $41.00 to $49.00 and gave the stock a “buy” rating in a research report on Tuesday, August 1st. TheStreet upgraded Western Digital from a “d+” rating to a “c-” rating in a research report on Thursday, August 3rd. Rosenblatt Securities increased their price target on Western Digital from $29.00 to $38.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 1st. Finally, Raymond James raised their target price on Western Digital from $42.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday, August 1st. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $43.39.
Insider Activity at Western Digital
In related news, SVP Gene M. Zamiska sold 2,169 shares of Western Digital stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $45.42, for a total value of $98,515.98. Following the completion of the transaction, the senior vice president now directly owns 43,011 shares in the company, valued at $1,953,559.62. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.20% of the stock is currently owned by company insiders.
Western Digital Trading Up 0.1 %
WDC stock traded up $0.04 during midday trading on Friday, hitting $43.47. 2,708,985 shares of the company’s stock were exchanged, compared to its average volume of 2,786,916. Western Digital Co. has a 1-year low of $29.73 and a 1-year high of $46.33. The business has a 50-day simple moving average of $41.01 and a two-hundred day simple moving average of $38.30. The stock has a market capitalization of $13.99 billion, a PE ratio of -8.04 and a beta of 1.68. The company has a current ratio of 1.45, a quick ratio of 0.77 and a debt-to-equity ratio of 0.54.
Western Digital (NASDAQ:WDC – Get Free Report) last released its quarterly earnings results on Monday, July 31st. The data storage provider reported ($1.98) EPS for the quarter, topping the consensus estimate of ($2.30) by $0.32. Western Digital had a negative return on equity of 11.96% and a negative net margin of 13.85%. The business had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.53 billion. During the same period last year, the business posted $1.54 earnings per share. The company’s quarterly revenue was down 41.0% on a year-over-year basis. On average, sell-side analysts predict that Western Digital Co. will post -5.38 EPS for the current fiscal year.
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 desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and 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.
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