Jupiter Asset Management Ltd. Purchases New Holdings in Western Digital Co. (NASDAQ:WDC)

Jupiter Asset Management Ltd. purchased a new stake in Western Digital Co. (NASDAQ:WDCFree Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 107,081 shares of the data storage provider’s stock, valued at approximately $4,061,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. American Century Companies Inc. raised its stake in Western Digital by 292.1% during the first quarter. American Century Companies Inc. now owns 30,302 shares of the data storage provider’s stock valued at $1,504,000 after buying an additional 22,573 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Western Digital during the first quarter valued at approximately $57,000. Acadian Asset Management LLC raised its stake in Western Digital by 1,535.0% during the first quarter. Acadian Asset Management LLC now owns 8,649 shares of the data storage provider’s stock valued at $426,000 after buying an additional 8,120 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Western Digital by 7.0% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 41,869 shares of the data storage provider’s stock valued at $2,079,000 after buying an additional 2,755 shares in the last quarter. Finally, Great West Life Assurance Co. Can raised its stake in Western Digital by 1.9% during the first quarter. Great West Life Assurance Co. Can now owns 197,219 shares of the data storage provider’s stock valued at $10,331,000 after buying an additional 3,642 shares in the last quarter. Hedge funds and other institutional investors own 83.38% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on WDC. Susquehanna upped their price objective on Western Digital from $38.00 to $46.00 and gave the company a “neutral” rating in a research note on Tuesday, October 31st. Summit Insights upgraded Western Digital from a “hold” rating to a “buy” rating in a research report on Monday, October 30th. Raymond James increased their price target on Western Digital from $46.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 31st. BNP Paribas upgraded Western Digital from a “neutral” rating to an “outperform” rating and set a $58.00 price target on the stock in a research report on Wednesday, September 20th. Finally, 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. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $48.07.

Check Out Our Latest Stock Analysis on WDC

Insider Buying and Selling

In other news, EVP Robert Soderbery sold 20,000 shares of Western Digital stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $42.49, for a total transaction of $849,800.00. Following the transaction, the executive vice president now owns 221,158 shares in the company, valued at $9,397,003.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Robert Soderbery sold 20,000 shares of Western Digital stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $42.49, for a total transaction of $849,800.00. Following the transaction, the executive vice president now owns 221,158 shares in the company, valued at $9,397,003.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Gene M. Zamiska sold 2,169 shares of Western Digital stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $45.42, for a total value of $98,515.98. Following the transaction, the senior vice president now owns 43,011 shares in the company, valued at approximately $1,953,559.62. The disclosure for this sale can be found here. Insiders own 0.28% of the company’s stock.

Western Digital Stock Performance

Shares of NASDAQ WDC opened at $46.62 on Friday. The company has a quick ratio of 0.70, a current ratio of 1.31 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $15.01 billion, a price-to-earnings ratio of -6.09 and a beta of 1.59. The stock’s fifty day simple moving average is $44.03 and its 200 day simple moving average is $41.11. Western Digital Co. has a 52-week low of $29.73 and a 52-week high of $47.14.

Western Digital (NASDAQ:WDCGet Free Report) last issued its earnings results on Monday, October 30th. The data storage provider reported ($1.76) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.91) by $0.15. The business had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.66 billion. Western Digital had a negative return on equity of 18.01% and a negative net margin of 21.34%. The company’s quarterly revenue was down 26.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.02) EPS. As a group, sell-side analysts forecast that Western Digital Co. will post -4.34 earnings per share for the current fiscal year.

Western Digital Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

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