Wahed Invest LLC Purchases 1,063 Shares of Western Digital Co. (NASDAQ:WDC)

Wahed Invest LLC boosted its position in Western Digital Co. (NASDAQ:WDC) by 15.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,922 shares of the data storage provider’s stock after acquiring an additional 1,063 shares during the period. Wahed Invest LLC’s holdings in Western Digital were worth $541,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Weiss Asset Management LP bought a new position in Western Digital during the third quarter worth about $8,947,000. State Street Corp boosted its holdings in Western Digital by 3.2% during the third quarter. State Street Corp now owns 13,572,686 shares of the data storage provider’s stock worth $926,879,000 after buying an additional 423,651 shares during the last quarter. Sachem Head Capital Management LP boosted its holdings in Western Digital by 75.2% during the third quarter. Sachem Head Capital Management LP now owns 2,030,000 shares of the data storage provider’s stock worth $138,629,000 after buying an additional 871,500 shares during the last quarter. Quantinno Capital Management LP boosted its holdings in Western Digital by 68.7% during the third quarter. Quantinno Capital Management LP now owns 20,570 shares of the data storage provider’s stock worth $1,405,000 after buying an additional 8,378 shares during the last quarter. Finally, Quarry LP raised its position in shares of Western Digital by 22.6% during the third quarter. Quarry LP now owns 932 shares of the data storage provider’s stock worth $64,000 after purchasing an additional 172 shares during the period. Institutional investors own 92.51% of the company’s stock.

Western Digital Stock Performance

Shares of NASDAQ WDC opened at $71.07 on Friday. The company has a current ratio of 1.47, a quick ratio of 0.91 and a debt-to-equity ratio of 0.49. Western Digital Co. has a 12 month low of $46.75 and a 12 month high of $81.55. The stock has a 50 day moving average of $67.54 and a 200-day moving average of $69.07. The company has a market capitalization of $24.57 billion, a P/E ratio of 41.81 and a beta of 1.42.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Thursday, October 24th. The data storage provider reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.23. The business had revenue of $4.10 billion during the quarter, compared to the consensus estimate of $4.12 billion. Western Digital had a return on equity of 8.57% and a net margin of 4.81%. The firm’s quarterly revenue was up 48.9% on a year-over-year basis. During the same period in the previous year, the company posted ($1.97) EPS. As a group, equities research analysts predict that Western Digital Co. will post 6.56 EPS for the current year.

Insider Buying and Selling at Western Digital

In other Western Digital news, CEO David Goeckeler sold 75,000 shares of Western Digital stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $70.32, for a total value of $5,274,000.00. Following the completion of the transaction, the chief executive officer now directly owns 896,630 shares of the company’s stock, valued at $63,051,021.60. The trade was a 7.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert Soderbery sold 30,767 shares of the business’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $68.01, for a total value of $2,092,463.67. Following the transaction, the executive vice president now directly owns 135,398 shares of the company’s stock, valued at $9,208,417.98. This trade represents a 18.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 184,107 shares of company stock valued at $13,042,381 in the last three months. Corporate insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Morgan Stanley raised their price target on Western Digital from $94.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. The Goldman Sachs Group dropped their price target on Western Digital from $79.00 to $72.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. UBS Group dropped their price target on Western Digital from $74.00 to $72.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $95.00 price target on shares of Western Digital in a research report on Tuesday, November 26th. Finally, Benchmark reissued a “buy” rating and issued a $92.00 target price on shares of Western Digital in a research report on Friday, October 25th. Six research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, Western Digital currently has an average rating of “Moderate Buy” and an average target price of $87.71.

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 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.