Western Digital Co. (NASDAQ:WDC) Shares Purchased by Wakefield Asset Management LLLP

Wakefield Asset Management LLLP raised its holdings in Western Digital Co. (NASDAQ:WDC) by 48.9% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 48,194 shares of the data storage provider’s stock after acquiring an additional 15,824 shares during the period. Western Digital makes up approximately 1.3% of Wakefield Asset Management LLLP’s portfolio, making the stock its 22nd biggest position. Wakefield Asset Management LLLP’s holdings in Western Digital were worth $3,652,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Rise Advisors LLC purchased a new position in shares of Western Digital in the 1st quarter worth $25,000. Fidelis Capital Partners LLC purchased a new position in shares of Western Digital in the 1st quarter worth about $30,000. SOA Wealth Advisors LLC. purchased a new position in shares of Western Digital in the 1st quarter worth about $31,000. OFI Invest Asset Management acquired a new position in shares of Western Digital in the 2nd quarter valued at about $34,000. Finally, 1620 Investment Advisors Inc. purchased a new stake in shares of Western Digital during the 2nd quarter worth about $34,000. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 2,169 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $61.96, for a total value of $134,391.24. Following the sale, the senior vice president now owns 32,601 shares in the company, valued at $2,019,957.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Robert Soderbery sold 12,154 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $57.09, for a total transaction of $693,871.86. Following the transaction, the executive vice president now directly owns 128,413 shares of the company’s stock, valued at $7,331,098.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Gene M. Zamiska sold 2,169 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $61.96, for a total transaction of $134,391.24. Following the completion of the sale, the senior vice president now directly owns 32,601 shares of the company’s stock, valued at approximately $2,019,957.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,174 shares of company stock worth $1,070,642. Insiders own 0.28% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Citigroup lifted their price target on shares of Western Digital from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Evercore ISI restated an “outperform” rating and set a $85.00 target price on shares of Western Digital in a report on Thursday, August 15th. Summit Insights downgraded Western Digital from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Cantor Fitzgerald reissued an “overweight” rating and issued a $100.00 price objective on shares of Western Digital in a research report on Thursday, August 1st. Finally, Loop Capital upped their target price on Western Digital from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, June 4th. Six research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Western Digital presently has an average rating of “Moderate Buy” and a consensus price target of $84.18.

Western Digital Price Performance

WDC opened at $60.77 on Friday. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.53. The company’s 50-day moving average price is $67.41 and its 200 day moving average price is $69.00. Western Digital Co. has a fifty-two week low of $35.62 and a fifty-two week high of $81.55. The firm has a market cap of $20.87 billion, a price-to-earnings ratio of -12.23 and a beta of 1.39.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.17. Western Digital had a negative return on equity of 2.63% and a negative net margin of 3.75%. The business had revenue of $3.76 billion during the quarter, compared to analyst estimates of $3.77 billion. As a group, sell-side analysts expect that Western Digital Co. will post 8.73 earnings per share for the current year.

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.