Western Digital Co. (NASDAQ:WDC) Shares Sold by Summit Trail Advisors LLC

Summit Trail Advisors LLC decreased its holdings in shares of Western Digital Co. (NASDAQ:WDC) by 2.3% during the 3rd quarter, Holdings Channel.com reports. The fund owned 19,626 shares of the data storage provider’s stock after selling 469 shares during the period. Summit Trail Advisors LLC’s holdings in Western Digital were worth $1,340,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Swedbank AB grew its position in Western Digital by 19.7% in the 3rd quarter. Swedbank AB now owns 291,777 shares of the data storage provider’s stock worth $19,925,000 after purchasing an additional 47,965 shares during the last quarter. Cerity Partners LLC boosted its holdings in shares of Western Digital by 111.6% in the third quarter. Cerity Partners LLC now owns 151,561 shares of the data storage provider’s stock valued at $10,350,000 after acquiring an additional 79,951 shares in the last quarter. Highland Peak Capital LLC bought a new position in shares of Western Digital in the third quarter valued at approximately $6,505,000. Intech Investment Management LLC boosted its holdings in shares of Western Digital by 104.6% in the third quarter. Intech Investment Management LLC now owns 19,708 shares of the data storage provider’s stock valued at $1,346,000 after acquiring an additional 10,077 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its holdings in shares of Western Digital by 5.4% in the third quarter. First Horizon Advisors Inc. now owns 2,929 shares of the data storage provider’s stock valued at $200,000 after acquiring an additional 149 shares in the last quarter. Institutional investors and hedge funds own 92.51% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on WDC. TD Cowen decreased their price objective on shares of Western Digital from $95.00 to $80.00 and set a “buy” rating for the company in a report on Friday, September 13th. BNP Paribas reduced their target price on shares of Western Digital from $95.00 to $90.00 in a report on Thursday, October 24th. Susquehanna raised their target price on shares of Western Digital from $75.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. UBS Group reduced their target price on shares of Western Digital from $74.00 to $72.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. Finally, Summit Insights cut shares of Western Digital from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Six investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, Western Digital has a consensus rating of “Moderate Buy” and a consensus target price of $87.71.

Insiders Place Their Bets

In other news, EVP Robert Soderbery sold 30,767 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $68.01, for a total transaction of $2,092,463.67. Following the completion of the transaction, the executive vice president now directly owns 135,398 shares of the company’s stock, valued at approximately $9,208,417.98. This trade represents a 18.52 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Gene M. Zamiska sold 2,900 shares of Western Digital stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $61.48, for a total transaction of $178,292.00. Following the transaction, the senior vice president now directly owns 37,448 shares of the company’s stock, valued at $2,302,303.04. This represents a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 188,520 shares of company stock worth $13,306,224 in the last ninety days. Insiders own 0.30% of the company’s stock.

Western Digital Stock Up 0.8 %

WDC stock opened at $66.43 on Monday. Western Digital Co. has a 12-month low of $46.05 and a 12-month high of $81.55. The company has a quick ratio of 0.91, a current ratio of 1.47 and a debt-to-equity ratio of 0.49. The company has a market cap of $22.97 billion, a price-to-earnings ratio of 39.08 and a beta of 1.40. The company has a 50 day moving average of $66.48 and a two-hundred day moving average of $69.08.

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