National Asset Management Inc. Decreases Stake in Western Digital Co. (NASDAQ:WDC)

National Asset Management Inc. lowered its position in Western Digital Co. (NASDAQ:WDCGet Rating) by 13.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,549 shares of the data storage provider’s stock after selling 838 shares during the quarter. National Asset Management Inc.’s holdings in Western Digital were worth $276,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Confluence Wealth Services Inc. purchased a new stake in shares of Western Digital during the 4th quarter worth approximately $32,000. Addison Advisors LLC lifted its position in shares of Western Digital by 6,375.0% during the 1st quarter. Addison Advisors LLC now owns 518 shares of the data storage provider’s stock worth $26,000 after buying an additional 510 shares during the last quarter. Quadrant Capital Group LLC lifted its position in shares of Western Digital by 74.2% during the 4th quarter. Quadrant Capital Group LLC now owns 526 shares of the data storage provider’s stock worth $34,000 after buying an additional 224 shares during the last quarter. Tobam acquired a new position in shares of Western Digital in the 1st quarter valued at $43,000. Finally, NuWave Investment Management LLC acquired a new position in shares of Western Digital in the 1st quarter valued at $46,000. Hedge funds and other institutional investors own 81.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on WDC shares. Stifel Nicolaus lifted their target price on shares of Western Digital from $80.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, April 12th. Wells Fargo & Company cut their target price on shares of Western Digital from $75.00 to $65.00 and set an “overweight” rating on the stock in a report on Thursday, July 14th. The Goldman Sachs Group cut their target price on shares of Western Digital from $62.00 to $50.00 in a report on Friday, July 15th. Susquehanna Bancshares cut shares of Western Digital from a “positive” rating to a “neutral” rating and dropped their price objective for the company from $80.00 to $50.00 in a research note on Thursday, April 14th. Finally, StockNews.com cut shares of Western Digital from a “buy” rating to a “hold” rating in a research note on Monday, May 2nd. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

Western Digital Stock Performance

NASDAQ:WDC opened at $49.10 on Friday. The company has a quick ratio of 1.25, a current ratio of 2.09 and a debt-to-equity ratio of 0.59. Western Digital Co. has a fifty-two week low of $41.63 and a fifty-two week high of $69.99. The stock has a market cap of $15.38 billion, a PE ratio of 8.51 and a beta of 1.50. The firm’s fifty day simple moving average is $50.51 and its 200-day simple moving average is $52.20.

Western Digital (NASDAQ:WDCGet Rating) last released its quarterly earnings data on Thursday, April 28th. The data storage provider reported $1.38 EPS for the quarter, topping the consensus estimate of $1.24 by $0.14. Western Digital had a net margin of 9.49% and a return on equity of 20.88%. The business had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same period in the previous year, the firm earned $0.75 EPS. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. Analysts expect that Western Digital Co. will post 7.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Gene M. Zamiska sold 4,776 shares of the business’s stock in a transaction dated Wednesday, May 4th. The shares were sold at an average price of $63.00, for a total value of $300,888.00. Following the sale, the senior vice president now directly owns 26,719 shares in the company, valued at approximately $1,683,297. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.17% of the company’s stock.

About Western Digital

(Get Rating)

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 computing devices, such as desktop and notebook personal computers (PCs), smart video systems, gaming consoles, and set top boxes; 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; and flash-based memory wafers.

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

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