Granahan Investment Management LLC grew its stake in Western Digital Co. (NASDAQ:WDC – Get Rating) by 6.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 90,407 shares of the data storage provider’s stock after purchasing an additional 5,427 shares during the period. Granahan Investment Management LLC’s holdings in Western Digital were worth $4,489,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Norinchukin Bank The lifted its stake in shares of Western Digital by 8.5% in the 1st quarter. Norinchukin Bank The now owns 28,712 shares of the data storage provider’s stock valued at $1,426,000 after purchasing an additional 2,246 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Western Digital by 217.5% in the first quarter. SG Americas Securities LLC now owns 24,092 shares of the data storage provider’s stock worth $1,196,000 after buying an additional 16,504 shares during the period. Guggenheim Capital LLC raised its holdings in shares of Western Digital by 11.6% in the fourth quarter. Guggenheim Capital LLC now owns 155,574 shares of the data storage provider’s stock worth $10,145,000 after buying an additional 16,194 shares during the period. NuWave Investment Management LLC purchased a new stake in shares of Western Digital in the first quarter worth approximately $46,000. Finally, Empowered Funds LLC purchased a new stake in shares of Western Digital in the first quarter worth approximately $4,651,000. 84.57% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other Western Digital news, SVP Gene M. Zamiska sold 2,169 shares of Western Digital stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $40.90, for a total transaction of $88,712.10. Following the completion of the sale, the senior vice president now owns 31,554 shares of the company’s stock, valued at approximately $1,290,558.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.17% of the stock is currently owned by insiders.
Western Digital Stock Up 3.3 %
Western Digital (NASDAQ:WDC – Get Rating) last posted its quarterly earnings data on Friday, August 5th. The data storage provider reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.51 by $0.27. The firm had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.57 billion. Western Digital had a return on equity of 19.15% and a net margin of 7.98%. The business’s quarterly revenue was down 8.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.96 EPS. Equities research analysts forecast that Western Digital Co. will post 2.61 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on WDC. Benchmark downgraded Western Digital from a “hold” rating to a “sell” rating and set a $34.00 price target on the stock. in a report on Thursday, September 1st. Robert W. Baird reduced their price objective on Western Digital from $75.00 to $55.00 in a report on Monday, August 8th. Deutsche Bank Aktiengesellschaft reduced their price objective on Western Digital from $64.00 to $56.00 in a report on Monday, August 8th. Mizuho reduced their price objective on Western Digital from $68.00 to $62.00 and set a “buy” rating on the stock in a report on Monday, August 8th. Finally, Citigroup reduced their price objective on Western Digital from $75.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, August 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Western Digital presently has a consensus rating of “Hold” and a consensus target price of $61.35.
Western Digital 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 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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