Allspring Global Investments Holdings LLC Lowers Position in Western Digital Co. (NASDAQ:WDC)

Allspring Global Investments Holdings LLC lessened its position in Western Digital Co. (NASDAQ:WDC) by 2.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,967 shares of the data storage provider’s stock after selling 415 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Western Digital were worth $836,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in WDC. Zweig DiMenna Associates LLC increased its position in Western Digital by 217.6% during the 4th quarter. Zweig DiMenna Associates LLC now owns 166,750 shares of the data storage provider’s stock valued at $8,733,000 after buying an additional 114,250 shares in the last quarter. Nisa Investment Advisors LLC increased its position in Western Digital by 0.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 85,246 shares of the data storage provider’s stock valued at $4,464,000 after buying an additional 761 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Western Digital by 5.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 74,457 shares of the data storage provider’s stock valued at $3,899,000 after buying an additional 3,713 shares in the last quarter. Prime Capital Investment Advisors LLC bought a new position in Western Digital during the 4th quarter valued at approximately $207,000. Finally, Chevy Chase Trust Holdings LLC increased its position in Western Digital by 0.7% during the 4th quarter. Chevy Chase Trust Holdings LLC now owns 181,125 shares of the data storage provider’s stock valued at $9,486,000 after buying an additional 1,287 shares in the last quarter. Hedge funds and other institutional investors own 92.51% of the company’s stock.

Insider Activity at Western Digital

In related news, SVP Gene M. Zamiska sold 443 shares of Western Digital stock in a transaction on Monday, April 8th. The stock was sold at an average price of $75.00, for a total transaction of $33,225.00. Following the transaction, the senior vice president now directly owns 30,958 shares in the company, valued at $2,321,850. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Gene M. Zamiska sold 443 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $75.00, for a total value of $33,225.00. Following the transaction, the senior vice president now directly owns 30,958 shares in the company, valued at $2,321,850. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kimberly Alexy sold 2,648 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $69.95, for a total value of $185,227.60. Following the completion of the transaction, the director now owns 20,509 shares in the company, valued at $1,434,604.55. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

Western Digital Price Performance

NASDAQ WDC opened at $69.55 on Thursday. The company has a market capitalization of $22.66 billion, a PE ratio of -9.75 and a beta of 1.57. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.98 and a current ratio of 1.67. The business’s fifty day moving average is $64.46 and its 200 day moving average is $54.68. Western Digital Co. has a fifty-two week low of $31.97 and a fifty-two week high of $76.92.

Western Digital (NASDAQ:WDC) last released its earnings results on Monday, January 29th. The data storage provider reported ($0.69) earnings per share for the quarter, beating the consensus estimate of ($1.30) by $0.61. The company had revenue of $3.03 billion for the quarter, compared to the consensus estimate of $3 billion. Western Digital had a negative return on equity of 19.45% and a negative net margin of 19.90%. Western Digital’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.69) earnings per share. Sell-side analysts predict that Western Digital Co. will post -2.21 earnings per share for the current year.

Wall Street Analysts Forecast Growth

WDC has been the subject of a number of research analyst reports. Cantor Fitzgerald lifted their target price on Western Digital from $70.00 to $100.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Susquehanna lifted their target price on Western Digital from $68.00 to $83.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. TD Cowen lifted their target price on Western Digital from $50.00 to $75.00 and gave the stock an “outperform” rating in a report on Friday, January 26th. Mizuho lifted their target price on Western Digital from $66.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. Finally, Bank of America lifted their target price on Western Digital from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $73.72.

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 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.