New York Life Investment Management LLC Sells 1,239 Shares of Western Digital Co. (NASDAQ:WDC)

New York Life Investment Management LLC cut its holdings in Western Digital Co. (NASDAQ:WDC) by 2.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,361 shares of the data storage provider’s stock after selling 1,239 shares during the period. New York Life Investment Management LLC’s holdings in Western Digital were worth $2,690,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Naples Money Management LLC acquired a new stake in shares of Western Digital in the fourth quarter worth about $26,000. Lindbrook Capital LLC raised its stake in shares of Western Digital by 121.7% in the 4th quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider’s stock valued at $32,000 after acquiring an additional 337 shares in the last quarter. Parkside Financial Bank & Trust lifted its holdings in Western Digital by 79.1% in the 3rd quarter. Parkside Financial Bank & Trust now owns 747 shares of the data storage provider’s stock worth $34,000 after purchasing an additional 330 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new stake in Western Digital during the third quarter worth approximately $41,000. Finally, CVA Family Office LLC acquired a new position in Western Digital during the fourth quarter valued at approximately $41,000. 92.51% of the stock is owned by institutional investors and hedge funds.

Western Digital Trading Up 1.8 %

Shares of WDC opened at $70.95 on Monday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.07 and a current ratio of 1.86. The company has a 50-day moving average price of $66.65 and a two-hundred day moving average price of $55.89. Western Digital Co. has a 12 month low of $32.01 and a 12 month high of $76.92.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Thursday, April 25th. The data storage provider reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.42. Western Digital had a negative return on equity of 13.75% and a negative net margin of 12.87%. The firm had revenue of $3.46 billion during the quarter, compared to analysts’ expectations of $3.37 billion. During the same period last year, the firm posted ($1.57) EPS. The business’s revenue was up 23.3% on a year-over-year basis. On average, research analysts predict that Western Digital Co. will post -1.68 EPS for the current year.

Insider Buying and Selling at Western Digital

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on WDC. Deutsche Bank Aktiengesellschaft upgraded shares of Western Digital from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $45.00 to $65.00 in a research note on Tuesday, January 16th. Wedbush reissued an “outperform” rating and set a $85.00 target price on shares of Western Digital in a research report on Friday, April 26th. Raymond James cut shares of Western Digital from an “outperform” rating to a “market perform” rating in a report on Monday, April 22nd. The Goldman Sachs Group lifted their price objective on Western Digital from $58.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, April 12th. Finally, Mizuho increased their target price on Western Digital from $66.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. Six analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.76.

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.