Envestnet Asset Management Inc. Cuts Position in Western Digital Co. (NASDAQ:WDC)

Envestnet Asset Management Inc. decreased its position in Western Digital Co. (NASDAQ:WDC) by 61.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 109,072 shares of the data storage provider’s stock after selling 177,145 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Western Digital were worth $6,504,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new stake in Western Digital during the 3rd quarter worth about $183,000. Tidal Investments LLC boosted its holdings in Western Digital by 123.5% in the third quarter. Tidal Investments LLC now owns 41,028 shares of the data storage provider’s stock valued at $2,802,000 after purchasing an additional 22,670 shares in the last quarter. Synovus Financial Corp increased its stake in Western Digital by 20.0% in the third quarter. Synovus Financial Corp now owns 9,562 shares of the data storage provider’s stock valued at $653,000 after purchasing an additional 1,591 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in Western Digital by 9.3% during the third quarter. B. Riley Wealth Advisors Inc. now owns 3,745 shares of the data storage provider’s stock worth $252,000 after purchasing an additional 319 shares in the last quarter. Finally, Versant Capital Management Inc lifted its position in shares of Western Digital by 278.9% during the 4th quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock worth $25,000 after buying an additional 304 shares during the last quarter. 92.51% of the stock is owned by hedge funds and other institutional investors.

Western Digital Stock Up 2.5 %

Shares of NASDAQ WDC opened at $36.51 on Monday. The stock has a market capitalization of $12.70 billion, a price-to-earnings ratio of 8.69 and a beta of 1.39. Western Digital Co. has a 52 week low of $28.83 and a 52 week high of $81.55. The firm has a 50-day moving average price of $45.41 and a 200 day moving average price of $58.77. The company has a quick ratio of 1.26, a current ratio of 1.99 and a debt-to-equity ratio of 0.60.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.91 by ($0.36). Western Digital had a net margin of 9.95% and a return on equity of 15.68%. Equities research analysts anticipate that Western Digital Co. will post 4.89 EPS for the current fiscal year.

Insider Activity

In related news, SVP Gene M. Zamiska sold 1,659 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $41.36, for a total value of $68,616.24. Following the sale, the senior vice president now owns 43,776 shares of the company’s stock, valued at approximately $1,810,575.36. This represents a 3.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

WDC has been the topic of several research analyst reports. StockNews.com started coverage on shares of Western Digital in a research note on Wednesday, April 16th. They set a “hold” rating on the stock. UBS Group cut their target price on Western Digital from $74.00 to $50.00 and set a “neutral” rating on the stock in a research report on Monday, March 17th. Wedbush reaffirmed an “underperform” rating on shares of Western Digital in a report on Friday, April 11th. Mizuho dropped their price objective on shares of Western Digital from $82.00 to $68.00 and set an “outperform” rating on the stock in a research note on Thursday, April 10th. Finally, Wells Fargo & Company reiterated a “neutral” rating on shares of Western Digital in a research note on Friday, April 11th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Western Digital currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.68.

About Western Digital

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.