RPg Family Wealth Advisory LLC Lowers Stake in Western Digital Co. (NASDAQ:WDC)

RPg Family Wealth Advisory LLC cut its position in shares of Western Digital Co. (NASDAQ:WDC) by 9.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,850 shares of the data storage provider’s stock after selling 400 shares during the quarter. RPg Family Wealth Advisory LLC’s holdings in Western Digital were worth $263,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of WDC. AGF Management Ltd. raised its holdings in Western Digital by 28,925.8% in the second quarter. AGF Management Ltd. now owns 2,202,190 shares of the data storage provider’s stock valued at $166,860,000 after buying an additional 2,194,603 shares during the period. 1832 Asset Management L.P. increased its position in shares of Western Digital by 247.0% in the second quarter. 1832 Asset Management L.P. now owns 1,446,509 shares of the data storage provider’s stock worth $109,602,000 after acquiring an additional 1,029,658 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Western Digital by 39.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,861,229 shares of the data storage provider’s stock valued at $216,795,000 after acquiring an additional 810,977 shares during the period. Marshall Wace LLP lifted its holdings in shares of Western Digital by 304.9% during the 2nd quarter. Marshall Wace LLP now owns 709,386 shares of the data storage provider’s stock valued at $53,750,000 after acquiring an additional 534,168 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Western Digital by 240.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 675,875 shares of the data storage provider’s stock worth $51,211,000 after purchasing an additional 477,390 shares during the period. 92.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Western Digital

In other news, CEO David Goeckeler sold 75,000 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $72.58, for a total transaction of $5,443,500.00. Following the completion of the transaction, the chief executive officer now directly owns 821,630 shares in the company, valued at approximately $59,633,905.40. The trade was a 8.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Gene M. Zamiska sold 2,169 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $61.96, for a total value of $134,391.24. Following the completion of the transaction, the senior vice president now directly owns 32,601 shares of the company’s stock, valued at $2,019,957.96. This trade represents a 6.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 186,278 shares of company stock worth $13,173,985 over the last ninety days. Company insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on WDC. Morgan Stanley raised their price objective on Western Digital from $94.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Wedbush reiterated an “outperform” rating and set a $95.00 target price on shares of Western Digital in a report on Friday, October 25th. UBS Group lowered their price objective on shares of Western Digital from $74.00 to $72.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. TD Cowen reduced their target price on shares of Western Digital from $95.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. Finally, Evercore ISI restated an “outperform” rating and issued a $85.00 target price on shares of Western Digital in a research note on Thursday, August 15th. Six investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, Western Digital presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.71.

Western Digital Stock Performance

Shares of WDC opened at $72.60 on Wednesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.91. Western Digital Co. has a 12-month low of $46.42 and a 12-month high of $81.55. The business’s fifty day moving average price is $66.58 and its 200 day moving average price is $69.06. The stock has a market capitalization of $25.10 billion, a PE ratio of 42.95 and a beta of 1.40.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, October 24th. The data storage provider reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.23. Western Digital had a net margin of 4.81% and a return on equity of 8.57%. The company had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.12 billion. During the same period last year, the firm posted ($1.97) EPS. The company’s revenue for the quarter was up 48.9% on a year-over-year basis. Equities research analysts forecast that Western Digital Co. will post 6.56 EPS for the current year.

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.