Lmcg Investments LLC Sells 4,661 Shares of Western Digital Co. (NASDAQ:WDC)

Lmcg Investments LLC reduced its position in shares of Western Digital Co. (NASDAQ:WDC) by 28.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,596 shares of the data storage provider’s stock after selling 4,661 shares during the period. Lmcg Investments LLC’s holdings in Western Digital were worth $879,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Rise Advisors LLC acquired a new stake in shares of Western Digital during the first quarter worth approximately $25,000. Fairfield Financial Advisors LTD acquired a new stake in Western Digital during the 2nd quarter valued at $29,000. Fidelis Capital Partners LLC bought a new position in Western Digital in the 1st quarter valued at $30,000. 1620 Investment Advisors Inc. acquired a new position in Western Digital in the second quarter worth $34,000. Finally, Ashton Thomas Private Wealth LLC bought a new stake in shares of Western Digital during the second quarter worth $34,000. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Western Digital Price Performance

WDC opened at $65.89 on Wednesday. The company has a fifty day simple moving average of $65.72 and a 200 day simple moving average of $69.48. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.53. The stock has a market cap of $21.51 billion, a P/E ratio of -13.26 and a beta of 1.39. Western Digital Co. has a 12 month low of $35.62 and a 12 month high of $81.55.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Wednesday, July 31st. The data storage provider reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.17. Western Digital had a negative return on equity of 2.63% and a negative net margin of 3.75%. The company had revenue of $3.76 billion for the quarter, compared to analyst estimates of $3.77 billion. On average, research analysts expect that Western Digital Co. will post 7.75 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Robert Soderbery sold 12,154 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $57.09, for a total value of $693,871.86. Following the completion of the transaction, the executive vice president now directly owns 128,413 shares of the company’s stock, valued at approximately $7,331,098.17. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, SVP Gene M. Zamiska sold 2,900 shares of Western Digital stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $61.48, for a total value of $178,292.00. Following the sale, the senior vice president now directly owns 37,448 shares in the company, valued at $2,302,303.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Robert Soderbery sold 12,154 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $57.09, for a total transaction of $693,871.86. Following the transaction, the executive vice president now owns 128,413 shares of the company’s stock, valued at approximately $7,331,098.17. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,955 shares of company stock worth $1,053,560. Company insiders own 0.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Benchmark lifted their price target on Western Digital from $85.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, August 1st. TD Cowen dropped their target price on shares of Western Digital from $95.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Evercore ISI reissued an “outperform” rating and set a $85.00 price target on shares of Western Digital in a research note on Thursday, August 15th. Cantor Fitzgerald restated an “overweight” rating and issued a $80.00 price objective on shares of Western Digital in a research report on Tuesday, September 10th. Finally, Citigroup decreased their price objective on Western Digital from $95.00 to $85.00 and set a “buy” rating on the stock in a research report on Tuesday, September 10th. Six equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $83.05.

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.