Western Digital Co. (NASDAQ:WDC) Shares Sold by Primecap Management Co. CA

Primecap Management Co. CA decreased its holdings in Western Digital Co. (NASDAQ:WDC) by 6.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,196,125 shares of the data storage provider’s stock after selling 79,763 shares during the period. Primecap Management Co. CA owned approximately 0.37% of Western Digital worth $90,630,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Rise Advisors LLC acquired a new stake in Western Digital in the 1st quarter valued at about $25,000. Fairfield Financial Advisors LTD acquired a new stake in shares of Western Digital during the 2nd quarter worth approximately $29,000. Fidelis Capital Partners LLC acquired a new stake in shares of Western Digital during the 1st quarter worth approximately $30,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Western Digital during the 1st quarter worth approximately $31,000. Finally, OFI Invest Asset Management acquired a new stake in shares of Western Digital during the 2nd quarter worth approximately $34,000. Institutional investors and hedge funds own 92.51% of the company’s stock.

Western Digital Trading Up 2.8 %

Western Digital stock opened at $65.89 on Wednesday. The firm’s 50-day moving average is $65.72 and its 200-day moving average is $69.48. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.78 and a current ratio of 1.32. Western Digital Co. has a 1 year low of $35.62 and a 1 year high of $81.55. The company has a market cap of $21.51 billion, a P/E ratio of -13.26 and a beta of 1.39.

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

Insiders Place Their Bets

In related news, EVP Robert Soderbery sold 12,154 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $57.09, for a total transaction of $693,871.86. Following the completion of the sale, the executive vice president now directly owns 128,413 shares in the company, valued at $7,331,098.17. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, SVP Gene M. Zamiska sold 417 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $64.89, for a total transaction of $27,059.13. Following the transaction, the senior vice president now owns 28,870 shares of the company’s stock, valued at $1,873,374.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Robert Soderbery sold 12,154 shares of the business’s 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 directly owns 128,413 shares in the company, valued at approximately $7,331,098.17. The disclosure for this sale can be found here. Insiders sold a total of 17,955 shares of company stock worth $1,053,560 over the last ninety days. 0.28% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on WDC shares. Citigroup cut their price target on shares of Western Digital from $95.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, September 10th. Cantor Fitzgerald restated an “overweight” rating and set a $80.00 price target on shares of Western Digital in a report on Tuesday, September 10th. TD Cowen cut their price target on shares of Western Digital from $95.00 to $80.00 and set a “buy” rating for the company in a report on Friday, September 13th. Summit Insights downgraded shares of Western Digital from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Evercore ISI reiterated an “outperform” rating and issued a $85.00 target price on shares of Western Digital in a report on Thursday, August 15th. Six equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.