1832 Asset Management L.P. Has $109.60 Million Stock Holdings in Western Digital Co. (NASDAQ:WDC)

1832 Asset Management L.P. increased its stake in shares of Western Digital Co. (NASDAQ:WDC) by 247.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,446,509 shares of the data storage provider’s stock after buying an additional 1,029,658 shares during the period. 1832 Asset Management L.P. owned 0.44% of Western Digital worth $109,602,000 at the end of the most recent quarter.

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

Western Digital Price Performance

Shares of NASDAQ WDC opened at $66.75 on Monday. The company has a fifty day moving average price of $64.68 and a 200 day moving average price of $69.53. The firm has a market cap of $21.80 billion, a PE ratio of -13.43 and a beta of 1.39. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.53. Western Digital Co. has a 1-year low of $35.62 and a 1-year high of $81.55.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.17. The company had revenue of $3.76 billion during the quarter, compared to analysts’ expectations of $3.77 billion. Western Digital had a negative return on equity of 2.63% and a negative net margin of 3.75%. Research analysts predict that Western Digital Co. will post 7.75 earnings per share for the current fiscal year.

Insider Transactions at Western Digital

In related news, EVP Robert Soderbery sold 12,154 shares of the stock in a transaction 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 transaction, the executive vice president now owns 128,413 shares in the company, valued at $7,331,098.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Western Digital news, SVP Gene M. Zamiska sold 417 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was 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 approximately $1,873,374.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert Soderbery sold 12,154 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly 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. Insiders sold 17,955 shares of company stock valued at $1,053,560 in the last ninety days. 0.28% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

WDC has been the topic of several analyst reports. Summit Insights lowered shares of Western Digital from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 price target on shares of Western Digital in a research note on Tuesday, September 10th. Mizuho lifted their price objective on Western Digital from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Evercore ISI reissued an “outperform” rating and issued a $85.00 target price on shares of Western Digital in a research note on Thursday, August 15th. Finally, Loop Capital boosted their target price on Western Digital from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, June 4th. Six analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, Western Digital has a consensus rating of “Moderate Buy” and a consensus target price of $84.24.

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.