Gladstone Capital Management LLP Makes New $19.05 Million Investment in Western Digital Co. (NASDAQ:WDC)

Gladstone Capital Management LLP acquired a new stake in Western Digital Co. (NASDAQ:WDC) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 251,373 shares of the data storage provider’s stock, valued at approximately $19,047,000. Western Digital makes up about 1.7% of Gladstone Capital Management LLP’s holdings, making the stock its 14th biggest holding. Gladstone Capital Management LLP owned approximately 0.08% of Western Digital at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kodai Capital Management LP bought a new stake in Western Digital during the 4th quarter worth approximately $212,900,000. AGF Management Ltd. grew its stake in shares of 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 worth $166,860,000 after purchasing an additional 2,194,603 shares during the last quarter. 1832 Asset Management L.P. increased its holdings in 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 valued at $109,602,000 after purchasing an additional 1,029,658 shares during the period. Canada Pension Plan Investment Board raised its position in Western Digital by 1,089.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,071,600 shares of the data storage provider’s stock worth $73,126,000 after purchasing an additional 981,527 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Western Digital by 39.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,861,229 shares of the data storage provider’s stock worth $216,795,000 after buying an additional 810,977 shares during the period. 92.51% of the stock is owned by institutional investors.

Western Digital Stock Performance

Shares of Western Digital stock opened at $66.75 on Monday. The company has a market cap of $21.80 billion, a PE ratio of -13.43 and a beta of 1.39. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.53. Western Digital Co. has a 52 week low of $35.62 and a 52 week high of $81.55. The business has a 50 day moving average price of $64.68 and a 200-day moving average price of $69.53.

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

Insider Activity at Western Digital

In related news, SVP Gene M. Zamiska sold 417 shares of Western Digital stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $64.89, for a total value of $27,059.13. Following the completion of the transaction, the senior vice president now directly owns 28,870 shares in the company, valued at approximately $1,873,374.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Gene M. Zamiska sold 2,169 shares of the stock in a transaction 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 sale, the senior vice president now owns 32,601 shares in the company, valued at $2,019,957.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Gene M. Zamiska sold 417 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $64.89, for a total value of $27,059.13. Following the completion of the sale, the senior vice president now directly owns 28,870 shares in the company, valued at approximately $1,873,374.30. 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.

Analyst Ratings Changes

Several brokerages have recently weighed in on WDC. StockNews.com raised Western Digital from a “sell” rating to a “hold” rating in a research note on Saturday, July 6th. Summit Insights downgraded shares of Western Digital from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Mizuho boosted their price target on shares of Western Digital from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Evercore ISI reiterated an “outperform” rating and set a $85.00 price objective on shares of Western Digital in a research report on Thursday, August 15th. Finally, TD Cowen lowered 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. Six investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $84.24.

Western Digital 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.