Exchange Traded Concepts LLC Buys 3,321 Shares of Western Digital Co. (NASDAQ:WDC)

Exchange Traded Concepts LLC boosted its stake in Western Digital Co. (NASDAQ:WDC) by 4,487.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,395 shares of the data storage provider’s stock after purchasing an additional 3,321 shares during the period. Exchange Traded Concepts LLC’s holdings in Western Digital were worth $232,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. bought a new position in shares of Western Digital during the first quarter valued at $1,242,000. Bessemer Group Inc. raised its stake in shares of Western Digital by 28.6% during the first quarter. Bessemer Group Inc. now owns 2,619 shares of the data storage provider’s stock valued at $179,000 after acquiring an additional 583 shares during the last quarter. Ghisallo Capital Management LLC bought a new position in shares of Western Digital during the second quarter valued at $13,260,000. State Board of Administration of Florida Retirement System raised its stake in shares of Western Digital by 6.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 382,071 shares of the data storage provider’s stock valued at $26,073,000 after acquiring an additional 23,781 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its stake in shares of Western Digital by 1,089.7% during the first quarter. Canada Pension Plan Investment Board now owns 1,071,600 shares of the data storage provider’s stock valued at $73,126,000 after acquiring an additional 981,527 shares during the last quarter. Institutional investors own 92.51% of the company’s stock.

Insiders Place Their Bets

In other Western Digital news, SVP Gene M. Zamiska sold 417 shares of Western Digital 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 sale, the senior vice president now owns 28,870 shares of the company’s stock, valued at approximately $1,873,374.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Western Digital news, SVP Gene M. Zamiska sold 417 shares of Western Digital 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 sale, the senior vice president now owns 28,870 shares of the company’s stock, valued at approximately $1,873,374.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Robert Soderbery sold 12,154 shares of the business’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 approximately $7,331,098.17. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 92,955 shares of company stock valued at $6,327,560. Company insiders own 0.30% of the company’s stock.

Western Digital Stock Down 0.5 %

Shares of NASDAQ WDC opened at $67.03 on Monday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.32 and a quick ratio of 0.78. The company has a 50-day moving average price of $64.89 and a 200-day moving average price of $69.85. Western Digital Co. has a 1 year low of $35.62 and a 1 year high of $81.55. The stock has a market capitalization of $23.17 billion, a P/E ratio of -36.83 and a beta of 1.39.

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%. On average, equities research analysts forecast that Western Digital Co. will post 7.75 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on WDC. Evercore ISI reaffirmed an “outperform” rating and set a $85.00 price target on shares of Western Digital in a research note on Thursday, August 15th. Wedbush lifted their target price on shares of Western Digital from $85.00 to $95.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. Benchmark reissued a “buy” rating and set a $92.00 target price on shares of Western Digital in a research note on Thursday, September 26th. Rosenblatt Securities reissued a “buy” rating and set a $115.00 target price on shares of Western Digital in a research note on Thursday, August 1st. Finally, Summit Insights downgraded shares of Western Digital from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Six equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, Western Digital currently has a consensus rating of “Moderate Buy” and a consensus price target 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.