Moors & Cabot Inc. Sells 1,665 Shares of Western Digital Co. (NASDAQ:WDC)

Moors & Cabot Inc. cut its position in shares of Western Digital Co. (NASDAQ:WDC) by 29.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,957 shares of the data storage provider’s stock after selling 1,665 shares during the quarter. Moors & Cabot Inc.’s holdings in Western Digital were worth $300,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Kodai Capital Management LP purchased a new stake in Western Digital during the fourth quarter valued at about $212,900,000. Norges Bank purchased a new stake in Western Digital during the 4th quarter valued at about $150,958,000. AGF Management Ltd. grew its position in Western Digital by 28,925.8% during the 2nd quarter. AGF Management Ltd. now owns 2,202,190 shares of the data storage provider’s stock worth $166,860,000 after acquiring an additional 2,194,603 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in Western Digital by 1,089.7% in 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 period. Finally, Westfield Capital Management Co. LP bought a new stake in Western Digital in the fourth quarter valued at approximately $48,466,000. 92.51% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Western Digital

In other Western Digital news, EVP Robert Soderbery sold 12,154 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were 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 in the company, valued at approximately $7,331,098.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Western Digital news, EVP Robert Soderbery sold 12,154 shares of the business’s 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 sale, the executive vice president now directly owns 128,413 shares in the company, valued at approximately $7,331,098.17. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Gene M. Zamiska sold 417 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was 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 owns 28,870 shares in the company, valued at $1,873,374.30. The disclosure for this sale can be found here. Insiders have sold 17,955 shares of company stock valued at $1,053,560 over the last ninety days. Insiders own 0.28% of the company’s stock.

Western Digital Price Performance

Shares of NASDAQ:WDC opened at $66.75 on Friday. The business has a fifty day moving average price of $64.92 and a 200-day moving average price of $69.44. 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 market capitalization of $21.80 billion, a PE ratio of -13.24 and a beta of 1.39. Western Digital Co. has a 1-year low of $35.62 and a 1-year high of $81.55.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data 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 business had revenue of $3.76 billion during 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%. As a group, equities analysts expect that Western Digital Co. will post 7.75 EPS for the current fiscal year.

Analysts Set New Price Targets

WDC has been the topic of several analyst reports. Benchmark lifted their target price on shares of Western Digital from $85.00 to $92.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. TD Cowen lowered their price objective 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. Loop Capital raised their target price on Western Digital from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, June 4th. Rosenblatt Securities reaffirmed a “buy” rating and set a $115.00 price target on shares of Western Digital in a research report on Thursday, August 1st. Finally, Wedbush lifted their price objective on Western Digital from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, Western Digital currently has a consensus 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.