B. Riley Wealth Advisors Inc. Sells 975 Shares of Western Digital Co. (NASDAQ:WDC)

B. Riley Wealth Advisors Inc. trimmed its holdings in shares of Western Digital Co. (NASDAQ:WDC) by 22.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,426 shares of the data storage provider’s stock after selling 975 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Western Digital were worth $260,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Connective Capital Management LLC bought a new stake in shares of Western Digital in the 2nd quarter valued at about $1,036,000. Quarry LP lifted its stake in shares of Western Digital by 154.2% in the second quarter. Quarry LP now owns 760 shares of the data storage provider’s stock worth $58,000 after acquiring an additional 461 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Western Digital by 10.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,265 shares of the data storage provider’s stock valued at $247,000 after acquiring an additional 310 shares during the last quarter. Creative Planning increased its position in Western Digital by 21.0% during the 2nd quarter. Creative Planning now owns 40,573 shares of the data storage provider’s stock valued at $3,074,000 after purchasing an additional 7,037 shares during the period. Finally, Shellback Capital LP raised its holdings in Western Digital by 31.4% during the 2nd quarter. Shellback Capital LP now owns 278,079 shares of the data storage provider’s stock worth $21,070,000 after purchasing an additional 66,453 shares during the last quarter. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Western Digital Price Performance

WDC stock opened at $66.17 on Wednesday. The firm has a 50 day moving average of $63.79 and a 200-day moving average of $69.97. The firm has a market capitalization of $22.73 billion, a P/E ratio of -13.31 and a beta of 1.39. Western Digital Co. has a 12 month low of $35.62 and a 12 month high of $81.55. 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 (NASDAQ:WDC) last announced its earnings results on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.17. The business had revenue of $3.76 billion for the quarter, compared to analyst estimates of $3.77 billion. Western Digital had a negative return on equity of 2.63% and a negative net margin of 3.75%. As a group, sell-side analysts predict that Western Digital Co. will post 7.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Robert Soderbery sold 12,154 shares of the stock in a transaction dated 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Robert Soderbery sold 12,154 shares of the company’s stock in a transaction 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 owns 128,413 shares of the company’s stock, valued at approximately $7,331,098.17. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Gene M. Zamiska sold 417 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $64.89, for a total transaction 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 92,955 shares of company stock worth $6,327,560. Corporate insiders own 0.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Wedbush increased their price objective on shares of Western Digital from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Summit Insights lowered Western Digital from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Evercore ISI restated an “outperform” rating and set a $85.00 target price on shares of Western Digital in a research report on Thursday, August 15th. Rosenblatt Securities reiterated a “buy” rating and issued a $115.00 target price on shares of Western Digital in a report on Thursday, August 1st. Finally, StockNews.com upgraded Western Digital from a “sell” rating to a “hold” rating in a report on Saturday, July 6th. Six analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, Western Digital presently has an average rating of “Moderate Buy” and a consensus 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.