Wealth Enhancement Advisory Services LLC Boosts Stock Position in Western Digital Co. (NASDAQ:WDC)

Wealth Enhancement Advisory Services LLC grew its holdings in shares of Western Digital Co. (NASDAQ:WDC) by 14.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,652 shares of the data storage provider’s stock after purchasing an additional 2,112 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Western Digital were worth $993,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in WDC. Versant Capital Management Inc lifted its position in shares of Western Digital by 278.9% during the fourth quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock worth $25,000 after acquiring an additional 304 shares in the last quarter. Eastern Bank bought a new stake in shares of Western Digital during the 3rd quarter valued at $27,000. True Wealth Design LLC lifted its holdings in Western Digital by 2,184.2% during the 3rd quarter. True Wealth Design LLC now owns 434 shares of the data storage provider’s stock worth $30,000 after purchasing an additional 415 shares in the last quarter. Capital Performance Advisors LLP bought a new position in Western Digital in the 3rd quarter worth about $41,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in Western Digital in the 3rd quarter worth about $42,000. 92.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

WDC has been the topic of a number of analyst reports. Citigroup decreased their target price on shares of Western Digital from $87.00 to $85.00 and set a “buy” rating on the stock in a report on Tuesday, December 3rd. BNP Paribas lowered their price objective on Western Digital from $95.00 to $90.00 in a research report on Thursday, October 24th. Mizuho reduced their target price on Western Digital from $90.00 to $82.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $95.00 price target on shares of Western Digital in a report on Tuesday, November 26th. Finally, Susquehanna lifted their price target on Western Digital from $75.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Seven analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $85.86.

Insider Activity at Western Digital

In other news, SVP Gene M. Zamiska sold 658 shares of the business’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $69.99, for a total transaction of $46,053.42. Following the completion of the sale, the senior vice president now directly owns 28,863 shares of the company’s stock, valued at approximately $2,020,121.37. The trade was a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Robert Soderbery sold 30,767 shares of the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $68.01, for a total transaction of $2,092,463.67. Following the completion of the transaction, the executive vice president now owns 135,398 shares in the company, valued at $9,208,417.98. This represents a 18.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 109,107 shares of company stock valued at $7,768,381 over the last 90 days. 0.30% of the stock is owned by corporate insiders.

Western Digital Price Performance

Shares of NASDAQ:WDC opened at $64.63 on Thursday. The company has a market capitalization of $22.34 billion, a P/E ratio of 38.02 and a beta of 1.43. Western Digital Co. has a 1-year low of $50.88 and a 1-year high of $81.55. The firm’s 50 day simple moving average is $65.75 and its two-hundred day simple moving average is $66.50. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.91.

Western Digital (NASDAQ:WDC) last released its earnings results on Thursday, October 24th. The data storage provider reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.23. The firm had revenue of $4.10 billion during the quarter, compared to analysts’ expectations of $4.12 billion. Western Digital had a return on equity of 8.57% and a net margin of 4.81%. The firm’s revenue was up 48.9% on a year-over-year basis. During the same quarter last year, the business posted ($1.97) earnings per share. Research analysts expect that Western Digital Co. will post 6.56 EPS for the current fiscal year.

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.