Choreo LLC Buys New Position in Western Digital Co. (NASDAQ:WDC)

Choreo LLC purchased a new position in shares of Western Digital Co. (NASDAQ:WDC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 4,761 shares of the data storage provider’s stock, valued at approximately $364,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its position in Western Digital by 1.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 15,962 shares of the data storage provider’s stock worth $1,209,000 after buying an additional 203 shares during the period. Massmutual Trust Co. FSB ADV boosted its position in shares of Western Digital by 15.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,527 shares of the data storage provider’s stock worth $116,000 after acquiring an additional 206 shares during the last quarter. Mather Group LLC. grew its holdings in Western Digital by 10.7% in the second quarter. Mather Group LLC. now owns 2,203 shares of the data storage provider’s stock valued at $167,000 after purchasing an additional 213 shares during the period. Lindbrook Capital LLC increased its position in Western Digital by 37.3% during the first quarter. Lindbrook Capital LLC now owns 843 shares of the data storage provider’s stock worth $58,000 after purchasing an additional 229 shares during the last quarter. Finally, Hanseatic Management Services Inc. raised its stake in Western Digital by 2.3% during the second quarter. Hanseatic Management Services Inc. now owns 10,344 shares of the data storage provider’s stock worth $784,000 after purchasing an additional 236 shares during the period. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Robert Soderbery sold 12,154 shares of Western Digital stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $57.09, for a total value of $693,871.86. Following 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 legal filing with the SEC, which is available at the SEC website. In related news, EVP Robert Soderbery sold 12,154 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $57.09, for a total value of $693,871.86. Following the sale, the executive vice president now directly owns 128,413 shares in the company, valued at approximately $7,331,098.17. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Gene M. Zamiska sold 2,900 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $61.48, for a total value of $178,292.00. Following the transaction, the senior vice president now owns 37,448 shares of the company’s stock, valued at approximately $2,302,303.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,955 shares of company stock valued at $1,053,560. 0.28% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on WDC shares. Loop Capital boosted their price objective on shares of Western Digital from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, June 4th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $115.00 price objective on shares of Western Digital in a research note on Thursday, August 1st. Susquehanna dropped their target price on shares of Western Digital from $88.00 to $75.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Wedbush lifted their price target on shares of Western Digital from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Finally, StockNews.com raised shares of Western Digital from a “sell” rating to a “hold” rating in a research report on Saturday, July 6th. Six research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $83.05.

Western Digital Price Performance

WDC opened at $64.09 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.53. The company’s 50-day moving average price is $65.72 and its 200 day moving average price is $69.48. Western Digital Co. has a fifty-two week low of $35.62 and a fifty-two week high of $81.55. The firm has a market cap of $20.93 billion, a price-to-earnings ratio of -12.90 and a beta of 1.39.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.17. The business had revenue of $3.76 billion for the quarter, compared to the consensus estimate 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 expect that Western Digital Co. will post 7.75 earnings per share for the current 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.