Symmetry Investments LP Trims Stake in Western Digital Co. (NASDAQ:WDC)

Symmetry Investments LP lowered its position in shares of Western Digital Co. (NASDAQ:WDC) by 0.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 197,931 shares of the data storage provider’s stock after selling 858 shares during the period. Western Digital comprises approximately 1.7% of Symmetry Investments LP’s holdings, making the stock its 12th largest holding. Symmetry Investments LP’s holdings in Western Digital were worth $14,997,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Oppenheimer & Co. Inc. purchased a new position in shares of Western Digital in the 1st quarter valued at $1,242,000. Bessemer Group Inc. boosted its holdings in shares of Western Digital by 28.6% in the 1st quarter. Bessemer Group Inc. now owns 2,619 shares of the data storage provider’s stock valued at $179,000 after buying an additional 583 shares in the last quarter. Gerber LLC purchased a new position in shares of Western Digital in the 4th quarter worth approximately $567,000. State Board of Administration of Florida Retirement System grew its position in shares of Western Digital by 6.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 382,071 shares of the data storage provider’s stock worth $26,073,000 after buying 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 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 acquiring an additional 981,527 shares in the last quarter. 92.51% of the stock is owned by hedge funds and other institutional investors.

Western Digital Price Performance

Shares of Western Digital stock opened at $66.75 on Friday. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.53. Western Digital Co. has a twelve month low of $35.62 and a twelve month high of $81.55. The business has a 50-day moving average price of $64.68 and a 200 day moving average price of $69.45. The firm has a market cap of $21.80 billion, a PE ratio of -13.43 and a beta of 1.39.

Western Digital (NASDAQ:WDC) last announced its earnings results on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.17. The firm 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%. Sell-side analysts predict that Western Digital Co. will post 7.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

WDC has been the topic of a number of recent analyst reports. Evercore ISI reaffirmed an “outperform” rating and set a $85.00 price target on shares of Western Digital in a research report on Thursday, August 15th. Susquehanna lowered 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 note on Friday, August 2nd. Loop Capital lifted their price objective on shares of Western Digital from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, June 4th. Summit Insights lowered Western Digital from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Mizuho lifted their target price on Western Digital from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Six 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 has an average rating of “Moderate Buy” and a consensus target price of $84.24.

Insider Activity

In other Western Digital news, EVP Robert Soderbery sold 12,154 shares of the business’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 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 transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, SVP Gene M. Zamiska sold 2,900 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $61.48, for a total transaction of $178,292.00. Following the transaction, the senior vice president now directly owns 37,448 shares in the company, valued at $2,302,303.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert Soderbery sold 12,154 shares of the 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 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. The disclosure for this sale can be found here. Insiders have sold a total of 17,955 shares of company stock worth $1,053,560 over the last 90 days. 0.28% of the stock is currently owned by company insiders.

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.