Orion Portfolio Solutions LLC lessened its holdings in shares of Western Digital Co. (NASDAQ:WDC – Free Report) by 36.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,418 shares of the data storage provider’s stock after selling 3,739 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Western Digital were worth $438,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. AGF Management Ltd. lifted its holdings 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 purchasing an additional 2,194,603 shares in the last quarter. 1832 Asset Management L.P. lifted its holdings in shares of Western Digital by 247.0% in the second quarter. 1832 Asset Management L.P. now owns 1,446,509 shares of the data storage provider’s stock worth $109,602,000 after buying an additional 1,029,658 shares in the last quarter. Sachem Head Capital Management LP boosted its position in shares of Western Digital by 75.2% in the third quarter. Sachem Head Capital Management LP now owns 2,030,000 shares of the data storage provider’s stock valued at $138,629,000 after acquiring an additional 871,500 shares during the period. Bank of New York Mellon Corp grew its stake in Western Digital by 39.6% during the second quarter. Bank of New York Mellon Corp now owns 2,861,229 shares of the data storage provider’s stock valued at $216,795,000 after acquiring an additional 810,977 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Western Digital by 24.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,711,428 shares of the data storage provider’s stock worth $253,453,000 after acquiring an additional 732,344 shares during the period. Hedge funds and other institutional investors own 92.51% of the company’s stock.
Insider Buying and Selling
In other Western Digital news, CEO David Goeckeler sold 75,000 shares of the business’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $70.32, for a total value of $5,274,000.00. Following the sale, the chief executive officer now directly owns 896,630 shares of the company’s stock, valued at approximately $63,051,021.60. The trade was a 7.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Robert Soderbery sold 30,767 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $68.01, for a total value of $2,092,463.67. Following the transaction, the executive vice president now owns 135,398 shares of the company’s stock, valued at $9,208,417.98. The trade was 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 184,107 shares of company stock valued at $13,042,381 over the last ninety days. Company insiders own 0.30% of the company’s stock.
Western Digital Trading Down 1.7 %
Western Digital (NASDAQ:WDC – Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The data storage provider reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.23. Western Digital had a return on equity of 8.57% and a net margin of 4.81%. The business had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.12 billion. During the same period in the previous year, the firm posted ($1.97) EPS. The business’s revenue was up 48.9% on a year-over-year basis. Sell-side analysts anticipate that Western Digital Co. will post 6.56 EPS for the current year.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on the stock. Susquehanna boosted their price target on shares of Western Digital from $75.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. The Goldman Sachs Group lowered their price objective on shares of Western Digital from $79.00 to $72.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Benchmark reissued a “buy” rating and issued a $92.00 target price on shares of Western Digital in a research note on Friday, October 25th. Wedbush reaffirmed an “outperform” rating and set a $95.00 price target on shares of Western Digital in a research note on Friday, November 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $95.00 price objective on shares of Western Digital in a research report on Tuesday, November 26th. Six investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $87.71.
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.
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