Victory Capital Management Inc. Trims Position in Western Digital Co. (NASDAQ:WDC)

Victory Capital Management Inc. decreased its holdings in shares of Western Digital Co. (NASDAQ:WDC) by 93.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 168,804 shares of the data storage provider’s stock after selling 2,548,899 shares during the quarter. Victory Capital Management Inc.’s holdings in Western Digital were worth $12,790,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. National Bank of Canada FI lifted its holdings in shares of Western Digital by 12.4% during the 2nd quarter. National Bank of Canada FI now owns 96,470 shares of the data storage provider’s stock valued at $7,368,000 after acquiring an additional 10,636 shares in the last quarter. Range Financial Group LLC acquired a new position in shares of Western Digital during the second quarter worth about $1,847,000. TD Asset Management Inc boosted its position in shares of Western Digital by 13.6% in the second quarter. TD Asset Management Inc now owns 155,223 shares of the data storage provider’s stock worth $11,761,000 after buying an additional 18,627 shares during the period. Oregon Public Employees Retirement Fund grew its stake in shares of Western Digital by 1.1% in the second quarter. Oregon Public Employees Retirement Fund now owns 27,991 shares of the data storage provider’s stock valued at $2,121,000 after buying an additional 300 shares in the last quarter. Finally, LMG Wealth Partners LLC purchased a new stake in shares of Western Digital during the 2nd quarter valued at about $201,000. Hedge funds and other institutional investors own 92.51% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on WDC. Mizuho increased their price objective on shares of Western Digital from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Susquehanna dropped their price target on shares of Western Digital from $88.00 to $75.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Benchmark boosted their price objective on shares of Western Digital from $85.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Cantor Fitzgerald restated an “overweight” rating and set a $80.00 target price on shares of Western Digital in a research note on Tuesday. Finally, Wedbush boosted their price target on Western Digital from $85.00 to $95.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. Six research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $83.05.

Western Digital Price Performance

Shares of NASDAQ:WDC opened at $65.02 on Friday. The company has a market cap of $22.33 billion, a PE ratio of -13.08 and a beta of 1.39. 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 50-day simple moving average of $66.01 and a 200 day simple moving average of $69.28. 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 (NASDAQ:WDC) last posted its earnings results on Wednesday, July 31st. The data storage provider reported $1.25 EPS for the quarter, beating the consensus estimate of $1.08 by $0.17. The company had revenue of $3.76 billion during 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%. On average, sell-side analysts anticipate that Western Digital Co. will post 7.75 EPS for the current year.

Insiders Place Their Bets

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 other Western Digital news, 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 transaction of $178,292.00. Following the completion of the transaction, the senior vice president now owns 37,448 shares in the company, valued at approximately $2,302,303.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Robert Soderbery sold 12,154 shares of the firm’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 transaction, the executive vice president now directly owns 128,413 shares in the company, valued at $7,331,098.17. The disclosure for this sale can be found here. Insiders have sold 18,174 shares of company stock valued at $1,070,642 over the last three months. Company insiders own 0.28% of the company’s stock.

Western Digital Company 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.