Summit Trail Advisors LLC Takes $1.52 Million Position in Western Digital Co. (NASDAQ:WDC)

Summit Trail Advisors LLC bought a new position in Western Digital Co. (NASDAQ:WDC) in the second quarter, according to its most recent filing with the SEC. The firm bought 20,095 shares of the data storage provider’s stock, valued at approximately $1,523,000.

Other institutional investors also recently bought and sold shares of the company. Oppenheimer & Co. Inc. acquired a new stake in Western Digital in the 1st quarter worth approximately $1,242,000. Bessemer Group Inc. raised its position in Western Digital by 28.6% during the 1st quarter. Bessemer Group Inc. now owns 2,619 shares of the data storage provider’s stock worth $179,000 after buying an additional 583 shares during the last quarter. Gerber LLC purchased a new position in Western Digital during the 4th quarter worth approximately $567,000. State Board of Administration of Florida Retirement System raised its position in Western Digital by 6.6% during 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 position in 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 buying an additional 981,527 shares during the last quarter. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Western Digital news, EVP Robert Soderbery sold 12,154 shares of Western Digital stock in a transaction on Monday, August 5th. The shares were sold at an average price of $57.09, for a total transaction of $693,871.86. Following the sale, the executive vice president now owns 128,413 shares of the company’s stock, valued at approximately $7,331,098.17. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Western Digital news, EVP Robert Soderbery sold 12,154 shares of Western Digital stock in a transaction on Monday, August 5th. The shares were sold at an average price of $57.09, for a total transaction of $693,871.86. Following the sale, the executive vice president now owns 128,413 shares of the company’s stock, valued at approximately $7,331,098.17. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Gene M. Zamiska sold 417 shares of Western Digital stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $64.89, for a total transaction of $27,059.13. Following the sale, the senior vice president now directly owns 28,870 shares in the company, valued at approximately $1,873,374.30. The disclosure for this sale can be found here. Insiders have sold a total of 17,955 shares of company stock valued at $1,053,560 in the last 90 days. 0.28% of the stock is owned by insiders.

Western Digital Price Performance

Shares of NASDAQ WDC opened at $66.75 on Friday. The firm has a market cap of $21.80 billion, a PE ratio of -13.43 and a beta of 1.39. The firm has a fifty day moving average of $64.68 and a 200 day moving average of $69.49. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.78 and a current ratio of 1.32. Western Digital Co. has a one year low of $35.62 and a one year high of $81.55.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Wednesday, July 31st. The data storage provider reported $1.25 EPS for the quarter, topping 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 net margin of 3.75% and a negative return on equity of 2.63%. As a group, research analysts predict that Western Digital Co. will post 7.75 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on WDC. Mizuho raised their price target on shares of Western Digital from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. StockNews.com raised shares of Western Digital from a “sell” rating to a “hold” rating in a research report on Saturday, July 6th. Wedbush raised their price target on shares of Western Digital from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Benchmark raised their price target on shares of Western Digital from $85.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, TD Cowen reduced their price target on shares of Western Digital from $95.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, September 13th. Six research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $84.24.

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.