Point72 Asset Management L.P. Has $207.76 Million Stock Holdings in Western Digital Co. (NASDAQ:WDC)

Point72 Asset Management L.P. trimmed its holdings in Western Digital Co. (NASDAQ:WDC) by 28.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,741,913 shares of the data storage provider’s stock after selling 1,100,004 shares during the quarter. Western Digital comprises about 0.5% of Point72 Asset Management L.P.’s portfolio, making the stock its 17th biggest position. Point72 Asset Management L.P. owned approximately 0.84% of Western Digital worth $207,755,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Rise Advisors LLC acquired a new position in Western Digital during the 1st quarter worth approximately $25,000. Fairfield Financial Advisors LTD bought a new stake in Western Digital during the 2nd quarter worth approximately $29,000. Fidelis Capital Partners LLC bought a new stake in Western Digital during the 1st quarter worth approximately $30,000. 1620 Investment Advisors Inc. bought a new stake in Western Digital during the 2nd quarter worth approximately $34,000. Finally, Ashton Thomas Private Wealth LLC bought a new stake in Western Digital during the 2nd quarter worth approximately $34,000. 92.51% of the stock is owned by institutional investors and hedge funds.

Western Digital Stock Performance

WDC opened at $66.46 on Wednesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.32 and a quick ratio of 0.78. Western Digital Co. has a 52 week low of $35.62 and a 52 week high of $81.55. The business’s fifty day simple moving average is $64.21 and its 200 day simple moving average is $69.57.

Western Digital (NASDAQ:WDC) last released its earnings results on Wednesday, July 31st. The data storage provider reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.17. The business had revenue of $3.76 billion for the quarter, compared to analysts’ expectations 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, analysts predict that Western Digital Co. will post 7.75 EPS for the current fiscal year.

Analyst Ratings Changes

WDC has been the subject of a number of recent research reports. StockNews.com raised Western Digital from a “sell” rating to a “hold” rating in a report on Saturday, July 6th. Citigroup reduced their target price on Western Digital from $95.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, September 10th. Mizuho upped their target price on Western Digital from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, May 31st. Evercore ISI reaffirmed an “outperform” rating and issued a $85.00 target price on shares of Western Digital in a report on Thursday, August 15th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $115.00 target price on shares of Western Digital in a report on Thursday, August 1st. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.24.

Insider Activity

In other news, EVP Robert Soderbery sold 12,154 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $57.09, for a total transaction of $693,871.86. Following the transaction, the executive vice president now directly owns 128,413 shares of the company’s stock, valued at $7,331,098.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Robert Soderbery sold 12,154 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $57.09, for a total transaction of $693,871.86. Following the transaction, the executive vice president now directly owns 128,413 shares of the company’s stock, valued at $7,331,098.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Gene M. Zamiska sold 2,900 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $61.48, for a total value 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 17,955 shares of company stock valued at $1,053,560. 0.28% of the stock is currently owned by insiders.

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.