Profund Advisors LLC Raises Holdings in Western Digital Co. (NASDAQ:WDC)

Profund Advisors LLC boosted its position in Western Digital Co. (NASDAQ:WDC) by 7.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,604 shares of the data storage provider’s stock after purchasing an additional 456 shares during the quarter. Profund Advisors LLC’s holdings in Western Digital were worth $500,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WDC. Rise Advisors LLC purchased a new stake in shares of Western Digital in the first quarter valued at approximately $25,000. Fairfield Financial Advisors LTD purchased a new stake in Western Digital in the 2nd quarter valued at $29,000. Fidelis Capital Partners LLC purchased a new stake in Western Digital in the 1st quarter valued at $30,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Western Digital in the 2nd quarter worth $34,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of Western Digital during the 2nd quarter worth $34,000. Institutional investors and hedge funds own 92.51% of the company’s stock.

Western Digital Trading Down 0.7 %

NASDAQ:WDC opened at $66.00 on Thursday. The stock has a fifty day moving average price of $64.10 and a 200 day moving average price of $69.54. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.53. Western Digital Co. has a 12-month low of $35.62 and a 12-month high of $81.55. The firm has a market cap of $22.67 billion, a PE ratio of -13.28 and a beta of 1.39.

Western Digital (NASDAQ:WDC) last released its earnings results on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share for the quarter, topping 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 net margin of 3.75% and a negative return on equity of 2.63%. Sell-side analysts anticipate that Western Digital Co. will post 7.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Western Digital

In related news, SVP Gene M. Zamiska sold 417 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $64.89, for a total transaction of $27,059.13. Following the completion of the transaction, the senior vice president now owns 28,870 shares in the company, valued at $1,873,374.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Western Digital news, SVP Gene M. Zamiska sold 417 shares of Western Digital stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $64.89, for a total transaction of $27,059.13. Following the completion of the sale, the senior vice president now directly owns 28,870 shares of the company’s stock, valued at approximately $1,873,374.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Gene M. Zamiska sold 2,169 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $61.96, for a total value of $134,391.24. Following the completion of the transaction, the senior vice president now owns 32,601 shares in the company, valued at approximately $2,019,957.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,955 shares of company stock valued at $1,053,560. Insiders own 0.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on WDC shares. Evercore ISI restated an “outperform” rating and set a $85.00 price objective on shares of Western Digital in a research report on Thursday, August 15th. Summit Insights downgraded shares of Western Digital from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. StockNews.com upgraded Western Digital from a “sell” rating to a “hold” rating in a report on Saturday, July 6th. Susquehanna cut their target price on Western Digital from $88.00 to $75.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Finally, TD Cowen decreased their price target on Western Digital from $95.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Six investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.