Connective Capital Management LLC Takes $1.04 Million Position in Western Digital Co. (NASDAQ:WDC)

Connective Capital Management LLC purchased a new position in shares of Western Digital Co. (NASDAQ:WDC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 13,679 shares of the data storage provider’s stock, valued at approximately $1,036,000. Western Digital makes up approximately 1.9% of Connective Capital Management LLC’s investment portfolio, making the stock its 17th largest position.

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on WDC. Loop Capital raised their price objective on Western Digital from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, June 4th. StockNews.com upgraded shares of Western Digital from a “sell” rating to a “hold” rating in a research report on Saturday, July 6th. Citigroup dropped their target price on shares of Western Digital from $95.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, September 10th. Benchmark reaffirmed a “buy” rating and issued a $92.00 price target on shares of Western Digital in a report on Thursday. Finally, Wedbush raised their price objective on shares of Western Digital from $85.00 to $95.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. Six equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, Western Digital has a consensus rating of “Moderate Buy” and a consensus target price of $84.24.

Insider Transactions at Western Digital

In other Western Digital news, EVP Robert Soderbery sold 12,154 shares of the company’s 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 completion of the transaction, the executive vice president now directly owns 128,413 shares of the company’s stock, valued at approximately $7,331,098.17. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Western Digital news, EVP Robert Soderbery sold 12,154 shares of the 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 transaction, the executive vice president now directly owns 128,413 shares in the company, valued at approximately $7,331,098.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Gene M. Zamiska sold 417 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $64.89, for a total value 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 $1,873,374.30. The disclosure for this sale can be found here. Insiders sold 92,955 shares of company stock valued at $6,327,560 over the last quarter. Company insiders own 0.28% of the company’s stock.

Western Digital Trading Down 1.5 %

Shares of WDC opened at $69.42 on Monday. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.53. The company’s fifty day moving average is $64.09 and its two-hundred day moving average is $69.70. Western Digital Co. has a fifty-two week low of $35.62 and a fifty-two week high of $81.55.

Western Digital (NASDAQ:WDC) last posted its earnings results on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.17. The firm had revenue of $3.76 billion during the quarter, compared to the consensus estimate of $3.77 billion. Western Digital had a negative net margin of 3.75% and a negative return on equity of 2.63%. Equities analysts predict that Western Digital Co. will post 7.75 EPS for the current fiscal year.

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.