Eastern Bank Invests $27,000 in Western Digital Co. (NASDAQ:WDC)

Eastern Bank bought a new position in shares of Western Digital Co. (NASDAQ:WDC) during the 3rd quarter, HoldingsChannel reports. The fund bought 400 shares of the data storage provider’s stock, valued at approximately $27,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its holdings in Western Digital by 1.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 15,962 shares of the data storage provider’s stock valued at $1,209,000 after acquiring an additional 203 shares during the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in Western Digital by 15.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,527 shares of the data storage provider’s stock valued at $116,000 after acquiring an additional 206 shares during the last quarter. Mather Group LLC. lifted its holdings in Western Digital by 10.7% in the second quarter. Mather Group LLC. now owns 2,203 shares of the data storage provider’s stock valued at $167,000 after acquiring an additional 213 shares during the last quarter. Hanseatic Management Services Inc. lifted its holdings in Western Digital by 2.3% in the second quarter. Hanseatic Management Services Inc. now owns 10,344 shares of the data storage provider’s stock valued at $784,000 after acquiring an additional 236 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in Western Digital by 51.2% in the third quarter. Blue Trust Inc. now owns 818 shares of the data storage provider’s stock valued at $62,000 after acquiring an additional 277 shares during the last quarter. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Western Digital Stock Performance

NASDAQ:WDC opened at $69.45 on Friday. The firm has a market capitalization of $22.68 billion, a PE ratio of -13.97 and a beta of 1.39. The business’s fifty day moving average price is $65.42 and its 200 day moving average price is $69.68. 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 12 month low of $35.62 and a 12 month high of $81.55.

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 firm had revenue of $3.76 billion for 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 earnings per share for the current fiscal year.

Insider Activity at Western Digital

In other Western Digital news, CEO David Goeckeler sold 75,000 shares of the company’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $70.32, for a total value of $5,274,000.00. Following the completion of the transaction, the chief executive officer now owns 896,630 shares in the company, valued at $63,051,021.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Western Digital news, CEO David Goeckeler sold 75,000 shares of the company’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $70.32, for a total value of $5,274,000.00. Following the completion of the transaction, the chief executive officer now owns 896,630 shares in the company, valued at $63,051,021.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Robert Soderbery sold 12,154 shares of the company’s 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 completion of the transaction, the executive vice president now owns 128,413 shares of the company’s stock, valued at $7,331,098.17. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 92,955 shares of company stock valued at $6,327,560 over the last quarter. 0.28% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have commented on WDC. Citigroup decreased their price target on Western Digital from $95.00 to $85.00 and set a “buy” rating on the stock in a research note on Thursday. Cantor Fitzgerald upped their price target on Western Digital from $80.00 to $95.00 and gave the stock an “overweight” rating in a research note on Friday. StockNews.com upgraded Western Digital from a “sell” rating to a “hold” rating in a research note on Saturday, July 6th. Evercore ISI restated an “outperform” rating and set a $85.00 price target on shares of Western Digital in a research note on Thursday, August 15th. Finally, Benchmark restated a “buy” rating and set a $92.00 price target on shares of Western Digital in a research note on Friday. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, Western Digital currently has an average rating of “Moderate Buy” and an average target price of $86.09.

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.