Western Digital Co. (NASDAQ:WDC) Shares Sold by Amalgamated Bank

Amalgamated Bank lowered its position in Western Digital Co. (NASDAQ:WDC) by 40.0% during the 2nd quarter, Holdings Channel.com reports. The firm owned 66,129 shares of the data storage provider’s stock after selling 44,083 shares during the quarter. Amalgamated Bank’s holdings in Western Digital were worth $5,011,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of Western Digital by 17.1% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,331 shares of the data storage provider’s stock valued at $404,000 after purchasing an additional 777 shares in the last quarter. Central Asset Investments & Management Holdings HK Ltd raised its position in shares of Western Digital by 238.3% during the 2nd quarter. Central Asset Investments & Management Holdings HK Ltd now owns 317,455 shares of the data storage provider’s stock worth $24,054,000 after buying an additional 223,623 shares in the last quarter. E Fund Management Co. Ltd. bought a new stake in shares of Western Digital during the 2nd quarter worth about $287,000. L & S Advisors Inc bought a new position in shares of Western Digital in the second quarter valued at approximately $2,881,000. Finally, Virtu Financial LLC acquired a new position in shares of Western Digital during the second quarter valued at approximately $1,197,000. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Western Digital Stock Performance

WDC stock opened at $66.75 on Friday. The firm has a 50 day simple moving average of $64.68 and a 200 day simple moving average of $69.49. Western Digital Co. has a 52 week low of $35.62 and a 52 week high of $81.55. The stock has a market cap of $21.80 billion, a P/E ratio of -13.43 and a beta of 1.39. 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 (NASDAQ:WDC) last issued its earnings results on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.17. Western Digital had a negative net margin of 3.75% and a negative return on equity of 2.63%. The company had revenue of $3.76 billion during the quarter, compared to analyst estimates of $3.77 billion. Research 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 other news, EVP Robert Soderbery sold 12,154 shares of Western Digital 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 completion of the sale, the executive vice president now directly owns 128,413 shares in the company, valued at approximately $7,331,098.17. The sale was disclosed in a filing with the SEC, 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 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 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 can be accessed through the SEC website. Also, SVP Gene M. Zamiska sold 417 shares of Western Digital 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 sale, the senior vice president now directly owns 28,870 shares of the company’s stock, valued at approximately $1,873,374.30. The disclosure for this sale can be found here. Insiders have sold 17,955 shares of company stock worth $1,053,560 over the last 90 days. 0.28% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on WDC. Citigroup decreased their price target on Western Digital from $95.00 to $85.00 and set a “buy” rating for the company in a research note on Tuesday, September 10th. Rosenblatt Securities reiterated a “buy” rating and issued a $115.00 price target on shares of Western Digital in a research report on Thursday, August 1st. TD Cowen reduced their price objective 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. Wedbush lifted 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. Finally, Summit Insights cut shares of Western Digital from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Six research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, Western Digital currently has an average rating of “Moderate Buy” and a consensus price target of $84.24.

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.