Edgestream Partners L.P. Decreases Stock Holdings in Western Digital Co. (NASDAQ:WDC)

Edgestream Partners L.P. lowered its position in shares of Western Digital Co. (NASDAQ:WDC) by 64.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,566 shares of the data storage provider’s stock after selling 15,581 shares during the period. Edgestream Partners L.P.’s holdings in Western Digital were worth $649,000 at the end of the most recent reporting period.

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

Insiders Place Their Bets

In other news, SVP Gene M. Zamiska sold 2,169 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $61.96, for a total value of $134,391.24. Following the transaction, the senior vice president now directly owns 32,601 shares in the company, valued at approximately $2,019,957.96. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, SVP Gene M. Zamiska sold 2,169 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $61.96, for a total value of $134,391.24. Following the transaction, the senior vice president now owns 32,601 shares in the company, valued at approximately $2,019,957.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Gene M. Zamiska sold 417 shares of the firm’s stock in a transaction that occurred on 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 transaction, the senior vice president now directly owns 28,870 shares in the company, valued at approximately $1,873,374.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,955 shares of company stock valued at $1,053,560. Company insiders own 0.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on WDC. Evercore ISI reissued an “outperform” rating and set a $85.00 price objective on shares of Western Digital in a research report on Thursday, August 15th. TD Cowen reduced their price target on shares of Western Digital from $95.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. Rosenblatt Securities restated a “buy” rating and issued a $115.00 price objective on shares of Western Digital in a report on Thursday, August 1st. Citigroup reduced their target price on Western Digital from $95.00 to $85.00 and set a “buy” rating on the stock in a report on Tuesday, September 10th. Finally, StockNews.com upgraded Western Digital from a “sell” rating to a “hold” rating in a research note on Saturday, July 6th. 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 presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.24.

Western Digital Trading Up 1.2 %

Western Digital stock opened at $66.75 on Monday. Western Digital Co. has a one year low of $35.62 and a one year high of $81.55. The business’s fifty day moving average is $64.68 and its 200 day moving average is $69.53. The stock has a market capitalization of $21.80 billion, a PE ratio of -13.43 and a beta of 1.39. 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 (NASDAQ:WDC) last announced its quarterly 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 firm had revenue of $3.76 billion for the quarter, compared to the consensus estimate of $3.77 billion. On average, sell-side analysts predict that Western Digital Co. will post 7.75 EPS for the current year.

About Western Digital

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.