Ghisallo Capital Management LLC Invests $13.26 Million in Western Digital Co. (NASDAQ:WDC)

Ghisallo Capital Management LLC bought a new stake in Western Digital Co. (NASDAQ:WDC) during the 2nd quarter, HoldingsChannel reports. The fund bought 175,000 shares of the data storage provider’s stock, valued at approximately $13,260,000. Western Digital comprises approximately 0.8% of Ghisallo Capital Management LLC’s holdings, making the stock its 27th biggest position.

A number of other institutional investors and hedge funds have also made changes to their positions in WDC. Oppenheimer & Co. Inc. acquired a new position in Western Digital during the 1st quarter worth approximately $1,242,000. Bessemer Group Inc. grew its holdings in Western Digital by 28.6% during the first quarter. Bessemer Group Inc. now owns 2,619 shares of the data storage provider’s stock worth $179,000 after acquiring an additional 583 shares during the period. Gerber LLC purchased a new position in Western Digital in the fourth quarter worth $567,000. State Board of Administration of Florida Retirement System lifted its holdings in Western Digital by 6.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 382,071 shares of the data storage provider’s stock valued at $26,073,000 after acquiring an additional 23,781 shares during the period. Finally, Canada Pension Plan Investment Board boosted its position in shares of Western Digital by 1,089.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,071,600 shares of the data storage provider’s stock worth $73,126,000 after purchasing an additional 981,527 shares in the last quarter. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Western Digital Trading Down 2.2 %

Shares of WDC opened at $66.76 on Wednesday. Western Digital Co. has a fifty-two week low of $35.62 and a fifty-two week high of $81.55. The company has a market capitalization of $22.93 billion, a PE ratio of -13.43 and a beta of 1.39. The stock has a fifty day moving average of $63.88 and a two-hundred day moving average of $69.80. 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 quarterly 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. Western Digital had a negative return on equity of 2.63% and a negative net margin of 3.75%. The firm had revenue of $3.76 billion for the quarter, compared to analyst estimates of $3.77 billion. As a group, analysts forecast that Western Digital Co. will post 7.75 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on WDC. Citigroup cut their price target 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. Loop Capital increased their target price on shares of Western Digital from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, June 4th. Susquehanna reduced their price target on shares of Western Digital from $88.00 to $75.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Benchmark restated a “buy” rating and issued a $92.00 price target on shares of Western Digital in a report on Thursday, September 26th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $115.00 price objective on shares of Western Digital in a report on Thursday, August 1st. Six analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $84.24.

Insider Activity at Western Digital

In other Western Digital news, CEO David Goeckeler sold 75,000 shares of the stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $70.32, for a total transaction of $5,274,000.00. Following the transaction, the chief executive officer now owns 896,630 shares of the company’s stock, valued at $63,051,021.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Western Digital news, CEO David Goeckeler sold 75,000 shares of the company’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $70.32, for a total transaction of $5,274,000.00. Following the completion of the sale, the chief executive officer now directly owns 896,630 shares in the company, valued at $63,051,021.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Gene M. Zamiska sold 2,169 shares of Western Digital 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 directly owns 32,601 shares in the company, valued at $2,019,957.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 92,955 shares of company stock worth $6,327,560. 0.28% of the stock is owned by company insiders.

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.