Gulf International Bank UK Ltd Decreases Stake in Western Digital Co. (NASDAQ:WDC)

Gulf International Bank UK Ltd lessened its position in shares of Western Digital Co. (NASDAQ:WDC) by 4.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,298 shares of the data storage provider’s stock after selling 1,175 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Western Digital were worth $1,727,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Eastern Bank purchased a new stake in shares of Western Digital during the 3rd quarter valued at about $27,000. Fairfield Financial Advisors LTD bought a new stake in Western Digital during the second quarter worth approximately $29,000. OFI Invest Asset Management bought a new stake in Western Digital during the second quarter worth approximately $34,000. 1620 Investment Advisors Inc. purchased a new stake in Western Digital during the second quarter valued at approximately $34,000. Finally, Ashton Thomas Private Wealth LLC bought a new stake in shares of Western Digital in the 2nd quarter valued at approximately $34,000. Institutional investors own 92.51% of the company’s stock.

Western Digital Stock Up 0.8 %

Shares of Western Digital stock opened at $70.44 on Friday. The company has a quick ratio of 0.91, a current ratio of 1.47 and a debt-to-equity ratio of 0.49. The company has a market cap of $24.35 billion, a P/E ratio of 41.44 and a beta of 1.40. The firm’s 50 day moving average price is $66.12 and its 200-day moving average price is $69.51. Western Digital Co. has a 52-week low of $42.65 and a 52-week high of $81.55.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Thursday, October 24th. The data storage provider reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.23. Western Digital had a net margin of 4.81% and a return on equity of 8.57%. The business had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.12 billion. During the same period in the previous year, the company earned ($1.97) earnings per share. The business’s revenue for the quarter was up 48.9% on a year-over-year basis. On average, sell-side analysts predict that Western Digital Co. will post 6.56 EPS for the current fiscal year.

Insider Buying and Selling at Western Digital

In other news, EVP Robert Soderbery sold 30,767 shares of the business’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $68.01, for a total transaction of $2,092,463.67. Following the sale, the executive vice president now owns 135,398 shares in the company, valued at approximately $9,208,417.98. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Western Digital news, CEO David Goeckeler sold 75,000 shares of Western Digital stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $72.58, for a total transaction of $5,443,500.00. Following the completion of the sale, the chief executive officer now owns 821,630 shares of the company’s stock, valued at approximately $59,633,905.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Robert Soderbery sold 30,767 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $68.01, for a total value of $2,092,463.67. Following the completion of the transaction, the executive vice president now directly owns 135,398 shares in the company, valued at $9,208,417.98. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 188,561 shares of company stock worth $13,309,042. 0.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on WDC. Rosenblatt Securities restated a “buy” rating and set a $115.00 price target on shares of Western Digital in a report on Friday, October 25th. UBS Group reduced their price objective on shares of Western Digital from $74.00 to $72.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. The Goldman Sachs Group reduced their price target on Western Digital from $79.00 to $72.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. TD Cowen dropped their price objective on Western Digital from $95.00 to $80.00 and set a “buy” rating for the company in a report on Friday, September 13th. Finally, Barclays increased their target price on Western Digital from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.71.

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.