Western Digital Co. (NASDAQ:WDC) Position Trimmed by Russell Investments Group Ltd.

Russell Investments Group Ltd. trimmed its stake in Western Digital Co. (NASDAQ:WDC) by 0.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 325,780 shares of the data storage provider’s stock after selling 2,271 shares during the quarter. Russell Investments Group Ltd. owned 0.10% of Western Digital worth $17,069,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the stock. Naples Money Management LLC acquired a new position in Western Digital in the 4th quarter worth about $26,000. Lindbrook Capital LLC raised its holdings in Western Digital by 121.7% during the fourth quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider’s stock valued at $32,000 after buying an additional 337 shares in the last quarter. Parkside Financial Bank & Trust lifted its position in shares of Western Digital by 79.1% in the third quarter. Parkside Financial Bank & Trust now owns 747 shares of the data storage provider’s stock worth $34,000 after buying an additional 330 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new stake in shares of Western Digital during the 3rd quarter worth about $41,000. Finally, CVA Family Office LLC acquired a new position in shares of Western Digital during the 4th quarter valued at about $41,000. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Western Digital Stock Performance

Western Digital stock opened at $70.95 on Friday. The stock has a 50-day simple moving average of $66.35 and a 200 day simple moving average of $55.64. The stock has a market capitalization of $23.17 billion, a price-to-earnings ratio of -14.28 and a beta of 1.53. The company has a quick ratio of 1.07, a current ratio of 1.86 and a debt-to-equity ratio of 0.72. Western Digital Co. has a 12-month low of $32.01 and a 12-month high of $76.92.

Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, April 25th. The data storage provider reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.42. Western Digital had a negative net margin of 12.87% and a negative return on equity of 13.75%. The company had revenue of $3.46 billion during the quarter, compared to the consensus estimate of $3.37 billion. During the same period in the previous year, the firm posted ($1.57) earnings per share. The company’s revenue was up 23.3% on a year-over-year basis. On average, research analysts anticipate that Western Digital Co. will post -1.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Gene M. Zamiska sold 443 shares of the firm’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $75.00, for a total value of $33,225.00. Following the transaction, the senior vice president now owns 30,958 shares in the company, valued at $2,321,850. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Western Digital news, Director Kimberly Alexy sold 2,648 shares of Western Digital stock in a transaction on Monday, April 1st. The shares were sold at an average price of $69.95, for a total transaction of $185,227.60. Following the completion of the sale, the director now owns 20,509 shares of the company’s stock, valued at approximately $1,434,604.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Gene M. Zamiska sold 443 shares of the stock in a transaction on Monday, April 8th. The shares were sold at an average price of $75.00, for a total value of $33,225.00. Following the completion of the transaction, the senior vice president now directly owns 30,958 shares in the company, valued at approximately $2,321,850. The disclosure for this sale can be found here. Company insiders own 0.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on WDC. Morgan Stanley boosted their target price on Western Digital from $83.00 to $86.00 and gave the stock an “overweight” rating in a report on Friday, April 26th. Wells Fargo & Company upped their price objective on shares of Western Digital from $72.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday, April 10th. Bank of America lifted their target price on shares of Western Digital from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Raymond James cut shares of Western Digital from an “outperform” rating to a “market perform” rating in a report on Monday, April 22nd. Finally, Rosenblatt Securities upgraded Western Digital from a “neutral” rating to a “buy” rating in a research note on Friday, April 5th. Six equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat, Western Digital presently has an average rating of “Moderate Buy” and a consensus target price of $77.76.

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.