Envestnet Portfolio Solutions Inc. Reduces Holdings in Western Digital Co. (NASDAQ:WDC)

Envestnet Portfolio Solutions Inc. lessened its stake in shares of Western Digital Co. (NASDAQ:WDC) by 48.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 16,770 shares of the data storage provider’s stock after selling 16,065 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Western Digital were worth $1,000,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. First Horizon Advisors Inc. boosted its stake in shares of Western Digital by 5.4% during the third quarter. First Horizon Advisors Inc. now owns 2,929 shares of the data storage provider’s stock valued at $200,000 after acquiring an additional 149 shares during the last quarter. Mather Group LLC. boosted its stake in shares of Western Digital by 7.0% during the 4th quarter. Mather Group LLC. now owns 2,416 shares of the data storage provider’s stock worth $144,000 after purchasing an additional 159 shares during the last quarter. Vontobel Holding Ltd. grew its holdings in shares of Western Digital by 1.4% during the fourth quarter. Vontobel Holding Ltd. now owns 11,804 shares of the data storage provider’s stock worth $704,000 after buying an additional 164 shares in the last quarter. Quarry LP raised its position in shares of Western Digital by 22.6% in the third quarter. Quarry LP now owns 932 shares of the data storage provider’s stock valued at $64,000 after buying an additional 172 shares during the last quarter. Finally, Inspire Investing LLC lifted its stake in shares of Western Digital by 4.3% during the fourth quarter. Inspire Investing LLC now owns 4,324 shares of the data storage provider’s stock valued at $258,000 after buying an additional 177 shares during the period. Hedge funds and other institutional investors own 92.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on WDC. Citigroup lifted their target price on shares of Western Digital from $60.45 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. Robert W. Baird reduced their target price on Western Digital from $100.00 to $80.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. Cantor Fitzgerald lowered their price target on Western Digital from $95.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Susquehanna cut their price objective on shares of Western Digital from $83.00 to $72.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Finally, UBS Group dropped their price target on shares of Western Digital from $74.00 to $50.00 and set a “neutral” rating for the company in a research report on Monday, March 17th. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.21.

Western Digital Stock Down 1.9 %

Shares of NASDAQ:WDC opened at $43.66 on Friday. The company has a market capitalization of $15.19 billion, a price-to-earnings ratio of 10.40 and a beta of 1.42. The company has a 50 day moving average of $57.80 and a two-hundred day moving average of $63.11. Western Digital Co. has a 52-week low of $39.42 and a 52-week high of $81.55. The company has a quick ratio of 1.26, a current ratio of 1.99 and a debt-to-equity ratio of 0.60.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.91 by ($0.36). Western Digital had a return on equity of 15.68% and a net margin of 9.95%. As a group, analysts forecast that Western Digital Co. will post 4.89 earnings per share for the current fiscal year.

Insider Activity at Western Digital

In related news, SVP Gene M. Zamiska sold 1,659 shares of the company’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $41.36, for a total value of $68,616.24. Following the sale, the senior vice president now directly owns 43,776 shares of the company’s stock, valued at $1,810,575.36. This represents a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.30% of the stock is currently owned by company insiders.

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.