Strategic Financial Concepts LLC Makes New Investment in Western Digital Co. (NASDAQ:WDC)

Strategic Financial Concepts LLC acquired a new stake in shares of Western Digital Co. (NASDAQ:WDC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,284 shares of the data storage provider’s stock, valued at approximately $732,000.

Other institutional investors have also made changes to their positions in the company. Everhart Financial Group Inc. lifted its stake in shares of Western Digital by 14.8% in the fourth quarter. Everhart Financial Group Inc. now owns 8,689 shares of the data storage provider’s stock worth $518,000 after buying an additional 1,119 shares during the last quarter. Rhumbline Advisers grew its position in shares of Western Digital by 1.3% in the fourth quarter. Rhumbline Advisers now owns 628,672 shares of the data storage provider’s stock valued at $37,488,000 after purchasing an additional 8,029 shares during the last quarter. Chevy Chase Trust Holdings LLC grew its position in shares of Western Digital by 3.6% in the fourth quarter. Chevy Chase Trust Holdings LLC now owns 181,411 shares of the data storage provider’s stock valued at $10,818,000 after purchasing an additional 6,331 shares during the last quarter. Vontobel Holding Ltd. grew its position in shares of Western Digital by 1.4% in the fourth quarter. Vontobel Holding Ltd. now owns 11,804 shares of the data storage provider’s stock valued at $704,000 after purchasing an additional 164 shares during the last quarter. Finally, Asset Management One Co. Ltd. grew its position in shares of Western Digital by 3.9% in the fourth quarter. Asset Management One Co. Ltd. now owns 137,360 shares of the data storage provider’s stock valued at $8,338,000 after purchasing an additional 5,159 shares during the last quarter. 92.51% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Western Digital news, SVP Gene M. Zamiska sold 658 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $69.99, for a total transaction of $46,053.42. Following the sale, the senior vice president now owns 28,863 shares of the company’s stock, valued at $2,020,121.37. This represents a 2.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.30% of the company’s stock.

Western Digital Stock Down 0.7 %

Shares of NASDAQ WDC opened at $71.50 on Thursday. The stock has a market cap of $24.87 billion, a PE ratio of 17.02 and a beta of 1.44. The business has a fifty day moving average of $64.60 and a two-hundred day moving average of $65.41. Western Digital Co. has a 52-week low of $52.77 and a 52-week high of $81.55. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26 and a current ratio of 1.99.

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

Analyst Ratings Changes

Several brokerages have recently issued reports on WDC. Robert W. Baird lowered their price target 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. BNP Paribas lowered their price objective on shares of Western Digital from $95.00 to $90.00 in a research note on Thursday, October 24th. Susquehanna cut their target price on shares of Western Digital from $83.00 to $72.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Benchmark lowered shares of Western Digital from a “buy” rating to a “hold” rating and set a $70.00 price target on the stock. in a research report on Thursday, December 19th. Finally, Wells Fargo & Company dropped their price objective on shares of Western Digital from $95.00 to $85.00 and set an “overweight” rating on the stock in a report on Thursday, January 16th. Seven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $84.42.

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.