Crestline Management LP Sells 10,368 Shares of Western Digital Co. (NASDAQ:WDC)

Crestline Management LP trimmed its holdings in shares of Western Digital Co. (NASDAQ:WDC - Free Report) by 8.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 112,982 shares of the data storage provider's stock after selling 10,368 shares during the quarter. Crestline Management LP's holdings in Western Digital were worth $6,737,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Versant Capital Management Inc increased its holdings in Western Digital by 278.9% during the 4th quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider's stock worth $25,000 after purchasing an additional 304 shares in the last quarter. Sierra Ocean LLC bought a new position in shares of Western Digital during the fourth quarter worth about $29,000. Comprehensive Financial Planning Inc. PA acquired a new stake in Western Digital in the 4th quarter valued at approximately $30,000. OFI Invest Asset Management bought a new stake in Western Digital in the 4th quarter valued at approximately $36,000. Finally, S.A. Mason LLC acquired a new position in Western Digital during the 4th quarter worth approximately $45,000. Institutional investors own 92.51% of the company's stock.

Analysts Set New Price Targets

WDC has been the topic of a number of research reports. Morgan Stanley boosted their price objective on shares of Western Digital from $46.00 to $54.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. UBS Group increased their price objective on shares of Western Digital from $40.00 to $45.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. JPMorgan Chase & Co. raised Western Digital from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $45.00 to $57.00 in a research report on Thursday, May 1st. Citigroup reduced their price target on Western Digital from $64.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Wells Fargo & Company lowered their price target on Western Digital from $75.00 to $65.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Four research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, Western Digital presently has an average rating of "Moderate Buy" and an average price target of $65.65.

Western Digital Stock Performance

Shares of NASDAQ WDC opened at $45.03 on Tuesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.99 and a quick ratio of 1.26. The firm has a market cap of $15.66 billion, a price-to-earnings ratio of 10.72 and a beta of 1.42. The stock's fifty day moving average price is $40.35 and its two-hundred day moving average price is $56.83. Western Digital Co. has a one year low of $28.83 and a one year high of $81.55.

Western Digital (NASDAQ:WDC - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The data storage provider reported $1.36 EPS for the quarter, beating the consensus estimate of $1.06 by $0.30. The business had revenue of ($1,465.00) million for the quarter, compared to the consensus estimate of $2.70 billion. Western Digital had a net margin of 9.95% and a return on equity of 15.68%. Western Digital's revenue was down 33.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.63 earnings per share. On average, equities analysts forecast that Western Digital Co. will post 4.89 EPS for the current year.

Western Digital Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be given a $0.10 dividend. The ex-dividend date is Wednesday, June 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.89%. Western Digital's payout ratio is 7.58%.

Insider Activity at Western Digital

In related news, SVP Gene M. Zamiska sold 1,659 shares of the company's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $41.36, for a total transaction of $68,616.24. Following the completion of the sale, the senior vice president now 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 document filed with the SEC, which is available through the SEC website. 0.30% of the stock is currently owned by corporate 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.

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