Clearbridge Investments LLC Reduces Stock Position in Western Digital Co. (NASDAQ:WDC)

Clearbridge Investments LLC trimmed its holdings in shares of Western Digital Co. (NASDAQ:WDC - Free Report) by 13.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,657,815 shares of the data storage provider's stock after selling 252,344 shares during the period. Clearbridge Investments LLC owned about 0.52% of Western Digital worth $86,820,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of WDC. Norges Bank acquired a new stake in Western Digital in the 4th quarter valued at about $150,958,000. Nomura Holdings Inc. raised its holdings in Western Digital by 7.0% in the 3rd quarter. Nomura Holdings Inc. now owns 13,361,999 shares of the data storage provider's stock valued at $609,708,000 after acquiring an additional 870,971 shares during the period. Mizuho Markets Americas LLC bought a new position in Western Digital in the 4th quarter valued at about $37,260,000. Maple Rock Capital Partners Inc. raised its holdings in Western Digital by 29.3% in the 3rd quarter. Maple Rock Capital Partners Inc. now owns 2,486,333 shares of the data storage provider's stock valued at $113,451,000 after acquiring an additional 563,232 shares during the period. Finally, DNB Asset Management AS raised its holdings in Western Digital by 8.6% in the 4th quarter. DNB Asset Management AS now owns 5,587,698 shares of the data storage provider's stock valued at $292,628,000 after acquiring an additional 443,903 shares during the period. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related 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 transaction, the director now owns 20,509 shares of the company's stock, valued at $1,434,604.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 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 value of $185,227.60. Following the completion of the sale, the director now directly owns 20,509 shares of the company's stock, valued at $1,434,604.55. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Gene M. Zamiska sold 416 shares of Western Digital stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $71.88, for a total transaction of $29,902.08. Following the completion of the sale, the senior vice president now directly owns 30,321 shares of the company's stock, valued at $2,179,473.48. The disclosure for this sale can be found here. Insiders sold 3,507 shares of company stock valued at $248,355 over the last quarter. Insiders own 0.25% of the company's stock.

Western Digital Trading Down 0.6 %

Shares of NASDAQ:WDC traded down $0.47 during mid-day trading on Wednesday, reaching $73.54. 3,445,660 shares of the company's stock were exchanged, compared to its average volume of 6,864,011. The firm has a market capitalization of $24.01 billion, a price-to-earnings ratio of -14.93 and a beta of 1.53. The business's fifty day moving average price is $69.30 and its 200-day moving average price is $58.61. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.07 and a current ratio of 1.86. Western Digital Co. has a twelve month low of $35.62 and a twelve month high of $76.92.

Western Digital (NASDAQ:WDC - Get Free Report) last issued its quarterly earnings results on Thursday, April 25th. The data storage provider reported $0.63 EPS 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 for the quarter, compared to analyst estimates of $3.37 billion. During the same quarter in the previous year, the business earned ($1.57) earnings per share. Western Digital's revenue was up 23.3% compared to the same quarter last year. On average, research analysts predict that Western Digital Co. will post -1.68 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on WDC shares. Wells Fargo & Company increased their price target on shares of Western Digital from $72.00 to $95.00 and gave the company an "overweight" rating in a report on Wednesday, April 10th. Evercore ISI raised their target price on shares of Western Digital from $80.00 to $85.00 and gave the stock an "outperform" rating in a report on Friday, April 26th. Citigroup assumed coverage on shares of Western Digital in a report on Tuesday, May 14th. They set a "buy" rating and a $90.00 target price on the stock. TD Cowen raised their target price on shares of Western Digital from $50.00 to $75.00 and gave the stock an "outperform" rating in a report on Friday, January 26th. Finally, Robert W. Baird raised their target price on shares of Western Digital from $65.00 to $100.00 and gave the stock an "outperform" rating in a report on Friday, April 26th. Six analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $78.32.

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.