Western Digital Co. (NASDAQ:WDC) Shares Purchased by Cinctive Capital Management LP

Cinctive Capital Management LP grew its position in shares of Western Digital Co. (NASDAQ:WDC) by 158.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 291,411 shares of the data storage provider’s stock after purchasing an additional 178,644 shares during the period. Western Digital accounts for about 1.1% of Cinctive Capital Management LP’s investment portfolio, making the stock its 9th largest position. Cinctive Capital Management LP owned about 0.08% of Western Digital worth $19,900,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. B. Riley Wealth Advisors Inc. increased its stake in Western Digital by 6.8% in the first quarter. B. Riley Wealth Advisors Inc. now owns 4,401 shares of the data storage provider’s stock valued at $300,000 after purchasing an additional 280 shares during the last quarter. Tidal Investments LLC increased its stake in shares of Western Digital by 25.4% during the 1st quarter. Tidal Investments LLC now owns 4,916 shares of the data storage provider’s stock valued at $335,000 after acquiring an additional 997 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Western Digital by 173.1% during the 2nd quarter. GAMMA Investing LLC now owns 5,334 shares of the data storage provider’s stock worth $404,000 after acquiring an additional 3,381 shares during the period. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Western Digital by 15.6% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,527 shares of the data storage provider’s stock worth $116,000 after acquiring an additional 206 shares during the period. Finally, Mather Group LLC. boosted its position in shares of Western Digital by 10.7% in the second quarter. Mather Group LLC. now owns 2,203 shares of the data storage provider’s stock worth $167,000 after acquiring an additional 213 shares during the last quarter. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

Western Digital Stock Performance

Shares of WDC stock opened at $72.99 on Monday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.91. The company’s fifty day moving average price is $67.10 and its two-hundred day moving average price is $69.09. The firm has a market capitalization of $25.23 billion, a P/E ratio of 42.94 and a beta of 1.42. Western Digital Co. has a 12 month low of $46.47 and a 12 month high of $81.55.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Thursday, October 24th. The data storage provider reported $1.78 EPS for the quarter, topping the consensus estimate of $1.55 by $0.23. Western Digital had a return on equity of 8.57% and a net margin of 4.81%. The business had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.12 billion. During the same quarter in the previous year, the firm posted ($1.97) earnings per share. The company’s revenue was up 48.9% compared to the same quarter last year. On average, research analysts anticipate that Western Digital Co. will post 6.56 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Wedbush reaffirmed an “outperform” rating and set a $95.00 price target on shares of Western Digital in a research report on Friday. Morgan Stanley increased their target price on Western Digital from $94.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Barclays lifted their target price on Western Digital from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Evercore ISI restated an “outperform” rating and set a $85.00 price target on shares of Western Digital in a research note on Thursday, August 15th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $95.00 price objective on shares of Western Digital in a research note on Tuesday, November 26th. Six research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $87.71.

Insider Activity

In related news, CEO David Goeckeler sold 75,000 shares of the company’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $72.58, for a total value of $5,443,500.00. Following the sale, the chief executive officer now directly owns 821,630 shares of the company’s stock, valued at $59,633,905.40. This represents a 8.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Gene M. Zamiska sold 2,169 shares of the stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $61.96, for a total transaction of $134,391.24. Following the transaction, the senior vice president now owns 32,601 shares in the company, valued at $2,019,957.96. This trade represents a 6.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 185,963 shares of company stock worth $13,154,039. 0.30% of the stock is currently owned by insiders.

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.