Sound Income Strategies LLC Buys 8,856 Shares of Western Digital Co. (NASDAQ:WDC)

Sound Income Strategies LLC grew its stake in shares of Western Digital Co. (NASDAQ:WDC) by 13.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 75,874 shares of the data storage provider’s stock after acquiring an additional 8,856 shares during the period. Sound Income Strategies LLC’s holdings in Western Digital were worth $4,524,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Inspire Investing LLC raised its stake in Western Digital by 4.3% in the 4th quarter. Inspire Investing LLC now owns 4,324 shares of the data storage provider’s stock valued at $258,000 after acquiring an additional 177 shares during the period. Nisa Investment Advisors LLC boosted its stake in Western Digital by 0.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 88,252 shares of the data storage provider’s stock valued at $5,262,000 after buying an additional 285 shares during the period. Crossmark Global Holdings Inc. increased its stake in Western Digital by 0.7% in the 4th quarter. Crossmark Global Holdings Inc. now owns 238,429 shares of the data storage provider’s stock worth $14,218,000 after acquiring an additional 1,757 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Western Digital by 9.6% in the 4th quarter. UMB Bank n.a. now owns 3,133 shares of the data storage provider’s stock valued at $187,000 after acquiring an additional 274 shares in the last quarter. Finally, HB Wealth Management LLC boosted its position in shares of Western Digital by 17.1% during the 4th quarter. HB Wealth Management LLC now owns 7,388 shares of the data storage provider’s stock valued at $441,000 after acquiring an additional 1,077 shares during the last quarter. Hedge funds and other institutional investors own 92.51% of the company’s stock.

Western Digital Trading Up 0.1 %

NASDAQ:WDC opened at $68.68 on Friday. The stock has a market cap of $23.74 billion, a price-to-earnings ratio of 40.40 and a beta of 1.43. The company’s 50 day moving average price is $65.68 and its 200-day moving average price is $66.11. Western Digital Co. has a 52 week low of $52.77 and a 52 week high of $81.55. The company has a quick ratio of 0.91, a current ratio of 1.47 and a debt-to-equity ratio of 0.49.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, October 24th. The data storage provider reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.23. The firm had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.12 billion. Western Digital had a net margin of 4.81% and a return on equity of 8.57%. The business’s quarterly revenue was up 48.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.97) EPS. On average, equities research analysts forecast that Western Digital Co. will post 5.54 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

WDC has been the topic of a number of research analyst reports. Barclays reduced their target price on Western Digital from $90.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, January 17th. Wedbush reissued an “outperform” rating and issued a $95.00 price target on shares of Western Digital in a research note on Friday, November 29th. Citigroup dropped their price objective on Western Digital from $87.00 to $85.00 and set a “buy” rating for the company in a research note on Tuesday, December 3rd. Mizuho dropped their target price on shares of Western Digital from $90.00 to $82.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $95.00 price target on shares of Western Digital in a report on Friday, January 17th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Western Digital has an average rating of “Moderate Buy” and a consensus target price of $85.65.

Insider Buying and Selling

In other Western Digital news, SVP Gene M. Zamiska sold 1,993 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $69.94, for a total transaction of $139,390.42. Following the completion of the sale, the senior vice president now directly owns 30,608 shares of the company’s stock, valued at approximately $2,140,723.52. This represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert Soderbery sold 30,767 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $68.01, for a total transaction of $2,092,463.67. Following the completion of the transaction, the executive vice president now owns 135,398 shares in the company, valued at $9,208,417.98. The trade was a 18.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,107 shares of company stock worth $2,324,881. 0.30% of the stock is owned by 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.