Naples Global Advisors LLC lessened its stake in Western Digital Co. (NASDAQ:WDC – Get Rating) by 55.0% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,260 shares of the data storage provider's stock after selling 8,880 shares during the quarter. Naples Global Advisors LLC's holdings in Western Digital were worth $229,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Western Digital by 1.0% during the third quarter. Vanguard Group Inc. now owns 36,628,762 shares of the data storage provider's stock valued at $1,192,267,000 after purchasing an additional 355,610 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Western Digital by 143.0% during the third quarter. Price T Rowe Associates Inc. MD now owns 10,702,001 shares of the data storage provider's stock valued at $348,351,000 after purchasing an additional 6,297,603 shares in the last quarter. Sanders Capital LLC raised its stake in Western Digital by 12.6% during the third quarter. Sanders Capital LLC now owns 8,289,570 shares of the data storage provider's stock valued at $269,826,000 after purchasing an additional 928,721 shares in the last quarter. DNB Asset Management AS raised its stake in Western Digital by 27.3% during the fourth quarter. DNB Asset Management AS now owns 5,780,409 shares of the data storage provider's stock valued at $182,372,000 after purchasing an additional 1,238,504 shares in the last quarter. Finally, Boston Partners raised its stake in Western Digital by 4.4% during the third quarter. Boston Partners now owns 4,029,169 shares of the data storage provider's stock valued at $131,203,000 after purchasing an additional 171,025 shares in the last quarter. Hedge funds and other institutional investors own 85.47% of the company's stock.
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NASDAQ WDC opened at $37.28 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.05 and a current ratio of 1.91. Western Digital Co. has a 12 month low of $29.73 and a 12 month high of $63.26. The company's 50-day moving average price is $39.43 and its 200-day moving average price is $36.66.
Western Digital (NASDAQ:WDC – Get Rating) last issued its earnings results on Tuesday, January 31st. The data storage provider reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.34). Western Digital had a positive return on equity of 5.78% and a negative net margin of 0.59%. The business had revenue of $3.11 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter in the previous year, the company earned $2.03 earnings per share. The firm's revenue was down 35.7% on a year-over-year basis. As a group, sell-side analysts expect that Western Digital Co. will post -4.13 earnings per share for the current year.
Wall Street Analyst Weigh In
WDC has been the topic of a number of recent research reports. Raymond James initiated coverage on shares of Western Digital in a research note on Wednesday, March 1st. They set an "outperform" rating and a $46.00 price target on the stock. StockNews.com initiated coverage on shares of Western Digital in a research note on Thursday, March 16th. They set a "sell" rating on the stock. Craig Hallum increased their target price on shares of Western Digital from $50.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, February 1st. Mizuho raised shares of Western Digital from a "neutral" rating to a "buy" rating and increased their target price for the company from $38.00 to $50.00 in a research note on Friday, February 10th. Finally, The Goldman Sachs Group downgraded shares of Western Digital from a "neutral" rating to a "sell" rating and reduced their target price for the company from $43.00 to $31.00 in a research note on Thursday, December 15th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $50.19.
Western Digital Profile
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Western Digital Corp. engages in the development, manufacture, marketing, and sale of data storage devices and solutions. It operates through the Flash and Hard Disk Drive segments. The Flash segment represents flash-based data storage devices. The Hard Disk Drive segment provides hard disk storage solutions.
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