Strategic Financial Concepts LLC Acquires Shares of 12,284 Western Digital Co. (NASDAQ:WDC)

Strategic Financial Concepts LLC acquired a new stake in Western Digital Co. (NASDAQ:WDC - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,284 shares of the data storage provider's stock, valued at approximately $732,000.

Other hedge funds have also recently modified their holdings of the company. State Street Corp boosted its stake in Western Digital by 3.2% during the third quarter. State Street Corp now owns 13,572,686 shares of the data storage provider's stock worth $926,879,000 after buying an additional 423,651 shares during the period. Geode Capital Management LLC boosted its stake in Western Digital by 1.0% during the third quarter. Geode Capital Management LLC now owns 7,921,608 shares of the data storage provider's stock worth $539,355,000 after buying an additional 76,781 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Western Digital by 24.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,711,428 shares of the data storage provider's stock worth $253,453,000 after buying an additional 732,344 shares during the period. Maple Rock Capital Partners Inc. boosted its stake in Western Digital by 13.2% during the third quarter. Maple Rock Capital Partners Inc. now owns 3,287,400 shares of the data storage provider's stock worth $224,497,000 after buying an additional 383,390 shares during the period. Finally, Holocene Advisors LP lifted its position in shares of Western Digital by 25.7% during the third quarter. Holocene Advisors LP now owns 3,192,762 shares of the data storage provider's stock worth $218,034,000 after purchasing an additional 651,847 shares in the last quarter. Hedge funds and other institutional investors own 92.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on WDC. Bank of America reduced their price target on shares of Western Digital from $89.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, January 16th. BNP Paribas reduced their price target on shares of Western Digital from $95.00 to $90.00 in a research report on Thursday, October 24th. Wells Fargo & Company reduced their price target on shares of Western Digital from $95.00 to $85.00 and set an "overweight" rating on the stock in a research report on Thursday, January 16th. Barclays reduced their price target on shares of Western Digital from $90.00 to $80.00 and set an "overweight" rating on the stock in a research report on Friday, January 17th. Finally, Citigroup reduced their price target on shares of Western Digital from $82.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, January 30th. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $84.42.

Insider Transactions at Western Digital

In other news, SVP Gene M. Zamiska sold 658 shares of Western Digital stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $69.99, for a total value of $46,053.42. Following the transaction, the senior vice president now directly owns 28,863 shares of the company's stock, valued at $2,020,121.37. The trade was a 2.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last ninety days, insiders have sold 1,347 shares of company stock worth $93,027. Insiders own 0.30% of the company's stock.

Western Digital Stock Up 1.2 %

WDC stock traded up $0.83 during midday trading on Friday, reaching $68.39. 5,673,098 shares of the company were exchanged, compared to its average volume of 6,516,352. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26 and a current ratio of 1.99. Western Digital Co. has a 1-year low of $52.77 and a 1-year high of $81.55. The stock's 50-day simple moving average is $64.55 and its 200 day simple moving average is $65.22. The company has a market cap of $23.79 billion, a price-to-earnings ratio of 16.28 and a beta of 1.44.

Western Digital (NASDAQ:WDC - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share for the quarter, missing analysts' consensus estimates of $1.91 by ($0.36). Western Digital had a return on equity of 15.68% and a net margin of 9.95%. On average, equities analysts forecast that Western Digital Co. will post 4.89 earnings per share for the current year.

About Western Digital

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.