Western Digital Co. (NASDAQ:WDC) Shares Sold by abrdn plc

abrdn plc reduced its stake in shares of Western Digital Co. (NASDAQ:WDC - Free Report) by 5.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 113,629 shares of the data storage provider's stock after selling 5,948 shares during the quarter. abrdn plc's holdings in Western Digital were worth $6,799,000 at the end of the most recent quarter.

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

Western Digital Price Performance

Shares of WDC traded down $1.64 during trading hours on Wednesday, hitting $67.28. 8,269,489 shares of the stock were exchanged, compared to its average volume of 6,689,878. 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 12-month low of $52.77 and a 12-month high of $81.55. The company has a market cap of $23.40 billion, a price-to-earnings ratio of 16.02 and a beta of 1.44. The stock's 50-day moving average price is $64.80 and its two-hundred day moving average price is $65.16.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on WDC. Mizuho decreased their price objective on shares of Western Digital from $90.00 to $82.00 and set an "outperform" rating for the company in a research report on Friday, January 3rd. Bank of America lowered their price objective on shares of Western Digital from $89.00 to $80.00 and set a "buy" rating for the company in a research report on Thursday, January 16th. Susquehanna lowered their price objective on shares of Western Digital from $83.00 to $72.00 and set a "neutral" rating for the company in a research report on Thursday, January 30th. The Goldman Sachs Group upped their price target on shares of Western Digital from $70.00 to $80.00 and gave the company a "neutral" rating in a research report on Friday, January 31st. Finally, Wedbush reiterated an "outperform" rating and set a $95.00 price objective on shares of Western Digital in a research report on Monday. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $84.42.

Insiders Place Their Bets

In related news, SVP Gene M. Zamiska sold 658 shares of the firm's stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $69.99, for a total transaction of $46,053.42. Following the completion of the transaction, the senior vice president now directly owns 28,863 shares in the company, valued at $2,020,121.37. This trade represents 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 90 days, insiders have sold 1,347 shares of company stock valued at $93,027. Insiders own 0.30% of the company's stock.

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.