Corient Private Wealth LLC Decreases Stake in Western Digital Co. (NASDAQ:WDC)

Corient Private Wealth LLC cut its stake in shares of Western Digital Co. (NASDAQ:WDC - Free Report) by 20.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 29,738 shares of the data storage provider's stock after selling 7,528 shares during the period. Corient Private Wealth LLC's holdings in Western Digital were worth $1,773,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in WDC. Versant Capital Management Inc increased its stake in shares of Western Digital by 278.9% during the fourth quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider's stock worth $25,000 after acquiring an additional 304 shares during the period. Sierra Ocean LLC purchased a new stake in Western Digital in the 4th quarter valued at approximately $29,000. True Wealth Design LLC increased its position in Western Digital by 2,184.2% during the 3rd quarter. True Wealth Design LLC now owns 434 shares of the data storage provider's stock worth $30,000 after purchasing an additional 415 shares during the period. Comprehensive Financial Planning Inc. PA purchased a new position in shares of Western Digital during the 4th quarter worth approximately $30,000. Finally, OFI Invest Asset Management acquired a new stake in shares of Western Digital in the 4th quarter valued at approximately $36,000. 92.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on WDC. UBS Group dropped their price objective on Western Digital from $74.00 to $50.00 and set a "neutral" rating on the stock in a report on Monday, March 17th. Barclays lowered 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 note on Friday, January 17th. Rosenblatt Securities reduced their price objective on shares of Western Digital from $115.00 to $95.00 and set a "buy" rating for the company in a research note on Wednesday, January 29th. Robert W. Baird decreased their price objective on shares of Western Digital from $100.00 to $80.00 and set an "outperform" rating on the stock in a report on Thursday, January 30th. Finally, Morgan Stanley dropped their target price on shares of Western Digital from $100.00 to $93.00 and set an "overweight" rating for the company in a report on Thursday, December 19th. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $80.21.

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Western Digital Trading Down 1.7 %

Shares of NASDAQ WDC traded down $0.71 during midday trading on Thursday, reaching $41.91. 4,909,631 shares of the stock were exchanged, compared to its average volume of 5,938,737. The stock has a 50 day moving average price of $56.18 and a 200-day moving average price of $62.57. The company has a current ratio of 1.99, a quick ratio of 1.26 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $14.58 billion, a P/E ratio of 9.98 and a beta of 1.42. Western Digital Co. has a 52-week low of $39.42 and a 52-week high of $81.55.

Western Digital (NASDAQ:WDC - Get Free Report) last released its 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%. Equities research analysts expect that Western Digital Co. will post 4.89 earnings per share for the current fiscal year.

Insider Activity at Western Digital

In related news, SVP Gene M. Zamiska sold 1,659 shares of the company's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $41.36, for a total transaction of $68,616.24. Following the completion of the transaction, the senior vice president now owns 43,776 shares of the company's stock, valued at approximately $1,810,575.36. This represents a 3.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.30% of the company's stock.

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.