Western Digital Co. (NASDAQ:WDC) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its stake in shares of Western Digital Co. (NASDAQ:WDC - Free Report) by 61.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 109,072 shares of the data storage provider's stock after selling 177,145 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Western Digital were worth $6,504,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in WDC. Wedbush Securities Inc. increased its holdings in Western Digital by 0.8% in the fourth quarter. Wedbush Securities Inc. now owns 32,879 shares of the data storage provider's stock valued at $1,961,000 after buying an additional 261 shares in the last quarter. Aviva PLC grew its holdings in shares of Western Digital by 153.8% in the 4th quarter. Aviva PLC now owns 206,685 shares of the data storage provider's stock worth $12,325,000 after acquiring an additional 125,251 shares during the period. Resona Asset Management Co. Ltd. purchased a new position in Western Digital in the 4th quarter valued at approximately $6,089,000. Westpac Banking Corp raised its holdings in Western Digital by 75.3% during the fourth quarter. Westpac Banking Corp now owns 1,776 shares of the data storage provider's stock worth $106,000 after purchasing an additional 763 shares during the last quarter. Finally, Bryce Point Capital LLC purchased a new position in Western Digital during the 4th quarter valued at about $510,000. Hedge funds and other institutional investors own 92.51% of the company's stock.

Insiders Place Their Bets

In related news, SVP Gene M. Zamiska sold 1,659 shares of Western Digital stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $41.36, for a total value of $68,616.24. Following the completion of the transaction, the senior vice president now directly owns 43,776 shares in the company, valued at approximately $1,810,575.36. This trade represents a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.30% of the stock is owned by company insiders.

Western Digital Stock Up 2.0 %

Shares of NASDAQ:WDC traded up $0.72 during trading on Tuesday, hitting $36.68. The company's stock had a trading volume of 5,073,633 shares, compared to its average volume of 6,360,171. Western Digital Co. has a fifty-two week low of $28.83 and a fifty-two week high of $81.55. The stock's 50-day moving average price is $44.17 and its two-hundred day moving average price is $58.40. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26 and a current ratio of 1.99. The company has a market capitalization of $12.76 billion, a PE ratio of 8.73 and a beta of 1.39.

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 net margin of 9.95% and a return on equity of 15.68%. As a group, sell-side analysts expect that Western Digital Co. will post 4.89 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on WDC. Rosenblatt Securities cut their price target on Western Digital from $115.00 to $95.00 and set a "buy" rating for the company in a report on Wednesday, January 29th. Bank of America reduced their target price on Western Digital from $89.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, January 16th. The Goldman Sachs Group boosted their price objective on shares of Western Digital from $70.00 to $80.00 and gave the company a "neutral" rating in a research note on Friday, January 31st. Robert W. Baird lowered their price target on Western Digital from $100.00 to $80.00 and set an "outperform" rating for the company in a research report on Thursday, January 30th. Finally, UBS Group reduced their price objective on Western Digital from $74.00 to $50.00 and set a "neutral" rating on the stock in a research note on Monday, March 17th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Western Digital has a consensus rating of "Moderate Buy" and an average price target of $73.68.

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.