KLP Kapitalforvaltning AS Makes New Investment in Western Digital Co. (NASDAQ:WDC)

KLP Kapitalforvaltning AS bought a new position in Western Digital Co. (NASDAQ:WDC - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 123,523 shares of the data storage provider's stock, valued at approximately $7,366,000.

Several other institutional investors also recently bought and sold shares of WDC. PNC Financial Services Group Inc. lifted its holdings in Western Digital by 11.6% in the third quarter. PNC Financial Services Group Inc. now owns 30,551 shares of the data storage provider's stock valued at $2,086,000 after acquiring an additional 3,179 shares during the period. Advisors Asset Management Inc. grew its position in Western Digital by 32.0% during the third quarter. Advisors Asset Management Inc. now owns 1,418 shares of the data storage provider's stock valued at $97,000 after buying an additional 344 shares during the period. Intech Investment Management LLC increased its holdings in Western Digital by 104.6% during the third quarter. Intech Investment Management LLC now owns 19,708 shares of the data storage provider's stock valued at $1,346,000 after buying an additional 10,077 shares during the last quarter. Cerity Partners LLC boosted its stake in shares of Western Digital by 111.6% during the 3rd quarter. Cerity Partners LLC now owns 151,561 shares of the data storage provider's stock worth $10,350,000 after acquiring an additional 79,951 shares during the last quarter. Finally, Swedbank AB grew its position in shares of Western Digital by 19.7% during the 3rd quarter. Swedbank AB now owns 291,777 shares of the data storage provider's stock valued at $19,925,000 after acquiring an additional 47,965 shares during the period. 92.51% of the stock is owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

WDC has been the topic of several research analyst reports. Bank of America lowered their price objective 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. Mizuho lowered their price target on Western Digital from $90.00 to $82.00 and set an "outperform" rating for the company in a research report on Friday, January 3rd. Cantor Fitzgerald cut their price target on shares of Western Digital from $95.00 to $65.00 and set an "overweight" rating on the stock in a report on Friday, March 7th. Morgan Stanley reduced their target price on shares of Western Digital from $100.00 to $93.00 and set an "overweight" rating on the stock in a research report on Thursday, December 19th. Finally, Robert W. Baird reduced their price objective on Western Digital from $100.00 to $80.00 and set an "outperform" rating on the stock in a report on Thursday, January 30th. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $80.21.

Insider Activity

In other news, SVP Gene M. Zamiska sold 1,659 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was 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 directly owns 43,776 shares in the company, valued at approximately $1,810,575.36. This represents a 3.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.30% of the company's stock.

Western Digital Price Performance

NASDAQ:WDC traded down $0.77 during trading hours on Friday, reaching $41.14. 388,529 shares of the company traded hands, compared to its average volume of 5,917,395. The firm's 50-day moving average is $56.18 and its 200-day moving average is $62.57. Western Digital Co. has a 1-year low of $39.42 and a 1-year high of $81.55. The stock has a market cap of $14.31 billion, a P/E ratio of 9.83 and a beta of 1.42. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.99 and a quick ratio of 1.26.

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 (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.

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.