Strategic Financial Concepts LLC Takes Position in Western Digital Co. (NASDAQ:WDC)

Strategic Financial Concepts LLC purchased a new position in shares of Western Digital Co. (NASDAQ:WDC - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 12,284 shares of the data storage provider's stock, valued at approximately $732,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. State Street Corp increased 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 in the last quarter. Geode Capital Management LLC increased its holdings in Western Digital by 1.0% in the third quarter. Geode Capital Management LLC now owns 7,921,608 shares of the data storage provider's stock valued at $539,355,000 after buying an additional 76,781 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings 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 buying an additional 732,344 shares in the last quarter. Maple Rock Capital Partners Inc. increased its holdings 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 buying an additional 383,390 shares in the last quarter. Finally, Holocene Advisors LP increased its stake in shares of Western Digital by 25.7% during the 3rd 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. 92.51% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Western Digital

In other news, SVP Gene M. Zamiska sold 658 shares of the business's stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $69.99, for a total value of $46,053.42. Following the completion of the sale, the senior vice president now owns 28,863 shares of the company's stock, valued at approximately $2,020,121.37. The trade was a 2.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.30% of the company's stock.

Western Digital Trading Down 3.6 %

Shares of WDC traded down $2.58 during mid-day trading on Friday, reaching $68.71. The company had a trading volume of 9,049,641 shares, compared to its average volume of 6,931,031. The stock has a market cap of $23.90 billion, a price-to-earnings ratio of 16.36 and a beta of 1.44. The firm has a fifty day simple moving average of $64.78 and a 200-day simple moving average of $65.54. Western Digital Co. has a fifty-two week low of $52.77 and a fifty-two week high of $81.55. The company has a current ratio of 1.99, a quick ratio of 1.26 and a debt-to-equity ratio of 0.60.

Western Digital (NASDAQ:WDC - Get Free Report) last announced its quarterly earnings results 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 net margin of 9.95% and a return on equity of 15.68%. On average, sell-side analysts anticipate that Western Digital Co. will post 4.89 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

WDC has been the subject of a number of recent research reports. Morgan Stanley dropped their price objective on shares of Western Digital from $100.00 to $93.00 and set an "overweight" rating for the company in a research note on Thursday, December 19th. Susquehanna dropped 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 note on Thursday, January 30th. Bank of America dropped 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 note on Thursday, January 16th. UBS Group raised their price objective on shares of Western Digital from $70.00 to $74.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 12th. Finally, Robert W. Baird dropped their price objective on shares of Western Digital from $100.00 to $80.00 and set an "outperform" rating for the company in a research note on Thursday, January 30th. Seven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $84.42.

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.