Envestnet Portfolio Solutions Inc. Sells 16,065 Shares of Western Digital Co. (NASDAQ:WDC)

Envestnet Portfolio Solutions Inc. trimmed its stake in Western Digital Co. (NASDAQ:WDC - Free Report) by 48.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,770 shares of the data storage provider's stock after selling 16,065 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Western Digital were worth $1,000,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Versant Capital Management Inc increased its position in shares of Western Digital by 278.9% in 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 in the last quarter. Sierra Ocean LLC bought a new position in Western Digital during the 4th quarter worth approximately $29,000. True Wealth Design LLC increased its stake in Western Digital by 2,184.2% during the third quarter. True Wealth Design LLC now owns 434 shares of the data storage provider's stock valued at $30,000 after purchasing an additional 415 shares during the last quarter. Comprehensive Financial Planning Inc. PA bought a new position in Western Digital in the fourth quarter worth about $30,000. Finally, OFI Invest Asset Management bought a new stake in shares of Western Digital in the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 92.51% of the company's stock.

Insider Buying and Selling

In other news, SVP Gene M. Zamiska sold 1,659 shares of the business's stock in a transaction 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 directly owns 43,776 shares in the company, valued at $1,810,575.36. The trade was a 3.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by insiders.

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Western Digital Trading Down 1.8 %

NASDAQ WDC traded down $0.77 during trading hours on Wednesday, hitting $42.62. 6,371,044 shares of the company's stock were exchanged, compared to its average volume of 5,967,420. The firm has a market cap of $14.82 billion, a price-to-earnings ratio of 10.15 and a beta of 1.42. Western Digital Co. has a 1-year low of $39.42 and a 1-year 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. The stock has a 50-day simple moving average of $57.06 and a 200 day simple moving average of $62.86.

Western Digital (NASDAQ:WDC - Get Free Report) last posted its quarterly earnings data 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%. On average, equities analysts forecast that Western Digital Co. will post 4.89 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on WDC shares. Wedbush restated an "outperform" rating and set a $95.00 price target on shares of Western Digital in a research report on Monday, February 10th. Robert W. Baird dropped their price objective on Western Digital from $100.00 to $80.00 and set an "outperform" rating on the stock in a research note on Thursday, January 30th. Wells Fargo & Company reduced their price objective on Western Digital from $85.00 to $75.00 and set an "overweight" rating for the company in a research report on Tuesday, February 25th. Mizuho decreased their target price on shares of Western Digital from $90.00 to $82.00 and set an "outperform" rating on the stock in a research report on Friday, January 3rd. Finally, Cantor Fitzgerald dropped their price target on shares of Western Digital from $95.00 to $65.00 and set an "overweight" rating for the company in a research report on Friday, March 7th. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Western Digital currently has an average rating of "Moderate Buy" and an average price target of $80.21.

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.