National Bank of Canada FI Has $9.48 Million Position in Western Digital Co. (NASDAQ:WDC)

National Bank of Canada FI increased its holdings in shares of Western Digital Co. (NASDAQ:WDC - Free Report) by 43.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 138,845 shares of the data storage provider's stock after buying an additional 42,375 shares during the quarter. National Bank of Canada FI's holdings in Western Digital were worth $9,482,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Wellington Management Group LLP increased its holdings in Western Digital by 20.4% during the 3rd quarter. Wellington Management Group LLP now owns 48,501 shares of the data storage provider's stock worth $3,312,000 after purchasing an additional 8,217 shares in the last quarter. Wahed Invest LLC increased its holdings in Western Digital by 15.5% during the 3rd quarter. Wahed Invest LLC now owns 7,922 shares of the data storage provider's stock worth $541,000 after purchasing an additional 1,063 shares in the last quarter. Weiss Asset Management LP bought a new position in Western Digital during the 3rd quarter worth about $8,947,000. State Street Corp increased its holdings in Western Digital by 3.2% during the 3rd quarter. State Street Corp now owns 13,572,686 shares of the data storage provider's stock worth $926,879,000 after purchasing an additional 423,651 shares in the last quarter. Finally, Sachem Head Capital Management LP increased its holdings in Western Digital by 75.2% during the 3rd quarter. Sachem Head Capital Management LP now owns 2,030,000 shares of the data storage provider's stock worth $138,629,000 after purchasing an additional 871,500 shares in the last quarter. Institutional investors and hedge funds own 92.51% of the company's stock.

Insider Activity

In other news, EVP Robert Soderbery sold 30,767 shares of Western Digital stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $68.01, for a total value of $2,092,463.67. Following the completion of the sale, the executive vice president now directly owns 135,398 shares in the company, valued at approximately $9,208,417.98. The trade was a 18.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David Goeckeler sold 75,000 shares of Western Digital stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $70.32, for a total transaction of $5,274,000.00. Following the completion of the transaction, the chief executive officer now directly owns 896,630 shares in the company, valued at $63,051,021.60. This trade represents a 7.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 184,107 shares of company stock worth $13,042,381. Corporate insiders own 0.30% of the company's stock.

Western Digital Stock Performance

WDC stock traded down $3.91 during mid-day trading on Thursday, hitting $65.99. 9,727,107 shares of the company were exchanged, compared to its average volume of 6,005,087. The business has a 50 day simple moving average of $67.70 and a 200-day simple moving average of $68.94. The company has a current ratio of 1.47, a quick ratio of 0.91 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $22.81 billion, a PE ratio of 38.38 and a beta of 1.42. Western Digital Co. has a 1-year low of $48.96 and a 1-year high of $81.55.

Western Digital (NASDAQ:WDC - Get Free Report) last issued its quarterly earnings data on Thursday, October 24th. The data storage provider reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.23. The firm had revenue of $4.10 billion during the quarter, compared to the consensus estimate of $4.12 billion. Western Digital had a net margin of 4.81% and a return on equity of 8.57%. The business's revenue for the quarter was up 48.9% compared to the same quarter last year. During the same period last year, the business posted ($1.97) earnings per share. On average, equities analysts forecast that Western Digital Co. will post 6.56 earnings per share for the current year.

Analysts Set New Price Targets

WDC has been the subject of several analyst reports. Wedbush restated an "outperform" rating and issued a $95.00 price objective on shares of Western Digital in a report on Friday, November 29th. Benchmark restated a "buy" rating and issued a $92.00 price objective on shares of Western Digital in a report on Friday, October 25th. Morgan Stanley raised their price objective on Western Digital from $94.00 to $100.00 and gave the company an "overweight" rating in a report on Friday, October 25th. Cantor Fitzgerald restated an "overweight" rating and issued a $95.00 price objective on shares of Western Digital in a report on Tuesday, November 26th. Finally, TD Cowen decreased their price objective on Western Digital from $95.00 to $80.00 and set a "buy" rating for the company in a report on Friday, September 13th. Six investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $87.71.

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.