Massachusetts Financial Services Co. MA decreased its holdings in shares of Western Digital Corp (NASDAQ:WDC) by 8.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 663,306 shares of the data storage provider’s stock after selling 61,774 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.23% of Western Digital worth $38,830,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Ruggie Capital Group bought a new stake in Western Digital in the 2nd quarter worth approximately $100,000. Migdal Insurance & Financial Holdings Ltd. lifted its position in Western Digital by 16,520.0% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,662 shares of the data storage provider’s stock worth $129,000 after buying an additional 1,652 shares during the last quarter. TRUE Private Wealth Advisors bought a new stake in Western Digital in the 3rd quarter worth approximately $107,000. NEXT Financial Group Inc bought a new stake in Western Digital in the 3rd quarter worth approximately $109,000. Finally, Legacy Financial Advisors Inc. lifted its position in Western Digital by 32,283.3% in the 2nd quarter. Legacy Financial Advisors Inc. now owns 1,943 shares of the data storage provider’s stock worth $155,000 after buying an additional 1,937 shares during the last quarter. 83.49% of the stock is owned by institutional investors.
A number of analysts recently weighed in on the company. BidaskClub upgraded Western Digital from a “strong sell” rating to a “sell” rating in a research report on Saturday. Benchmark restated a “hold” rating on shares of Western Digital in a research report on Friday, October 26th. Macquarie set a $50.00 target price on Western Digital and gave the stock a “hold” rating in a research report on Friday, October 26th. Cowen lowered their price objective on Western Digital from $70.00 to $60.00 and set a “market perform” rating for the company in a research report on Friday, October 26th. Finally, Craig Hallum downgraded Western Digital from a “buy” rating to a “hold” rating and lowered their price objective for the company from $115.00 to $59.00 in a research report on Friday, October 26th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and thirteen have assigned a buy rating to the stock. Western Digital presently has a consensus rating of “Hold” and a consensus target price of $85.25.
In other news, CFO Mark P. Long sold 1,214 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $67.65, for a total transaction of $82,127.10. Following the transaction, the chief financial officer now directly owns 191,154 shares of the company’s stock, valued at $12,931,568.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Charles Ray sold 4,387 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $67.65, for a total value of $296,780.55. Following the transaction, the executive vice president now directly owns 107,155 shares in the company, valued at $7,249,035.75. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by insiders.
WDC opened at $47.74 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.70 and a current ratio of 2.41. Western Digital Corp has a 52-week low of $40.58 and a 52-week high of $106.96. The company has a market cap of $12.01 billion, a PE ratio of 3.53, a price-to-earnings-growth ratio of 0.35 and a beta of 0.90.
Western Digital announced that its Board of Directors has authorized a stock buyback program on Thursday, July 26th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the data storage provider to purchase up to 22.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
About Western Digital
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
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