IPG Investment Advisors LLC Reduces Stake in Western Digital Co. (NASDAQ:WDC)

IPG Investment Advisors LLC cut its stake in shares of Western Digital Co. (NASDAQ:WDCFree Report) by 66.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 121,210 shares of the data storage provider’s stock after selling 237,130 shares during the quarter. Western Digital accounts for about 1.2% of IPG Investment Advisors LLC’s investment portfolio, making the stock its 23rd largest holding. IPG Investment Advisors LLC’s holdings in Western Digital were worth $5,531,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of WDC. Price T Rowe Associates Inc. MD increased its position in Western Digital by 9.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 22,595,297 shares of the data storage provider’s stock valued at $851,166,000 after buying an additional 1,931,325 shares in the last quarter. Nomura Holdings Inc. boosted its stake in shares of Western Digital by 242.7% in the 1st quarter. Nomura Holdings Inc. now owns 10,606,474 shares of the data storage provider’s stock worth $399,546,000 after buying an additional 7,511,896 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Western Digital by 3.1% in the 2nd quarter. Geode Capital Management LLC now owns 7,042,429 shares of the data storage provider’s stock worth $266,449,000 after buying an additional 212,758 shares during the last quarter. DnB Asset Management AS boosted its stake in shares of Western Digital by 7.3% in the 3rd quarter. DnB Asset Management AS now owns 5,143,795 shares of the data storage provider’s stock worth $234,711,000 after buying an additional 351,916 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Western Digital by 2.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,501,843 shares of the data storage provider’s stock worth $173,893,000 after buying an additional 80,373 shares during the last quarter. 83.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

WDC has been the topic of several research reports. Morgan Stanley lifted their target price on Western Digital from $52.00 to $73.00 and gave the stock an “overweight” rating in a report on Monday, January 22nd. TD Cowen boosted their price objective on shares of Western Digital from $50.00 to $75.00 and gave the stock an “outperform” rating in a research note on Friday, January 26th. Cantor Fitzgerald assumed coverage on Western Digital in a research report on Tuesday, January 23rd. They set an “overweight” rating and a $70.00 price target on the stock. Susquehanna boosted their price objective on shares of Western Digital from $38.00 to $46.00 and gave the company a “neutral” rating in a report on Tuesday, October 31st. Finally, Wedbush reaffirmed an “outperform” rating and issued a $60.00 price target on shares of Western Digital in a report on Thursday, October 26th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Western Digital currently has an average rating of “Moderate Buy” and an average target price of $59.29.

Read Our Latest Report on WDC

Western Digital Stock Performance

Shares of Western Digital stock traded up $0.87 on Monday, reaching $57.69. The stock had a trading volume of 1,423,616 shares, compared to its average volume of 7,359,628. The business’s 50-day moving average price is $52.89 and its two-hundred day moving average price is $47.01. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.98 and a current ratio of 1.67. Western Digital Co. has a fifty-two week low of $31.97 and a fifty-two week high of $60.55. The stock has a market cap of $18.57 billion, a P/E ratio of -7.97 and a beta of 1.57.

Western Digital (NASDAQ:WDCGet Free Report) last posted its earnings results on Monday, January 29th. The data storage provider reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($1.30) by $0.61. Western Digital had a negative net margin of 19.90% and a negative return on equity of 19.49%. The business had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3 billion. During the same quarter in the prior year, the firm earned ($0.69) EPS. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. On average, sell-side analysts forecast that Western Digital Co. will post -2.81 EPS for the current year.

About Western Digital

(Free Report)

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.

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Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

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