Nisa Investment Advisors LLC Raises Position in Western Digital Co. (NASDAQ:WDC)

Posted by on Jul 28th, 2023

Nisa Investment Advisors LLC raised its holdings in shares of Western Digital Co. (NASDAQ:WDC – Free Report) by 9.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 78,920 shares of the data storage provider’s stock after purchasing an additional 6,870 shares during the period. Nisa Investment Advisors LLC’s holdings in Western Digital were worth $2,973,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in WDC. American Century Companies Inc. increased its stake in shares of Western Digital by 292.1% during the first quarter. American Century Companies Inc. now owns 30,302 shares of the data storage provider’s stock valued at $1,504,000 after purchasing an additional 22,573 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Western Digital during the first quarter valued at approximately $57,000. Acadian Asset Management LLC increased its position in shares of Western Digital by 1,535.0% during the first quarter. Acadian Asset Management LLC now owns 8,649 shares of the data storage provider’s stock valued at $426,000 after acquiring an additional 8,120 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Western Digital by 7.0% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 41,869 shares of the data storage provider’s stock worth $2,079,000 after purchasing an additional 2,755 shares during the last quarter. Finally, Great West Life Assurance Co. Can boosted its holdings in Western Digital by 1.9% in the first quarter. Great West Life Assurance Co. Can now owns 197,219 shares of the data storage provider’s stock worth $10,331,000 after purchasing an additional 3,642 shares during the last quarter. Institutional investors own 83.94% of the company’s stock.

Western Digital Stock Performance

Shares of NASDAQ WDC opened at $41.68 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.86 and a current ratio of 1.61. The company has a market cap of $13.34 billion, a P/E ratio of -19.03 and a beta of 1.64. The firm’s fifty day moving average is $38.79 and its two-hundred day moving average is $38.01. Western Digital Co. has a 52-week low of $29.73 and a 52-week high of $50.95.

Western Digital (NASDAQ:WDC – Get Free Report) last announced its quarterly earnings results on Monday, May 8th. The data storage provider reported ($1.57) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.80) by $0.23. The company had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.76 billion. Western Digital had a negative net margin of 4.87% and a negative return on equity of 1.90%. As a group, analysts anticipate that Western Digital Co. will post -4.62 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Mizuho dropped their target price on shares of Western Digital from $50.00 to $45.00 in a report on Tuesday, May 9th. Bank of America dropped their target price on shares of Western Digital from $50.00 to $41.00 in a report on Tuesday, May 9th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Western Digital from $40.00 to $36.00 in a report on Tuesday, May 9th. JPMorgan Chase & Co. dropped their target price on shares of Western Digital from $45.00 to $40.00 in a report on Tuesday, May 9th. Finally, UBS Group lifted their price target on shares of Western Digital from $35.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $44.32.

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 computing devices, such as desktop and notebook personal computers (PCs), smart video 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, Internet of Things, industrial, and connected home applications; and flash-based memory wafers.

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

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