Western Digital Co. (NASDAQ:WDC) Shares Sold by Retirement Systems of Alabama

Posted by on Jul 28th, 2023

Retirement Systems of Alabama reduced its position in Western Digital Co. (NASDAQ:WDC – Free Report) by 7.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,384 shares of the data storage provider’s stock after selling 7,380 shares during the period. Retirement Systems of Alabama’s holdings in Western Digital were worth $3,555,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of WDC. Massmutual Trust Co. FSB ADV lifted its stake in shares of Western Digital by 75.3% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 661 shares of the data storage provider’s stock valued at $25,000 after purchasing an additional 284 shares in the last quarter. Mizuho Securities Co. Ltd. acquired a new position in shares of Western Digital in the 1st quarter valued at about $27,000. CI Investments Inc. lifted its stake in shares of Western Digital by 114.4% in the 4th quarter. CI Investments Inc. now owns 879 shares of the data storage provider’s stock valued at $28,000 after purchasing an additional 469 shares in the last quarter. Signaturefd LLC lifted its position in Western Digital by 199.3% during the 4th quarter. Signaturefd LLC now owns 1,218 shares of the data storage provider’s stock worth $38,000 after acquiring an additional 811 shares in the last quarter. Finally, CVA Family Office LLC lifted its position in Western Digital by 177.4% during the 4th quarter. CVA Family Office LLC now owns 1,470 shares of the data storage provider’s stock worth $46,000 after acquiring an additional 940 shares in the last quarter. 83.94% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently commented on the company. JPMorgan Chase & Co. reduced their price target on Western Digital from $45.00 to $40.00 in a research report on Tuesday, May 9th. Deutsche Bank Aktiengesellschaft reduced their price target on Western Digital from $40.00 to $36.00 in a research report on Tuesday, May 9th. TheStreet lowered Western Digital from a “c-” rating to a “d+” rating in a research report on Thursday, May 11th. Bank of America reduced their target price on Western Digital from $50.00 to $41.00 in a research note on Tuesday, May 9th. Finally, Mizuho reduced their target price on Western Digital from $50.00 to $45.00 in a research note on Tuesday, May 9th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Western Digital currently has a consensus rating of “Hold” and a consensus target price of $44.32.

Western Digital Price Performance

Shares of NASDAQ WDC opened at $41.68 on Friday. The firm has a market capitalization of $13.34 billion, a PE ratio of -19.03 and a beta of 1.64. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.61 and a quick ratio of 0.86. Western Digital Co. has a 1-year low of $29.73 and a 1-year high of $50.95. The business’s fifty day moving average price is $38.79 and its two-hundred day moving average price is $38.01.

Western Digital (NASDAQ:WDC – Get Free Report) last issued its quarterly earnings results on Monday, May 8th. The data storage provider reported ($1.57) 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 analyst estimates of $2.76 billion. Western Digital had a negative return on equity of 1.90% and a negative net margin of 4.87%. On average, research analysts expect that Western Digital Co. will post -4.62 EPS for the current year.

Western Digital Profile

(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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