MAI Capital Management Buys 1,605 Shares of Western Digital Co. (NASDAQ:WDC)

Posted by on Aug 24th, 2023

MAI Capital Management grew its stake in shares of Western Digital Co. (NASDAQ:WDC – Free Report) by 20.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,635 shares of the data storage provider’s stock after acquiring an additional 1,605 shares during the quarter. MAI Capital Management’s holdings in Western Digital were worth $363,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Massmutual Trust Co. FSB ADV lifted its position in 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 acquiring an additional 284 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new position in shares of Western Digital in the first quarter worth $27,000. CI Investments Inc. lifted its holdings in shares of Western Digital by 114.4% during the fourth 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. Global Retirement Partners LLC boosted its position in shares of Western Digital by 66.7% during the first quarter. Global Retirement Partners LLC now owns 1,072 shares of the data storage provider’s stock valued at $35,000 after buying an additional 429 shares during the last quarter. Finally, Addison Advisors LLC increased its holdings in Western Digital by 1,885.7% in the 1st quarter. Addison Advisors LLC now owns 973 shares of the data storage provider’s stock worth $37,000 after buying an additional 924 shares in the last quarter. Hedge funds and other institutional investors own 83.94% of the company’s stock.

Western Digital Stock Up 1.6 %

Shares of NASDAQ:WDC opened at $41.05 on Thursday. The stock has a 50 day moving average of $39.91 and a 200 day moving average of $38.22. Western Digital Co. has a 12-month low of $29.73 and a 12-month high of $48.29. The company has a current ratio of 1.45, a quick ratio of 0.77 and a debt-to-equity ratio of 0.54.

Western Digital (NASDAQ:WDC – Get Free Report) last posted its quarterly earnings results on Monday, July 31st. The data storage provider reported ($1.98) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.30) by $0.32. The business had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.53 billion. Western Digital had a negative net margin of 13.85% and a negative return on equity of 11.96%. The company’s revenue was down 41.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.54 earnings per share. Sell-side analysts expect that Western Digital Co. will post -5.38 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on WDC shares. Mizuho dropped their price target on shares of Western Digital from $50.00 to $45.00 in a report on Tuesday, May 9th. UBS Group raised their target price on shares of Western Digital from $35.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, July 25th. JPMorgan Chase & Co. boosted their target price on shares of Western Digital from $40.00 to $45.00 and gave the company a “neutral” rating in a research note on Wednesday, August 2nd. Morgan Stanley restated an “overweight” rating and issued a $52.00 price target on shares of Western Digital in a research note on Tuesday, August 1st. Finally, Bank of America upped their price objective on Western Digital from $41.00 to $49.00 and gave the company a “buy” rating in a research report on Tuesday, August 1st. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. According to MarketBeat, Western Digital has an average rating of “Hold” and a consensus price target of $43.39.

Get Our Latest Stock Analysis on WDC

Western Digital Company 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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