B. Riley Wealth Advisors Inc. Sells 597 Shares of Western Digital Co. (NASDAQ:WDC)

Posted by on Oct 23rd, 2023

B. Riley Wealth Advisors Inc. lessened its holdings in Western Digital Co. (NASDAQ:WDC – Free Report) by 7.7% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,107 shares of the data storage provider’s stock after selling 597 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Western Digital were worth $270,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Massmutual Trust Co. FSB ADV boosted 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 buying an additional 284 shares during the period. Psagot Value Holdings Ltd. Israel purchased a new stake in shares of Western Digital in the 1st quarter worth $26,000. Mizuho Securities Co. Ltd. bought a new position in shares of Western Digital during the 1st quarter worth $27,000. Addison Advisors LLC increased its stake in shares of Western Digital by 1,885.7% during the first quarter. Addison Advisors LLC now owns 973 shares of the data storage provider’s stock valued at $37,000 after buying an additional 924 shares during the period. Finally, Global Retirement Partners LLC raised its holdings in shares of Western Digital by 66.7% in the first quarter. Global Retirement Partners LLC now owns 1,072 shares of the data storage provider’s stock valued at $35,000 after acquiring an additional 429 shares in the last quarter. 83.38% of the stock is currently owned by institutional investors.

Insider Activity

In other Western Digital news, SVP Gene M. Zamiska sold 2,169 shares of Western Digital stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $45.42, for a total value of $98,515.98. Following the completion of the transaction, the senior vice president now owns 43,011 shares of the company’s stock, valued at $1,953,559.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.28% of the company’s stock.

Analyst Ratings Changes

WDC has been the subject of several research reports. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $38.00 price target on shares of Western Digital in a research report on Wednesday, October 11th. TheStreet upgraded Western Digital from a “d+” rating to a “c-” rating in a research note on Thursday, August 3rd. Raymond James boosted their target price on shares of Western Digital from $42.00 to $46.00 and gave the stock an “outperform” rating in a report on Tuesday, August 1st. UBS Group raised their price target on shares of Western Digital from $35.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, July 25th. Finally, BNP Paribas upgraded shares of Western Digital from a “neutral” rating to an “outperform” rating and set a $58.00 price objective for the company in a research note on Wednesday, September 20th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $46.60.

Get Our Latest Report on Western Digital

Western Digital Trading Down 0.5 %

NASDAQ WDC opened at $42.86 on Monday. The company has a fifty day moving average of $43.72 and a 200 day moving average of $40.00. The company has a market capitalization of $13.89 billion, a PE ratio of -7.92 and a beta of 1.64. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.45 and a quick ratio of 0.77. Western Digital Co. has a 1 year low of $29.73 and a 1 year high of $47.14.

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