SteelPeak Wealth LLC Raises Stock Holdings in Western Digital Co. (NASDAQ:WDC)

SteelPeak Wealth LLC boosted its holdings in Western Digital Co. (NASDAQ:WDC) by 434.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,760 shares of the data storage provider’s stock after purchasing an additional 13,624 shares during the period. SteelPeak Wealth LLC’s holdings in Western Digital were worth $1,145,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Western Digital by 8.6% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 822,281 shares of the data storage provider’s stock worth $56,112,000 after purchasing an additional 64,980 shares during the last quarter. First Trust Direct Indexing L.P. raised its stake in shares of Western Digital by 14.9% in the first quarter. First Trust Direct Indexing L.P. now owns 5,688 shares of the data storage provider’s stock valued at $388,000 after buying an additional 737 shares during the period. Sequoia Financial Advisors LLC purchased a new position in shares of Western Digital during the 1st quarter valued at $236,000. Janney Montgomery Scott LLC grew its stake in shares of Western Digital by 19.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 18,717 shares of the data storage provider’s stock worth $1,277,000 after acquiring an additional 3,094 shares during the period. Finally, Wakefield Asset Management LLLP purchased a new stake in Western Digital in the 1st quarter worth about $2,209,000. 92.51% of the stock is owned by hedge funds and other institutional investors.

Western Digital Stock Performance

WDC stock opened at $67.02 on Thursday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.91. Western Digital Co. has a 1 year low of $38.43 and a 1 year high of $81.55. The company has a market cap of $23.17 billion, a P/E ratio of 39.42 and a beta of 1.39. The stock’s fifty day moving average price is $65.63 and its 200-day moving average price is $69.59.

Western Digital (NASDAQ:WDC) last posted its earnings results on Thursday, October 24th. The data storage provider reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.55 by $0.23. The company had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.12 billion. Western Digital had a return on equity of 8.57% and a net margin of 4.81%. Western Digital’s revenue was up 48.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.97) earnings per share. On average, equities analysts forecast that Western Digital Co. will post 7.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on WDC. Susquehanna boosted their price target on shares of Western Digital from $75.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. StockNews.com upgraded Western Digital from a “sell” rating to a “hold” rating in a research report on Saturday, July 6th. BNP Paribas reduced their price target on Western Digital from $95.00 to $90.00 in a research report on Thursday, October 24th. Evercore ISI reissued an “outperform” rating and set a $85.00 price objective on shares of Western Digital in a report on Thursday, August 15th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $115.00 target price on shares of Western Digital in a report on Friday, October 25th. Six investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, Western Digital has a consensus rating of “Moderate Buy” and an average target price of $86.09.

Insider Activity at Western Digital

In other news, EVP Robert Soderbery sold 12,154 shares of Western Digital stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $57.09, for a total transaction of $693,871.86. Following the transaction, the executive vice president now directly owns 128,413 shares of the company’s stock, valued at $7,331,098.17. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Gene M. Zamiska sold 417 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $64.89, for a total value of $27,059.13. Following the transaction, the senior vice president now owns 28,870 shares of the company’s stock, valued at approximately $1,873,374.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Robert Soderbery sold 12,154 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $57.09, for a total transaction of $693,871.86. Following the completion of the sale, the executive vice president now owns 128,413 shares in the company, valued at approximately $7,331,098.17. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 200,715 shares of company stock worth $14,002,914. 0.30% of the stock is owned by company insiders.

Western Digital Profile

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.