CIBC Asset Management Inc lifted its position in Western Digital Corp (NASDAQ:WDC) by 3.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,480 shares of the data storage provider’s stock after acquiring an additional 1,584 shares during the quarter. CIBC Asset Management Inc’s holdings in Western Digital were worth $1,964,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in WDC. AGF Investments America Inc. increased its stake in Western Digital by 1.4% in the first quarter. AGF Investments America Inc. now owns 17,041 shares of the data storage provider’s stock valued at $709,000 after purchasing an additional 243 shares during the last quarter. Cornerstone Advisors Inc. grew its holdings in shares of Western Digital by 22.4% in the 1st quarter. Cornerstone Advisors Inc. now owns 1,387 shares of the data storage provider’s stock valued at $58,000 after buying an additional 254 shares during the period. Pinnacle Associates Ltd. boosted its stake in Western Digital by 0.9% in the 1st quarter. Pinnacle Associates Ltd. now owns 31,715 shares of the data storage provider’s stock worth $1,320,000 after purchasing an additional 285 shares during the period. Mutual of America Capital Management LLC boosted its stake in Western Digital by 0.4% in the 1st quarter. Mutual of America Capital Management LLC now owns 92,715 shares of the data storage provider’s stock worth $3,859,000 after purchasing an additional 335 shares during the period. Finally, Wedbush Securities Inc. boosted its stake in Western Digital by 3.9% in the 1st quarter. Wedbush Securities Inc. now owns 9,550 shares of the data storage provider’s stock worth $397,000 after purchasing an additional 358 shares during the period. Hedge funds and other institutional investors own 79.94% of the company’s stock.

In other Western Digital news, EVP Lori S. Sundberg sold 1,300 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $45.66, for a total value of $59,358.00. Following the transaction, the executive vice president now directly owns 44,322 shares of the company’s stock, valued at approximately $2,023,742.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.44% of the stock is owned by corporate insiders.

A number of equities analysts recently weighed in on WDC shares. Cleveland Research lowered shares of Western Digital from a “neutral” rating to an “underperform” rating in a research note on Monday, April 20th. Benchmark raised shares of Western Digital from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a research note on Monday, June 22nd. Zacks Investment Research lowered shares of Western Digital from a “hold” rating to a “strong sell” rating and set a $46.00 target price for the company. in a research note on Saturday, July 4th. Morgan Stanley boosted their price target on shares of Western Digital from $56.00 to $63.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 16th. Finally, Deutsche Bank cut their price target on shares of Western Digital from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nineteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $70.08.

Western Digital stock opened at $43.10 on Friday. The stock has a market cap of $12.92 billion, a P/E ratio of -21.44 and a beta of 1.61. The company has a quick ratio of 1.22, a current ratio of 1.91 and a debt-to-equity ratio of 1.01. Western Digital Corp has a twelve month low of $27.40 and a twelve month high of $72.00. The company’s 50-day moving average price is $42.94 and its two-hundred day moving average price is $49.01.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Thursday, April 30th. The data storage provider reported $0.85 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.92 by ($0.07). The company had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $4.16 billion. Western Digital had a negative net margin of 3.70% and a positive return on equity of 3.42%. The firm’s revenue was up 13.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.17 earnings per share. Equities analysts anticipate that Western Digital Corp will post 2.24 earnings per share for the current fiscal year.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance 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, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.

Further Reading: Depreciation

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

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