Xponance Inc. Sells 1,938 Shares of Western Digital Co. (NASDAQ:WDC)

Xponance Inc. trimmed its position in Western Digital Co. (NASDAQ:WDC) by 4.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,000 shares of the data storage provider’s stock after selling 1,938 shares during the period. Xponance Inc.’s holdings in Western Digital were worth $2,200,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Parkside Financial Bank & Trust boosted its stake in Western Digital by 79.1% during the 3rd quarter. Parkside Financial Bank & Trust now owns 747 shares of the data storage provider’s stock valued at $34,000 after purchasing an additional 330 shares during the last quarter. CVA Family Office LLC acquired a new position in Western Digital during the 4th quarter valued at about $41,000. Harvest Fund Management Co. Ltd acquired a new position in Western Digital during the 3rd quarter valued at about $41,000. Tobam acquired a new position in Western Digital during the 4th quarter valued at about $61,000. Finally, Avior Wealth Management LLC boosted its stake in Western Digital by 20.8% during the 3rd quarter. Avior Wealth Management LLC now owns 2,319 shares of the data storage provider’s stock valued at $106,000 after purchasing an additional 400 shares during the last quarter. 92.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Barclays lifted their price target on Western Digital from $70.00 to $80.00 and gave the company an “overweight” rating in a research note on Monday. StockNews.com downgraded Western Digital from a “hold” rating to a “sell” rating in a research note on Tuesday, February 20th. Deutsche Bank Aktiengesellschaft upgraded Western Digital from a “hold” rating to a “buy” rating and boosted their target price for the stock from $45.00 to $65.00 in a research note on Tuesday, January 16th. Evercore ISI assumed coverage on Western Digital in a research note on Wednesday, March 27th. They issued an “outperform” rating and a $80.00 target price on the stock. Finally, Susquehanna boosted their target price on Western Digital from $68.00 to $83.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Western Digital has a consensus rating of “Moderate Buy” and an average price target of $73.72.

Insider Buying and Selling at Western Digital

In other Western Digital news, Director Kimberly Alexy sold 2,648 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $69.95, for a total transaction of $185,227.60. Following the sale, the director now owns 20,509 shares of the company’s stock, valued at approximately $1,434,604.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Kimberly Alexy sold 2,648 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $69.95, for a total value of $185,227.60. Following the transaction, the director now owns 20,509 shares of the company’s stock, valued at $1,434,604.55. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Gene M. Zamiska sold 443 shares of the company’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $75.00, for a total transaction of $33,225.00. Following the completion of the transaction, the senior vice president now directly owns 30,958 shares in the company, valued at approximately $2,321,850. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Western Digital Price Performance

Western Digital stock opened at $67.05 on Tuesday. Western Digital Co. has a 12 month low of $31.97 and a 12 month high of $76.92. The company has a current ratio of 1.67, a quick ratio of 0.98 and a debt-to-equity ratio of 0.73. The business’s 50 day simple moving average is $63.90 and its 200 day simple moving average is $54.40. The company has a market cap of $21.85 billion, a price-to-earnings ratio of -9.40 and a beta of 1.56.

Western Digital (NASDAQ:WDC) last issued its earnings results on Monday, January 29th. The data storage provider reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.30) by $0.61. Western Digital had a negative net margin of 19.90% and a negative return on equity of 19.45%. The business had revenue of $3.03 billion for the quarter, compared to analysts’ expectations of $3 billion. During the same quarter in the previous year, the firm posted ($0.69) EPS. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. Sell-side analysts forecast that Western Digital Co. will post -2.21 EPS for the current year.

About Western Digital

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.