Sumitomo Mitsui Trust Holdings Inc. Increases Stake in Western Digital Co. (NASDAQ:WDC)

Sumitomo Mitsui Trust Holdings Inc. grew its position in Western Digital Co. (NASDAQ:WDC) by 8.5% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 892,338 shares of the data storage provider’s stock after purchasing an additional 70,057 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Western Digital were worth $67,612,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Rise Advisors LLC purchased a new stake in Western Digital during the 1st quarter valued at $25,000. Naples Money Management LLC purchased a new position in Western Digital in the 4th quarter worth about $26,000. Fidelis Capital Partners LLC bought a new position in Western Digital during the 1st quarter valued at about $30,000. SOA Wealth Advisors LLC. purchased a new stake in shares of Western Digital during the 1st quarter valued at about $31,000. Finally, Lindbrook Capital LLC grew its stake in shares of Western Digital by 121.7% in the fourth quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider’s stock worth $32,000 after acquiring an additional 337 shares during the period. Institutional investors own 92.51% of the company’s stock.

Western Digital Price Performance

Shares of NASDAQ:WDC traded up $0.55 during midday trading on Friday, reaching $64.05. 4,496,876 shares of the company were exchanged, compared to its average volume of 6,604,057. The stock has a market cap of $20.91 billion, a PE ratio of -12.89 and a beta of 1.37. The business’s fifty day moving average is $71.58 and its two-hundred day moving average is $68.37. Western Digital Co. has a one year low of $35.62 and a one year high of $81.55. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.51.

Insider Buying and Selling at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 416 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $71.88, for a total transaction of $29,902.08. Following the completion of the transaction, the senior vice president now owns 30,321 shares in the company, valued at approximately $2,179,473.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Robert Soderbery sold 26,853 shares of the business’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $73.48, for a total value of $1,973,158.44. Following the sale, the executive vice president now directly owns 144,623 shares in the company, valued at approximately $10,626,898.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Gene M. Zamiska sold 416 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $71.88, for a total transaction of $29,902.08. Following the sale, the senior vice president now owns 30,321 shares in the company, valued at $2,179,473.48. The disclosure for this sale can be found here. Insiders sold 39,642 shares of company stock valued at $2,714,014 in the last 90 days. Insiders own 0.28% of the company’s stock.

Analyst Upgrades and Downgrades

WDC has been the topic of several research reports. Loop Capital raised their target price on shares of Western Digital from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, June 4th. Robert W. Baird lifted their price objective on Western Digital from $65.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, April 26th. Evercore ISI reissued an “outperform” rating and issued a $85.00 target price on shares of Western Digital in a report on Thursday. Morgan Stanley raised their target price on Western Digital from $83.00 to $86.00 and gave the stock an “overweight” rating in a research report on Friday, April 26th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $115.00 price target on shares of Western Digital in a research report on Thursday, August 1st. Six equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $84.18.

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.