Zweig DiMenna Associates LLC Has $8.71 Million Position in Western Digital Co. (NASDAQ:WDC)

Zweig DiMenna Associates LLC decreased its position in shares of Western Digital Co. (NASDAQ:WDC) by 11.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 127,509 shares of the data storage provider’s stock after selling 16,755 shares during the quarter. Zweig DiMenna Associates LLC’s holdings in Western Digital were worth $8,708,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of WDC. Los Angeles Capital Management LLC bought a new position in Western Digital in the first quarter valued at about $273,000. Park Avenue Securities LLC bought a new position in shares of Western Digital in the 1st quarter valued at about $437,000. Sunbelt Securities Inc. acquired a new stake in shares of Western Digital during the 1st quarter worth approximately $36,000. Harbour Capital Advisors LLC acquired a new stake in shares of Western Digital during the 1st quarter worth approximately $299,000. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Western Digital by 8.6% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 822,281 shares of the data storage provider’s stock worth $56,112,000 after buying an additional 64,980 shares during the last quarter. 92.51% of the stock is currently owned by institutional investors.

Western Digital Stock Performance

Shares of Western Digital stock opened at $66.32 on Friday. Western Digital Co. has a one year low of $35.62 and a one year high of $81.55. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.32 and a quick ratio of 0.78. The stock’s 50-day moving average is $65.31 and its 200-day moving average is $69.73. The firm has a market cap of $22.92 billion, a price-to-earnings ratio of -36.44 and a beta of 1.39.

Western Digital (NASDAQ:WDC) last released its earnings results on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.17. Western Digital had a negative return on equity of 2.63% and a negative net margin of 3.75%. The business had revenue of $3.76 billion for the quarter, compared to analyst estimates of $3.77 billion. Equities analysts predict that Western Digital Co. will post 7.75 earnings per share for the current fiscal year.

Insider Transactions at Western Digital

In other news, SVP Gene M. Zamiska sold 417 shares of Western Digital stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $64.89, for a total transaction of $27,059.13. Following the completion of the transaction, the senior vice president now directly owns 28,870 shares in the company, valued at approximately $1,873,374.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, SVP Gene M. Zamiska sold 2,169 shares of Western Digital stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $61.96, for a total transaction of $134,391.24. Following the completion of the sale, the senior vice president now directly owns 32,601 shares of the company’s stock, valued at approximately $2,019,957.96. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Gene M. Zamiska sold 417 shares of the company’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 completion of the transaction, the senior vice president now directly owns 28,870 shares in the company, valued at approximately $1,873,374.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 92,955 shares of company stock worth $6,327,560 in the last ninety days. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on WDC shares. UBS Group lowered their target price on shares of Western Digital from $74.00 to $72.00 and set a “neutral” rating for the company in a report on Thursday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 price objective on shares of Western Digital in a research note on Tuesday, September 10th. TD Cowen dropped their price objective on Western Digital from $95.00 to $80.00 and set a “buy” rating for the company in a report on Friday, September 13th. Citigroup reduced their target price on Western Digital from $95.00 to $85.00 and set a “buy” rating on the stock in a report on Thursday. Finally, BNP Paribas lowered their price target on Western Digital from $95.00 to $90.00 in a research note on Thursday. Six equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, Western Digital presently has an average rating of “Moderate Buy” and an average price target of $83.95.

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.