Truvestments Capital LLC Makes New Investment in Western Digital Co. (NASDAQ:WDC)

Truvestments Capital LLC acquired a new stake in shares of Western Digital Co. (NASDAQ:WDC) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,222 shares of the data storage provider’s stock, valued at approximately $152,000.

Several other hedge funds have also recently made changes to their positions in WDC. Aigen Investment Management LP raised its position in Western Digital by 124.2% during the 3rd quarter. Aigen Investment Management LP now owns 21,412 shares of the data storage provider’s stock worth $1,462,000 after buying an additional 11,860 shares during the last quarter. KBC Group NV raised its holdings in shares of Western Digital by 11.2% during the third quarter. KBC Group NV now owns 277,010 shares of the data storage provider’s stock worth $18,917,000 after purchasing an additional 27,849 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Western Digital by 137.9% during the third quarter. Janney Montgomery Scott LLC now owns 43,575 shares of the data storage provider’s stock worth $2,976,000 after purchasing an additional 25,262 shares during the last quarter. Ghisallo Capital Management LLC acquired a new position in Western Digital during the second quarter valued at $13,260,000. Finally, Swedbank AB boosted its holdings in Western Digital by 19.7% in the third quarter. Swedbank AB now owns 291,777 shares of the data storage provider’s stock valued at $19,925,000 after purchasing an additional 47,965 shares during the last quarter. 92.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Western Digital

In other news, CEO David Goeckeler sold 75,000 shares of the business’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $70.32, for a total transaction of $5,274,000.00. Following the transaction, the chief executive officer now owns 896,630 shares of the company’s stock, valued at approximately $63,051,021.60. The trade was a 7.72 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Gene M. Zamiska sold 658 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $69.99, for a total transaction of $46,053.42. Following the completion of the sale, the senior vice president now directly owns 28,863 shares of the company’s stock, valued at $2,020,121.37. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 186,278 shares of company stock valued at $13,173,985. Corporate insiders own 0.30% of the company’s stock.

Western Digital Stock Performance

Shares of NASDAQ:WDC opened at $73.02 on Wednesday. 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 $46.28 and a 1 year high of $81.55. The firm has a market capitalization of $25.24 billion, a PE ratio of 42.95 and a beta of 1.40. The business’s 50 day moving average price is $66.58 and its 200-day moving average price is $69.06.

Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, October 24th. The data storage provider reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.23. The company had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.12 billion. Western Digital had a net margin of 4.81% and a return on equity of 8.57%. The firm’s quarterly revenue was up 48.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.97) EPS. As a group, equities research analysts expect that Western Digital Co. will post 6.56 earnings per share for the current fiscal year.

Analyst Ratings Changes

WDC has been the subject of a number of recent research reports. TD Cowen reduced their price objective on Western Digital from $95.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Wedbush reiterated an “outperform” rating and set a $95.00 price target on shares of Western Digital in a research report on Friday, October 25th. Summit Insights lowered Western Digital from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. BNP Paribas cut their target price on shares of Western Digital from $95.00 to $90.00 in a report on Thursday, October 24th. Finally, Morgan Stanley increased their price target on shares of Western Digital from $94.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Western Digital has a consensus rating of “Moderate Buy” and an average target price of $87.71.

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.