Summit Trail Advisors LLC Sells 469 Shares of Western Digital Co. (NASDAQ:WDC)

Summit Trail Advisors LLC trimmed its stake in Western Digital Co. (NASDAQ:WDC) by 2.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,626 shares of the data storage provider’s stock after selling 469 shares during the period. Summit Trail Advisors LLC’s holdings in Western Digital were worth $1,340,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Eastern Bank purchased a new stake in shares of Western Digital in the third quarter worth approximately $27,000. Fairfield Financial Advisors LTD purchased a new stake in shares of Western Digital in the second quarter worth approximately $29,000. OFI Invest Asset Management purchased a new stake in shares of Western Digital in the second quarter worth approximately $34,000. 1620 Investment Advisors Inc. purchased a new position in Western Digital during the 2nd quarter worth $34,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in Western Digital during the 2nd quarter worth $34,000. 92.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

WDC has been the topic of several research reports. TD Cowen reduced their price objective on Western Digital from $95.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Susquehanna raised their price objective on Western Digital from $75.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. UBS Group reduced their price objective on Western Digital from $74.00 to $72.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Benchmark restated a “buy” rating and set a $92.00 price objective on shares of Western Digital in a report on Friday, October 25th. Finally, Wedbush reiterated an “outperform” rating and issued a $95.00 price target on shares of Western Digital 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, Western Digital currently has a consensus rating of “Moderate Buy” and an average target price of $87.71.

Western Digital Trading Up 0.8 %

WDC opened at $66.43 on Monday. The stock has a market capitalization of $22.97 billion, a PE ratio of 39.08 and a beta of 1.40. The business’s 50 day moving average price is $66.48 and its 200 day moving average price is $69.08. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.91 and a current ratio of 1.47. Western Digital Co. has a one year low of $46.05 and a one year high of $81.55.

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

Insider Activity at Western Digital

In related news, SVP Gene M. Zamiska sold 1,993 shares of Western Digital stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $69.94, for a total transaction of $139,390.42. Following the completion of the transaction, the senior vice president now directly owns 30,608 shares in the company, valued at $2,140,723.52. The trade was a 6.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO David Goeckeler sold 75,000 shares of Western Digital stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $72.58, for a total value of $5,443,500.00. Following the transaction, the chief executive officer now owns 821,630 shares of the company’s stock, valued at $59,633,905.40. This represents a 8.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 188,520 shares of company stock worth $13,306,224 over the last 90 days. Company insiders own 0.30% of the company’s stock.

Western Digital Company 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.