Sierra Ocean LLC Makes New Investment in Western Digital Co. (NASDAQ:WDC)

Sierra Ocean LLC acquired a new position in shares of Western Digital Co. (NASDAQ:WDC) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 482 shares of the data storage provider’s stock, valued at approximately $29,000.

A number of other large investors have also recently bought and sold shares of the company. Sachem Head Capital Management LP boosted its stake in shares of Western Digital by 75.2% in the 3rd quarter. Sachem Head Capital Management LP now owns 2,030,000 shares of the data storage provider’s stock valued at $138,629,000 after purchasing an additional 871,500 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Western Digital by 24.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,711,428 shares of the data storage provider’s stock valued at $253,453,000 after purchasing an additional 732,344 shares in the last quarter. Holocene Advisors LP boosted its stake in shares of Western Digital by 25.7% in the 3rd quarter. Holocene Advisors LP now owns 3,192,762 shares of the data storage provider’s stock valued at $218,034,000 after purchasing an additional 651,847 shares in the last quarter. State Street Corp raised its holdings in Western Digital by 3.2% in the 3rd quarter. State Street Corp now owns 13,572,686 shares of the data storage provider’s stock valued at $926,879,000 after buying an additional 423,651 shares during the last quarter. Finally, Maple Rock Capital Partners Inc. raised its holdings in Western Digital by 13.2% in the 3rd quarter. Maple Rock Capital Partners Inc. now owns 3,287,400 shares of the data storage provider’s stock valued at $224,497,000 after buying an additional 383,390 shares during the last quarter. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Western Digital

In related news, SVP Gene M. Zamiska sold 658 shares of Western Digital stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $69.99, for a total value of $46,053.42. Following the completion of the sale, the senior vice president now owns 28,863 shares of the company’s stock, valued at approximately $2,020,121.37. This trade represents a 2.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders sold 1,347 shares of company stock valued at $93,027. 0.30% of the stock is owned by company insiders.

Western Digital Stock Performance

NASDAQ:WDC opened at $72.03 on Wednesday. The company has a fifty day moving average of $64.57 and a 200-day moving average of $65.37. The firm has a market capitalization of $25.05 billion, a P/E ratio of 17.15 and a beta of 1.44. The company has a quick ratio of 1.26, a current ratio of 1.99 and a debt-to-equity ratio of 0.60. Western Digital Co. has a twelve month low of $52.77 and a twelve month high of $81.55.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share for the quarter, missing the consensus estimate of $1.91 by ($0.36). Western Digital had a net margin of 9.95% and a return on equity of 15.68%. As a group, sell-side analysts anticipate that Western Digital Co. will post 4.89 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently issued reports on WDC. Citigroup dropped their price objective on shares of Western Digital from $82.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $95.00 price objective on shares of Western Digital in a report on Tuesday. Benchmark lowered shares of Western Digital from a “buy” rating to a “hold” rating and set a $70.00 price objective for the company. in a report on Thursday, December 19th. Morgan Stanley dropped their price objective on shares of Western Digital from $100.00 to $93.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Finally, StockNews.com started coverage on shares of Western Digital in a report on Tuesday. They issued a “hold” rating for the company. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $84.42.

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.