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

by · The Markets Daily

Cadent Capital Advisors LLC acquired a new position in shares of Western Digital Co. (NASDAQ:WDC – Free Report) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 8,286 shares of the data storage provider’s stock, valued at approximately $566,000.

A number of other hedge funds have also made changes to their positions in the business. Rise Advisors LLC acquired a new stake in shares of Western Digital during the first quarter worth about $25,000. Fairfield Financial Advisors LTD acquired a new stake in shares of Western Digital in the second quarter valued at approximately $29,000. Fidelis Capital Partners LLC acquired a new stake in shares of Western Digital in the first quarter valued at approximately $30,000. 1620 Investment Advisors Inc. acquired a new position in shares of Western Digital in the 2nd quarter valued at $34,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in Western Digital in the 2nd quarter valued at $34,000. Hedge funds and other institutional investors own 92.51% of the company’s stock.

Insider Activity at Western Digital

In related 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 value of $5,274,000.00. Following the completion of 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 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Western Digital news, CEO David Goeckeler sold 75,000 shares of the business’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $70.32, for a total value of $5,274,000.00. Following the completion of the transaction, the chief executive officer now directly owns 896,630 shares in the company, valued at approximately $63,051,021.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Gene M. Zamiska sold 2,169 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $61.96, for a total value of $134,391.24. Following the sale, the senior vice president now owns 32,601 shares in the company, valued at $2,019,957.96. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 92,955 shares of company stock valued at $6,327,560 over the last quarter. Insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on WDC. Benchmark restated a “buy” rating and issued a $92.00 price objective on shares of Western Digital in a research note on Thursday, September 26th. StockNews.com raised Western Digital from a “sell” rating to a “hold” rating in a research report on Saturday, July 6th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $80.00 target price on shares of Western Digital in a research note on Tuesday, September 10th. Susquehanna cut their price target on Western Digital from $88.00 to $75.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $115.00 price objective 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 seventeen have issued a buy rating to the company. According to MarketBeat.com, Western Digital has a consensus rating of “Moderate Buy” and an average target price of $84.24.

View Our Latest Analysis on Western Digital

Western Digital Price Performance

Shares of NASDAQ WDC opened at $67.03 on Friday. 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 company’s 50-day moving average price is $64.89 and its 200 day moving average price is $69.85. Western Digital Co. has a 52 week low of $35.62 and a 52 week high of $81.55.

Western Digital (NASDAQ:WDC – Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.17. Western Digital had a negative net margin of 3.75% and a negative return on equity of 2.63%. The business had revenue of $3.76 billion during the quarter, compared to analysts’ expectations of $3.77 billion. As a group, sell-side analysts expect that Western Digital Co. will post 7.75 EPS for the current fiscal year.

About Western Digital

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding WDC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Western Digital Co. (NASDAQ:WDC – Free Report).