CIBC Asset Management Inc Buys 3,615 Shares of Western Digital Co. (NASDAQ:WDC)

CIBC Asset Management Inc lifted its stake in Western Digital Co. (NASDAQ:WDC) by 8.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 47,533 shares of the data storage provider’s stock after acquiring an additional 3,615 shares during the period. CIBC Asset Management Inc’s holdings in Western Digital were worth $3,246,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in WDC. Allspring Global Investments Holdings LLC lifted its holdings in shares of Western Digital by 1.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 15,962 shares of the data storage provider’s stock valued at $1,209,000 after purchasing an additional 203 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in Western Digital by 15.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,527 shares of the data storage provider’s stock worth $116,000 after acquiring an additional 206 shares in the last quarter. Mather Group LLC. grew its stake in shares of Western Digital by 10.7% during the second quarter. Mather Group LLC. now owns 2,203 shares of the data storage provider’s stock worth $167,000 after acquiring an additional 213 shares during the last quarter. Hanseatic Management Services Inc. increased its holdings in shares of Western Digital by 2.3% during the second quarter. Hanseatic Management Services Inc. now owns 10,344 shares of the data storage provider’s stock valued at $784,000 after acquiring an additional 236 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in Western Digital by 6.0% in the 3rd quarter. Van ECK Associates Corp now owns 4,696 shares of the data storage provider’s stock worth $313,000 after purchasing an additional 267 shares in the last quarter. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Cantor Fitzgerald boosted their price objective on shares of Western Digital from $80.00 to $95.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Susquehanna raised their price objective on Western Digital from $75.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Wedbush reiterated an “outperform” rating and issued a $95.00 target price on shares of Western Digital in a research report on Friday, October 25th. Benchmark reissued a “buy” rating and set a $92.00 price target on shares of Western Digital in a research report on Friday, October 25th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $115.00 price objective on shares of Western Digital in a report on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating and sixteen 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 target price of $87.71.

Western Digital Price Performance

NASDAQ:WDC opened at $64.58 on Tuesday. The stock has a 50 day moving average of $66.34 and a two-hundred day moving average of $69.26. Western Digital Co. has a 12 month low of $46.05 and a 12 month high of $81.55. The firm has a market cap of $22.33 billion, a P/E ratio of 37.99 and a beta of 1.40. The company has a current ratio of 1.47, a quick ratio of 0.91 and a debt-to-equity ratio of 0.49.

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

Insider Activity

In other news, EVP Robert Soderbery sold 30,767 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $68.01, for a total transaction of $2,092,463.67. Following the transaction, the executive vice president now owns 135,398 shares of the company’s stock, valued at approximately $9,208,417.98. The trade was a 18.52 % 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 417 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $64.89, for a total transaction of $27,059.13. Following the sale, the senior vice president now owns 28,870 shares of the company’s stock, valued at approximately $1,873,374.30. The trade was a 1.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 188,561 shares of company stock worth $13,309,042 over the last three months. 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.