Melqart Asset Management UK Ltd Sells 88,696 Shares of Western Digital Co. (NASDAQ:WDC)

Melqart Asset Management UK Ltd cut its holdings in Western Digital Co. (NASDAQ:WDC) by 32.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 182,054 shares of the data storage provider’s stock after selling 88,696 shares during the quarter. Western Digital makes up about 1.1% of Melqart Asset Management UK Ltd’s holdings, making the stock its 26th biggest holding. Melqart Asset Management UK Ltd owned 0.05% of Western Digital worth $12,432,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. AGF Management Ltd. lifted its holdings in shares of Western Digital by 28,925.8% during the second quarter. AGF Management Ltd. now owns 2,202,190 shares of the data storage provider’s stock valued at $166,860,000 after purchasing an additional 2,194,603 shares during the last quarter. 1832 Asset Management L.P. raised its stake in Western Digital by 247.0% during the second quarter. 1832 Asset Management L.P. now owns 1,446,509 shares of the data storage provider’s stock valued at $109,602,000 after buying an additional 1,029,658 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Western Digital by 39.6% in the second quarter. Bank of New York Mellon Corp now owns 2,861,229 shares of the data storage provider’s stock worth $216,795,000 after acquiring an additional 810,977 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Western Digital by 24.6% in the third 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 worth $253,453,000 after acquiring an additional 732,344 shares during the last quarter. Finally, Holocene Advisors LP increased its holdings in shares of Western Digital by 25.7% during the third quarter. Holocene Advisors LP now owns 3,192,762 shares of the data storage provider’s stock valued at $218,034,000 after acquiring an additional 651,847 shares in the last quarter. 92.51% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Western Digital

In related news, CEO David Goeckeler sold 75,000 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $72.58, for a total value of $5,443,500.00. Following the sale, the chief executive officer now owns 821,630 shares in the company, valued at approximately $59,633,905.40. The trade was a 8.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Robert Soderbery sold 30,767 shares of the stock in a transaction on 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 $9,208,417.98. This trade represents a 18.52 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 184,107 shares of company stock valued at $13,042,381. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on WDC shares. Citigroup cut their price objective on shares of Western Digital from $87.00 to $85.00 and set a “buy” rating on the stock in a research report on Tuesday. Morgan Stanley raised their price target on shares of Western Digital from $94.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. TD Cowen lowered their price objective on Western Digital from $95.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. UBS Group reduced their target price on Western Digital from $74.00 to $72.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $115.00 price target on shares of Western Digital in a report on Friday, October 25th. Six analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $87.71.

Western Digital Price Performance

Shares of Western Digital stock opened at $71.69 on Wednesday. The stock has a market cap of $24.78 billion, a P/E ratio of 42.17 and a beta of 1.42. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.91 and a current ratio of 1.47. The stock’s fifty day moving average is $67.25 and its 200 day moving average is $69.04. Western Digital Co. has a one year low of $46.47 and a one year high of $81.55.

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

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.