Sumitomo Life Insurance Co. Has $293,000 Stock Holdings in Western Digital Co. (NASDAQ:WDC)

Sumitomo Life Insurance Co. decreased its stake in shares of Western Digital Co. (NASDAQ:WDC) by 3.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 4,909 shares of the data storage provider’s stock after selling 195 shares during the period. Sumitomo Life Insurance Co.’s holdings in Western Digital were worth $293,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in WDC. Eastern Bank acquired a new stake in shares of Western Digital during the 3rd quarter worth approximately $27,000. Versant Capital Management Inc boosted its stake in Western Digital by 278.9% in the fourth quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock valued at $25,000 after acquiring an additional 304 shares during the last quarter. True Wealth Design LLC grew its holdings in Western Digital by 2,184.2% during the 3rd quarter. True Wealth Design LLC now owns 434 shares of the data storage provider’s stock worth $30,000 after acquiring an additional 415 shares during the period. Capital Performance Advisors LLP bought a new stake in shares of Western Digital during the 3rd quarter valued at $41,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in shares of Western Digital in the 3rd quarter valued at $42,000. Institutional investors own 92.51% of the company’s stock.

Western Digital Stock Up 4.7 %

Shares of WDC stock opened at $65.78 on Friday. The firm’s fifty day moving average price is $65.70 and its two-hundred day moving average price is $65.62. Western Digital Co. has a 1 year low of $52.77 and a 1 year high of $81.55. The company has a current ratio of 1.47, a quick ratio of 0.91 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $22.74 billion, a P/E ratio of 38.69 and a beta of 1.43.

Western Digital (NASDAQ:WDC) last released its earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.91 by ($0.36). Western Digital had a return on equity of 8.57% and a net margin of 4.81%. On average, equities analysts predict that Western Digital Co. will post 5.54 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on WDC. Morgan Stanley dropped their price objective on Western Digital from $100.00 to $93.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Citigroup cut their price target on shares of Western Digital from $82.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday. Benchmark cut 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. Rosenblatt Securities cut their target price on shares of Western Digital from $115.00 to $95.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, BNP Paribas decreased their price target on shares of Western Digital from $95.00 to $90.00 in a report on Thursday, October 24th. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $83.68.

Insider Activity

In other news, SVP Gene M. Zamiska sold 658 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $69.99, for a total value of $46,053.42. Following the sale, the senior vice president now directly owns 28,863 shares of the company’s stock, valued at approximately $2,020,121.37. This represents a 2.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 insiders.

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.