Kentucky Retirement Systems Insurance Trust Fund Sells 851 Shares of Western Digital Co. (NASDAQ:WDC)

Kentucky Retirement Systems Insurance Trust Fund lowered its stake in Western Digital Co. (NASDAQ:WDC) by 7.4% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 10,700 shares of the data storage provider’s stock after selling 851 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Western Digital were worth $730,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of WDC. Rise Advisors LLC bought a new position in Western Digital in the first quarter valued at approximately $25,000. Naples Money Management LLC bought a new position in Western Digital in the fourth quarter valued at approximately $26,000. Fidelis Capital Partners LLC bought a new position in Western Digital in the first quarter valued at approximately $30,000. SOA Wealth Advisors LLC. bought a new position in Western Digital in the first quarter valued at approximately $31,000. Finally, Lindbrook Capital LLC lifted its stake in Western Digital by 121.7% in the fourth quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider’s stock valued at $32,000 after buying an additional 337 shares in the last quarter. Institutional investors own 92.51% of the company’s stock.

Western Digital Stock Performance

Shares of NASDAQ:WDC traded up $1.77 on Friday, hitting $68.26. The company had a trading volume of 4,473,066 shares, compared to its average volume of 5,035,107. Western Digital Co. has a 1-year low of $35.62 and a 1-year high of $81.55. The stock has a market cap of $22.29 billion, a price-to-earnings ratio of -13.73 and a beta of 1.37. The stock has a 50 day moving average price of $75.79 and a 200 day moving average price of $67.85. The company has a current ratio of 1.86, a quick ratio of 1.07 and a debt-to-equity ratio of 0.72.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Thursday, April 25th. The data storage provider reported $0.63 EPS for the quarter, beating the consensus estimate of $0.21 by $0.42. Western Digital had a negative net margin of 12.87% and a negative return on equity of 13.75%. The firm had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.37 billion. During the same period in the previous year, the company earned ($1.57) earnings per share. The company’s quarterly revenue was up 23.3% on a year-over-year basis. Analysts expect that Western Digital Co. will post -1.33 EPS for the current year.

Insider Buying and Selling at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 416 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $71.88, for a total value of $29,902.08. Following the transaction, the senior vice president now directly owns 30,321 shares in the company, valued at $2,179,473.48. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Robert Soderbery sold 26,853 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $73.48, for a total value of $1,973,158.44. Following the transaction, the executive vice president now directly owns 144,623 shares in the company, valued at $10,626,898.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Gene M. Zamiska sold 416 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $71.88, for a total transaction of $29,902.08. Following the completion of the transaction, the senior vice president now owns 30,321 shares in the company, valued at $2,179,473.48. The disclosure for this sale can be found here. Insiders have sold a total of 27,488 shares of company stock worth $2,020,143 over the last ninety days. Insiders own 0.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on WDC shares. Robert W. Baird lifted their price target on shares of Western Digital from $65.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, April 26th. Cantor Fitzgerald reissued an “overweight” rating and issued a $100.00 price objective on shares of Western Digital in a research report on Tuesday, June 11th. Evercore ISI boosted their price objective on shares of Western Digital from $85.00 to $90.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 16th. Argus boosted their price objective on shares of Western Digital from $68.00 to $88.00 and gave the stock a “buy” rating in a research report on Monday, April 29th. Finally, Susquehanna boosted their price objective on shares of Western Digital from $80.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 11th. Six equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.96.

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.