Pictet Asset Management Holding SA Has $12.08 Million Stock Position in Western Digital Co. (NASDAQ:WDC)

Pictet Asset Management Holding SA raised its holdings in shares of Western Digital Co. (NASDAQ:WDC) by 10.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 202,512 shares of the data storage provider’s stock after purchasing an additional 18,892 shares during the period. Pictet Asset Management Holding SA’s holdings in Western Digital were worth $12,076,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Norges Bank acquired a new stake in shares of Western Digital during the fourth quarter worth $352,572,000. AMF Tjanstepension AB acquired a new position in shares of Western Digital during the 4th quarter worth about $94,181,000. Vanguard Group Inc. increased its stake in shares of Western Digital by 3.5% in the 4th quarter. Vanguard Group Inc. now owns 42,459,767 shares of the data storage provider’s stock valued at $2,531,876,000 after acquiring an additional 1,439,149 shares during the last quarter. Sachem Head Capital Management LP raised its position in shares of Western Digital by 75.2% in the 3rd quarter. Sachem Head Capital Management LP now owns 2,030,000 shares of the data storage provider’s stock valued at $138,629,000 after acquiring an additional 871,500 shares during the period. Finally, Parnassus Investments LLC boosted its stake in Western Digital by 24.5% during the 4th quarter. Parnassus Investments LLC now owns 2,980,047 shares of the data storage provider’s stock worth $177,700,000 after acquiring an additional 586,924 shares during the last quarter. Institutional investors own 92.51% of the company’s stock.

Western Digital Price Performance

Shares of NASDAQ WDC opened at $40.89 on Wednesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.99 and a quick ratio of 1.26. The business has a 50-day moving average of $54.67 and a 200-day moving average of $62.08. The stock has a market capitalization of $14.22 billion, a price-to-earnings ratio of 9.74 and a beta of 1.42. Western Digital Co. has a fifty-two week low of $39.10 and a fifty-two week high of $81.55.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share for the quarter, missing analysts’ consensus estimates of $1.91 by ($0.36). Western Digital had a net margin of 9.95% and a return on equity of 15.68%. As a group, sell-side analysts predict that Western Digital Co. will post 4.89 earnings per share for the current fiscal year.

Insider Activity at Western Digital

In related news, SVP Gene M. Zamiska sold 1,659 shares of Western Digital stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $41.36, for a total transaction of $68,616.24. Following the completion of the transaction, the senior vice president now owns 43,776 shares in the company, valued at approximately $1,810,575.36. This trade represents a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Citigroup increased their target price on shares of Western Digital from $60.45 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Bank of America dropped their price objective on Western Digital from $89.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. Robert W. Baird decreased their target price on Western Digital from $100.00 to $80.00 and set an “outperform” rating for the company in a research note on Thursday, January 30th. The Goldman Sachs Group raised their price target on Western Digital from $70.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, January 31st. Finally, Wedbush reiterated an “outperform” rating and issued a $95.00 price objective on shares of Western Digital in a research report on Monday, February 10th. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $80.21.

About Western Digital

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.