Penserra Capital Management LLC Purchases 5,593 Shares of Western Digital Corporation $WDC

Penserra Capital Management LLC lifted its position in Western Digital Corporation (NASDAQ:WDC) by 53.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,079 shares of the data storage provider’s stock after buying an additional 5,593 shares during the quarter. Penserra Capital Management LLC’s holdings in Western Digital were worth $1,027,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Private Wealth Management Group LLC raised its holdings in Western Digital by 102.5% in the 2nd quarter. Private Wealth Management Group LLC now owns 399 shares of the data storage provider’s stock worth $26,000 after acquiring an additional 202 shares during the period. NewSquare Capital LLC increased its stake in shares of Western Digital by 86.9% in the second quarter. NewSquare Capital LLC now owns 441 shares of the data storage provider’s stock worth $28,000 after purchasing an additional 205 shares during the period. CNB Bank acquired a new position in shares of Western Digital during the 2nd quarter worth about $37,000. SouthState Corp boosted its stake in Western Digital by 422.9% during the 2nd quarter. SouthState Corp now owns 617 shares of the data storage provider’s stock valued at $39,000 after purchasing an additional 499 shares during the period. Finally, FNY Investment Advisers LLC grew its holdings in Western Digital by 178.3% in the 2nd quarter. FNY Investment Advisers LLC now owns 668 shares of the data storage provider’s stock valued at $42,000 after buying an additional 428 shares during the last quarter. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on WDC. Sanford C. Bernstein upgraded Western Digital to a “hold” rating in a report on Tuesday, September 16th. JPMorgan Chase & Co. increased their price target on shares of Western Digital from $94.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, October 31st. Susquehanna restated a “neutral” rating and issued a $135.00 price target on shares of Western Digital in a research report on Thursday. Robert W. Baird set a $180.00 price objective on shares of Western Digital in a research report on Friday, October 31st. Finally, Barclays lifted their target price on Western Digital from $105.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $160.74.

Western Digital Stock Performance

NASDAQ WDC opened at $174.22 on Tuesday. Western Digital Corporation has a twelve month low of $28.83 and a twelve month high of $176.23. The company has a quick ratio of 0.84, a current ratio of 1.08 and a debt-to-equity ratio of 0.47. The stock has a market cap of $59.57 billion, a P/E ratio of 33.83, a PEG ratio of 1.14 and a beta of 1.81. The company’s 50-day simple moving average is $119.97 and its 200 day simple moving average is $82.38.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Monday, April 7th. The data storage provider reported $1.78 earnings per share for the quarter. Western Digital had a return on equity of 24.93% and a net margin of 14.13%.The company had revenue of $4.10 billion for the quarter. As a group, research analysts forecast that Western Digital Corporation will post 4.89 earnings per share for the current fiscal year.

Western Digital Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, December 4th will be given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 0.3%. This is a positive change from Western Digital’s previous quarterly dividend of $0.10. The ex-dividend date is Thursday, December 4th. Western Digital’s dividend payout ratio (DPR) is currently 7.28%.

Insider Buying and Selling

In other Western Digital news, insider Cynthia L. Tregillis sold 14,067 shares of Western Digital stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $74.78, for a total transaction of $1,051,930.26. Following the completion of the transaction, the insider directly owned 135,351 shares of the company’s stock, valued at approximately $10,121,547.78. This trade represents a 9.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Gene M. Zamiska sold 3,160 shares of the business’s stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $75.68, for a total transaction of $239,148.80. Following the completion of the sale, the senior vice president owned 31,560 shares in the company, valued at $2,388,460.80. This represents a 9.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 65,783 shares of company stock valued at $6,639,843. 0.18% 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.