Chapin Davis Inc. Makes New $3.44 Million Investment in Western Digital Co. (NASDAQ:WDC)

Chapin Davis Inc. bought a new stake in Western Digital Co. (NASDAQ:WDC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 45,409 shares of the data storage provider’s stock, valued at approximately $3,441,000. Western Digital comprises approximately 1.2% of Chapin Davis Inc.’s portfolio, making the stock its 18th biggest position.

A number of other institutional investors have also recently made changes to their positions in WDC. Louisiana State Employees Retirement System bought a new position in Western Digital in the fourth quarter worth about $1,026,000. Sfmg LLC bought a new stake in shares of Western Digital during the fourth quarter worth $213,000. Daiwa Securities Group Inc. lifted its stake in Western Digital by 6.6% in the fourth quarter. Daiwa Securities Group Inc. now owns 35,765 shares of the data storage provider’s stock worth $1,873,000 after acquiring an additional 2,213 shares during the period. Federated Hermes Inc. lifted its position in Western Digital by 348.0% during the fourth quarter. Federated Hermes Inc. now owns 4,623 shares of the data storage provider’s stock valued at $242,000 after acquiring an additional 3,591 shares during the last quarter. Finally, John G Ullman & Associates Inc. increased its position in shares of Western Digital by 30.3% in the 4th quarter. John G Ullman & Associates Inc. now owns 103,750 shares of the data storage provider’s stock valued at $5,433,000 after acquiring an additional 24,100 shares during the period. Hedge funds and other institutional investors own 92.51% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on WDC shares. Barclays boosted their price target on shares of Western Digital from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Monday, April 22nd. Mizuho raised their target price on shares of Western Digital from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Robert W. Baird upped their price target on shares of Western Digital from $65.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, April 26th. Argus raised their price target on Western Digital from $68.00 to $88.00 and gave the stock a “buy” rating in a research note on Monday, April 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $100.00 target price on shares of Western Digital in a research note on Thursday, August 1st. Six investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Western Digital presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.18.

Insider Activity

In other news, EVP Robert Soderbery sold 12,154 shares of Western Digital stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $57.09, for a total transaction of $693,871.86. Following the completion of the sale, the executive vice president now directly owns 128,413 shares in the company, valued at approximately $7,331,098.17. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, SVP Gene M. Zamiska sold 416 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $71.88, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Robert Soderbery sold 12,154 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $57.09, for a total value of $693,871.86. Following the completion of the transaction, the executive vice president now owns 128,413 shares of the company’s stock, valued at $7,331,098.17. The disclosure for this sale can be found here. Insiders have sold a total of 39,642 shares of company stock worth $2,714,014 in the last ninety days. Corporate insiders own 0.28% of the company’s stock.

Western Digital Price Performance

Shares of NASDAQ WDC traded up $0.55 during mid-day trading on Friday, reaching $64.05. The company had a trading volume of 4,496,876 shares, compared to its average volume of 6,604,057. The company has a 50-day moving average price of $71.58 and a two-hundred day moving average price of $68.44. The stock has a market cap of $20.91 billion, a PE ratio of -12.89 and a beta of 1.37. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.51. Western Digital Co. has a 1-year low of $35.62 and a 1-year high of $81.55.

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.