Entropy Technologies LP Has $4.46 Million Stock Holdings in Western Digital Co. (NASDAQ:WDC)

Entropy Technologies LP lifted its stake in Western Digital Co. (NASDAQ:WDC) by 620.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 65,384 shares of the data storage provider’s stock after acquiring an additional 56,309 shares during the quarter. Entropy Technologies LP’s holdings in Western Digital were worth $4,462,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of WDC. Kodai Capital Management LP acquired a new position in Western Digital during the fourth quarter worth $212,900,000. Norges Bank acquired a new position in Western Digital during the fourth quarter worth $150,958,000. Westfield Capital Management Co. LP bought a new position in shares of Western Digital in the fourth quarter worth about $48,466,000. Mizuho Markets Americas LLC bought a new position in shares of Western Digital in the fourth quarter worth about $37,260,000. Finally, Troluce Capital Advisors LLC bought a new position in shares of Western Digital in the fourth quarter worth about $20,450,000. 92.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

WDC has been the topic of a number of recent analyst reports. Bank of America lifted their price objective on Western Digital from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. The Goldman Sachs Group lifted their price objective on Western Digital from $58.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, April 12th. Citigroup lifted their price objective on Western Digital from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $100.00 price objective on shares of Western Digital in a research note on Tuesday, June 11th. Finally, Evercore ISI boosted their price target on Western Digital from $85.00 to $90.00 and gave the company an “outperform” rating in a research note on Tuesday. Six equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat, Western Digital presently has an average rating of “Moderate Buy” and a consensus target price of $82.52.

Insider Buying and Selling

In related news, SVP Gene M. Zamiska sold 416 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 30,321 shares in the company, valued at approximately $2,179,473.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Gene M. Zamiska sold 416 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 30,321 shares in the company, valued at approximately $2,179,473.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert Soderbery sold 26,853 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $73.48, for a total transaction of $1,973,158.44. Following the completion of the transaction, the executive vice president now owns 144,623 shares of the company’s stock, valued at approximately $10,626,898.04. The disclosure for this sale can be found here. Insiders sold 27,488 shares of company stock worth $2,020,143 in the last quarter. Insiders own 0.28% of the company’s stock.

Western Digital Price Performance

Shares of WDC traded down $5.27 on Wednesday, hitting $71.79. The company’s stock had a trading volume of 9,747,265 shares, compared to its average volume of 6,330,221. The company has a market capitalization of $23.44 billion, a PE ratio of -14.44 and a beta of 1.37. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.86 and a quick ratio of 1.07. Western Digital Co. has a fifty-two week low of $35.62 and a fifty-two week high of $81.55. The company has a 50 day moving average price of $76.13 and a 200 day moving average price of $66.75.

Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, April 25th. The data storage provider reported $0.63 EPS for the quarter, topping the consensus estimate of $0.21 by $0.42. The business had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.37 billion. Western Digital had a negative return on equity of 13.75% and a negative net margin of 12.87%. Western Digital’s revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.57) EPS. On average, research analysts anticipate that Western Digital Co. will post -1.45 earnings per share for the current fiscal year.

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.