Top Hedge Funds are Selling These 5 Stocks

2. Western Digital Corporation (NASDAQ:WDC)

Number of Hedge Fund Holders in Q3: 41  

Number of Hedge Fund Holders in Q2: 57 

Western Digital Corporation (NASDAQ:WDC) makes and sells storage devices. In earnings results for the first fiscal quarter, posted in late October, the company beat market estimates on earnings per share and revenue but lowered guidance numbers for the second quarter. 

Mizuho analyst Vijay Rakesh recently upgraded Western Digital Corporation (NASDAQ:WDC) stock to Buy from Neutral with a price target of $75, noting that the demand for products of the company was improving across the PC industry. 

At the end of the third quarter of 2021, 41 hedge funds in the database of Insider Monkey held stakes worth $1.1 billion in Western Digital Corporation (NASDAQ:WDC), down from 57 in the preceding quarter worth $2.1 billion. 

ClearBridge Investments, in its Q1 2021 investor letter, mentioned Western Digital Corporation (NASDAQ:WDC). Here is what the fund has to say in its letter: 

“Our high active share approach made the most difference in IT, where the portfolio’s holdings gained 4.5% compared to a loss for the benchmark. Results were led by our more cyclical positions in digital storage provider Western Digital.”