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Should You Consider Selling Western Digital Corporation (WDC)?

ClearBridge Investments, an investment management firm, released its fourth-quarter 2022 “ClearBridge Multi Cap Growth Strategy” investor letter.  A copy of the same can be downloaded here. In the fourth quarter, the strategy outperformed the Russell 3000 Growth Index benchmark. The Strategy gained in six of the seven sectors on an absolute basis in which it was invested. Health care, industrials, and communication services sectors were the primary contributors, while IT sector detracted from performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Multi Cap Growth Strategy highlighted stocks Western Digital Corporation (NASDAQ:WDC) in its Q4 2022 investor letter. Headquartered in San Jose, California, Western Digital Corporation (NASDAQ:WDC) manufacturers data storage devices and solutions. On February 17, 2023, Western Digital Corporation (NASDAQ:WDC) stock closed at $41.58 per share. One-month return of Western Digital Corporation (NASDAQ:WDC) was 8.11%, and its shares lost 25.12% of their value over the last 52 weeks. Western Digital Corporation (NASDAQ:WDC) has a market capitalization of $13.278 billion.

ClearBridge Multi Cap Growth Strategy made the following comment about Western Digital Corporation (NASDAQ:WDC) in its Q4 2022 investor letter:

"Beyond the sale of ImmunoGen, our transactions were relatively limited in the fourth quarter. We cut our cyclical technology exposure with a trim to hard disk drive maker Western Digital Corporation (NASDAQ:WDC), which has higher than average financial leverage for our portfolio and is facing a challenging demand environment."

Hard Disk, Hard Drive, Permanent Storage
Hard Disk, Hard Drive, Permanent Storage

Copyright: believeinme33 / 123RF Stock Photo

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Western Digital Corporation (NASDAQ:WDC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Western Digital Corporation (NASDAQ:WDC) at the end of the third quarter, which was 43 in the previous quarter.

We discussed Western Digital Corporation (NASDAQ:WDC) in another article and shared Bank of America’s top 5 stock picks for 2023. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.