Bridgefront Capital LLC Buys Shares of 6,815 Western Digital Co. (NASDAQ:WDC)

Bridgefront Capital LLC bought a new stake in shares of Western Digital Co. (NASDAQ:WDC – Get Rating) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 6,815 shares of the data storage provider’s stock, valued at approximately $222,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Ronald Blue Trust Inc. lifted its holdings in shares of Western Digital by 299.4% during the 3rd quarter. Ronald Blue Trust Inc. now owns 659 shares of the data storage provider’s stock valued at $30,000 after purchasing an additional 494 shares during the last quarter. Wipfli Financial Advisors LLC purchased a new stake in shares of Western Digital during the 3rd quarter valued at $28,000. Quadrant Capital Group LLC lifted its holdings in shares of Western Digital by 107.3% during the 2nd quarter. Quadrant Capital Group LLC now owns 883 shares of the data storage provider’s stock valued at $40,000 after purchasing an additional 457 shares during the last quarter. SeaCrest Wealth Management LLC purchased a new stake in shares of Western Digital during the 2nd quarter valued at $51,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Western Digital during the 1st quarter valued at $57,000. Institutional investors own 85.47% of the company’s stock.

Western Digital Stock Up 2.8 %

NASDAQ:WDC opened at $35.34 on Friday. Western Digital Co. has a 52 week low of $29.73 and a 52 week high of $63.26. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.05 and a current ratio of 1.91. The stock’s 50-day moving average price is $39.86 and its 200-day moving average price is $37.16.

Western Digital (NASDAQ:WDC – Get Rating) last posted its earnings results on Tuesday, January 31st. The data storage provider reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.34). Western Digital had a negative net margin of 0.59% and a positive return on equity of 5.78%. The business had revenue of $3.11 billion for the quarter, compared to analyst estimates of $2.97 billion. During the same quarter last year, the business earned $2.03 earnings per share. Western Digital’s revenue was down 35.7% on a year-over-year basis. Sell-side analysts predict that Western Digital Co. will post -4.13 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. The Goldman Sachs Group lowered Western Digital from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $43.00 to $31.00 in a report on Thursday, December 15th. Raymond James initiated coverage on Western Digital in a research note on Wednesday, March 1st. They issued an “outperform” rating and a $46.00 target price for the company. StockNews.com initiated coverage on Western Digital in a research note on Thursday. They issued a “sell” rating for the company. BNP Paribas upgraded Western Digital from an “underperform” rating to a “neutral” rating and set a $42.00 target price for the company in a research note on Monday, January 23rd. Finally, Mizuho upgraded Western Digital from a “neutral” rating to a “buy” rating and raised their target price for the stock from $38.00 to $50.00 in a research note on Friday, February 10th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $50.19.

Western Digital Company Profile

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Western Digital Corp. engages in the development, manufacture, marketing, and sale of data storage devices and solutions. It operates through the Flash and Hard Disk Drive segments. The Flash segment represents flash-based data storage devices. The Hard Disk Drive segment provides hard disk storage solutions.