Western Digital (NASDAQ:WDC) Reaches New 12-Month High at $47.19

Shares of Western Digital Co. (NASDAQ:WDC) reached a new 52-week high during trading on Monday . The stock traded as high as $47.19 and last traded at $47.18, with a volume of 755909 shares changing hands. The stock had previously closed at $46.62.

Analyst Upgrades and Downgrades

Several analysts have issued reports on WDC shares. Morgan Stanley restated an “overweight” rating and set a $52.00 price target on shares of Western Digital in a research report on Tuesday, August 1st. Summit Insights raised Western Digital from a “hold” rating to a “buy” rating in a research note on Monday, October 30th. Wedbush reaffirmed an “outperform” rating and issued a $60.00 target price on shares of Western Digital in a research note on Thursday, October 26th. Rosenblatt Securities increased their price target on shares of Western Digital from $38.00 to $42.00 and gave the company a “neutral” rating in a research report on Tuesday, October 31st. Finally, Raymond James boosted their price objective on shares of Western Digital from $46.00 to $48.00 and gave the company an “outperform” rating in a research report on Tuesday, October 31st. Two analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $48.07.

Western Digital Price Performance

The stock has a market capitalization of $15.10 billion, a P/E ratio of -6.09 and a beta of 1.59. The business’s 50 day moving average price is $44.03 and its 200 day moving average price is $41.16. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.31 and a quick ratio of 0.70.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Monday, October 30th. The data storage provider reported ($1.76) earnings per share for the quarter, beating the consensus estimate of ($1.91) by $0.15. Western Digital had a negative return on equity of 18.01% and a negative net margin of 21.34%. The firm had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.66 billion. During the same period in the prior year, the firm earned ($0.02) EPS. The company’s revenue was down 26.4% compared to the same quarter last year. Sell-side analysts forecast that Western Digital Co. will post -4.34 EPS for the current year.

Insider Transactions at Western Digital

In related news, SVP Gene M. Zamiska sold 2,169 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $45.42, for a total value of $98,515.98. Following the transaction, the senior vice president now directly owns 43,011 shares of the company’s stock, valued at approximately $1,953,559.62. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Robert Soderbery sold 20,000 shares of the business’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $42.49, for a total value of $849,800.00. Following the transaction, the executive vice president now directly owns 221,158 shares in the company, valued at $9,397,003.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Gene M. Zamiska sold 2,169 shares of the stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $45.42, for a total value of $98,515.98. Following the sale, the senior vice president now owns 43,011 shares of the company’s stock, valued at approximately $1,953,559.62. The disclosure for this sale can be found here. Corporate insiders own 0.28% of the company’s stock.

Institutional Trading of Western Digital

Several hedge funds have recently bought and sold shares of WDC. Psagot Value Holdings Ltd. Israel bought a new stake in Western Digital in the first quarter worth $26,000. ST Germain D J Co. Inc. purchased a new position in shares of Western Digital in the 2nd quarter worth $26,000. Janiczek Wealth Management LLC bought a new stake in shares of Western Digital in the 3rd quarter worth about $28,000. Parkside Financial Bank & Trust raised its position in shares of Western Digital by 79.1% during the 3rd quarter. Parkside Financial Bank & Trust now owns 747 shares of the data storage provider’s stock valued at $34,000 after buying an additional 330 shares in the last quarter. Finally, Global Retirement Partners LLC lifted its holdings in shares of Western Digital by 66.7% in the 1st quarter. Global Retirement Partners LLC now owns 1,072 shares of the data storage provider’s stock valued at $35,000 after acquiring an additional 429 shares during the last quarter. Hedge funds and other institutional investors own 83.38% of the company’s stock.

Western Digital Company 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.