Western Digital Co. (NASDAQ:WDC) Sees Significant Decrease in Short Interest

Western Digital Co. (NASDAQ:WDCGet Free Report) was the target of a significant decrease in short interest in March. As of March 15th, there was short interest totalling 15,580,000 shares, a decrease of 16.9% from the February 29th total of 18,740,000 shares. Based on an average daily volume of 6,580,000 shares, the days-to-cover ratio is presently 2.4 days.

Western Digital Trading Up 0.9 %

NASDAQ:WDC opened at $68.24 on Friday. Western Digital has a 1-year low of $31.97 and a 1-year high of $69.28. The business’s 50-day moving average price is $59.83 and its two-hundred day moving average price is $51.42. The company has a current ratio of 1.67, a quick ratio of 0.98 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $22.24 billion, a price-to-earnings ratio of -9.57 and a beta of 1.55.

Western Digital (NASDAQ:WDCGet Free Report) last released its earnings results on Monday, January 29th. The data storage provider reported ($0.69) earnings per share for the quarter, beating the consensus estimate of ($1.30) by $0.61. Western Digital had a negative return on equity of 19.45% and a negative net margin of 19.90%. The firm had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3 billion. During the same quarter in the prior year, the firm posted ($0.69) earnings per share. The company’s quarterly revenue was down 2.4% on a year-over-year basis. On average, equities analysts expect that Western Digital will post -2.31 earnings per share for the current year.

Institutional Investors Weigh In On Western Digital

Several large investors have recently modified their holdings of the business. ST Germain D J Co. Inc. bought a new position in shares of Western Digital during the second quarter worth about $26,000. Naples Money Management LLC bought a new position in Western Digital in the fourth quarter valued at approximately $26,000. Janiczek Wealth Management LLC bought a new position in Western Digital in the third quarter valued at approximately $28,000. CIBC Private Wealth Group LLC bought a new position in Western Digital in the fourth quarter valued at approximately $30,000. Finally, Lindbrook Capital LLC grew its stake in Western Digital by 121.7% in the fourth quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider’s stock valued at $32,000 after purchasing an additional 337 shares in the last quarter. 92.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

WDC has been the subject of a number of research reports. TD Cowen lifted their target price on shares of Western Digital from $50.00 to $75.00 and gave the company an “outperform” rating in a research note on Friday, January 26th. The Goldman Sachs Group upped their target price on Western Digital from $48.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday, January 29th. StockNews.com lowered Western Digital from a “hold” rating to a “sell” rating in a report on Tuesday, February 20th. Barclays increased their price objective on Western Digital from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday, January 26th. Finally, Morgan Stanley raised their price objective on shares of Western Digital from $52.00 to $73.00 and gave the company an “overweight” rating in a research report on Monday, January 22nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $63.00.

Check Out Our Latest Stock Analysis on Western Digital

Western Digital Company Profile

(Get Free Report)

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.

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