Optimum Investment Advisors boosted its position in Western Digital Corp (NASDAQ:WDC) by 138.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,400 shares of the data storage provider’s stock after purchasing an additional 4,300 shares during the quarter. Optimum Investment Advisors’ holdings in Western Digital were worth $441,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Private Ocean LLC bought a new stake in shares of Western Digital during the 2nd quarter valued at about $25,000. Huntington National Bank increased its position in shares of Western Digital by 9,483.3% during the second quarter. Huntington National Bank now owns 575 shares of the data storage provider’s stock valued at $27,000 after acquiring an additional 569 shares during the last quarter. TCI Wealth Advisors Inc. grew its holdings in Western Digital by 62.1% during the third quarter. TCI Wealth Advisors Inc. now owns 488 shares of the data storage provider’s stock valued at $29,000 after purchasing an additional 187 shares during the period. Steward Partners Investment Advisory LLC bought a new position in shares of Western Digital in the second quarter worth $34,000. Finally, Coastal Investment Advisors Inc. boosted its stake in Western Digital by 294.0% during the second quarter. Coastal Investment Advisors Inc. now owns 792 shares of the data storage provider’s stock valued at $38,000 after buying an additional 591 shares during the period. Institutional investors and hedge funds own 84.60% of the company’s stock.
A number of equities research analysts have weighed in on WDC shares. BidaskClub downgraded Western Digital from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 21st. Benchmark reiterated a “sell” rating and issued a $46.00 price objective on shares of Western Digital in a report on Friday, September 27th. Mizuho lifted their price objective on Western Digital from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Royal Bank of Canada decreased their price objective on Western Digital to $64.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Finally, Loop Capital upgraded Western Digital from a “hold” rating to a “buy” rating and boosted their price target for the company from $50.00 to $75.00 in a report on Monday, October 14th. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $61.66.
In other Western Digital news, COO Michael D. Cordano sold 4,640 shares of the business’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $55.35, for a total value of $256,824.00. Following the transaction, the chief operating officer now directly owns 281,344 shares in the company, valued at approximately $15,572,390.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Michael D. Cordano sold 5,625 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $55.01, for a total transaction of $309,431.25. Following the completion of the transaction, the chief operating officer now owns 281,344 shares in the company, valued at $15,476,733.44. The disclosure for this sale can be found here. Insiders have sold 100,760 shares of company stock valued at $5,981,528 in the last three months. Corporate insiders own 0.44% of the company’s stock.
Shares of NASDAQ:WDC traded down $1.22 during midday trading on Friday, hitting $52.02. The company had a trading volume of 5,762,000 shares, compared to its average volume of 6,024,923. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.98 and a quick ratio of 1.22. The company has a fifty day moving average of $58.37 and a two-hundred day moving average of $52.07. Western Digital Corp has a 12-month low of $33.83 and a 12-month high of $65.31. The company has a market cap of $16.03 billion, a price-to-earnings ratio of 13.65, a PEG ratio of 16.92 and a beta of 1.82.
Western Digital (NASDAQ:WDC) last announced its earnings results on Wednesday, October 30th. The data storage provider reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.41. Western Digital had a negative net margin of 9.89% and a positive return on equity of 3.28%. The company had revenue of $4.04 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same period last year, the firm earned $3.04 earnings per share. Western Digital’s revenue was down 19.6% compared to the same quarter last year. Research analysts expect that Western Digital Corp will post 1.6 earnings per share for the current fiscal year.
Western Digital Profile
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
Further Reading: Most Volatile Stocks – What Investors Need to Know to Maximize ROI
Receive News & Ratings for Western Digital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Digital and related companies with MarketBeat.com's FREE daily email newsletter.