Waycross Partners LLC Takes Position in Western Digital Co. (NASDAQ:WDC)

Waycross Partners LLC bought a new stake in Western Digital Co. (NASDAQ:WDC) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 30,000 shares of the data storage provider’s stock, valued at approximately $1,571,000.

A number of other institutional investors and hedge funds also recently modified their holdings of WDC. Naples Money Management LLC bought a new position in Western Digital in the 4th quarter valued at about $26,000. Lindbrook Capital LLC raised its holdings in Western Digital by 121.7% in the 4th quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider’s stock valued at $32,000 after acquiring an additional 337 shares during the period. Parkside Financial Bank & Trust raised its holdings in Western Digital by 79.1% in the 3rd quarter. Parkside Financial Bank & Trust now owns 747 shares of the data storage provider’s stock valued at $34,000 after acquiring an additional 330 shares during the period. Harvest Fund Management Co. Ltd bought a new position in Western Digital in the 3rd quarter valued at about $41,000. Finally, CVA Family Office LLC bought a new position in Western Digital in the 4th quarter valued at about $41,000. 92.51% of the stock is owned by institutional investors.

Insider Transactions at Western Digital

In other news, Director Kimberly Alexy sold 2,648 shares of Western Digital stock in a transaction on Monday, April 1st. The shares were sold at an average price of $69.95, for a total transaction of $185,227.60. Following the transaction, the director now owns 20,509 shares in the company, valued at $1,434,604.55. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, SVP Gene M. Zamiska sold 443 shares of Western Digital stock in a transaction on Monday, April 8th. The shares were sold at an average price of $75.00, for a total transaction of $33,225.00. Following the transaction, the senior vice president now owns 30,958 shares in the company, valued at $2,321,850. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kimberly Alexy sold 2,648 shares of Western Digital stock in a transaction on Monday, April 1st. The stock was sold at an average price of $69.95, for a total transaction of $185,227.60. Following the transaction, the director now directly owns 20,509 shares of the company’s stock, valued at approximately $1,434,604.55. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Wedbush reissued an “outperform” rating and issued a $85.00 price target on shares of Western Digital in a report on Friday. UBS Group raised their target price on shares of Western Digital from $65.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, April 15th. Robert W. Baird raised their target price on shares of Western Digital from $65.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday. Benchmark raised shares of Western Digital from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a report on Friday. Finally, Morgan Stanley raised their target price on shares of Western Digital from $83.00 to $86.00 and gave the stock an “overweight” rating in a report on Friday. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.76.

Western Digital Price Performance

Western Digital stock traded up $0.97 during mid-day trading on Tuesday, reaching $70.83. The company had a trading volume of 7,781,665 shares, compared to its average volume of 7,128,291. Western Digital Co. has a fifty-two week low of $32.01 and a fifty-two week high of $76.92. The company has a current ratio of 1.86, a quick ratio of 1.07 and a debt-to-equity ratio of 0.72. The company has a market cap of $23.08 billion, a P/E ratio of -14.25 and a beta of 1.56. The business has a fifty day simple moving average of $65.39 and a 200 day simple moving average of $55.26.

Western Digital (NASDAQ:WDC) last issued its earnings results on Thursday, April 25th. The data storage provider reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.42. Western Digital had a negative net margin of 12.87% and a negative return on equity of 13.75%. The firm had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.37 billion. During the same quarter last year, the business posted ($1.57) earnings per share. The company’s quarterly revenue was up 23.3% on a year-over-year basis. On average, equities research analysts predict that Western Digital Co. will post -2.21 earnings per share for the current year.

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.