Mirae Asset Global Investments Co. Ltd. cut its position in shares of Western Digital Co. (NASDAQ:WDC – Free Report) by 28.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 53,592 shares of the data storage provider’s stock after selling 20,865 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Western Digital were worth $3,657,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Rise Advisors LLC bought a new stake in shares of Western Digital during the first quarter valued at approximately $25,000. SOA Wealth Advisors LLC. bought a new stake in Western Digital in the first quarter worth $31,000. Naples Money Management LLC bought a new stake in Western Digital in the fourth quarter worth $26,000. Sunbelt Securities Inc. bought a new stake in Western Digital in the first quarter worth $36,000. Finally, Lindbrook Capital LLC boosted its holdings in Western Digital by 121.7% in the fourth quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider’s stock worth $32,000 after acquiring an additional 337 shares in the last quarter. 92.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on WDC. Argus boosted their target price on Western Digital from $68.00 to $88.00 and gave the stock a “buy” rating in a report on Monday, April 29th. Mizuho boosted their target price on Western Digital from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Morgan Stanley boosted their target price on Western Digital from $83.00 to $86.00 and gave the stock an “overweight” rating in a report on Friday, April 26th. Rosenblatt Securities reissued a “buy” rating and issued a $115.00 target price on shares of Western Digital in a report on Tuesday, June 11th. Finally, Barclays increased their price objective on Western Digital from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Monday, April 22nd. Six research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat, Western Digital currently has an average rating of “Moderate Buy” and a consensus target price of $82.09.

Get Our Latest Stock Report on WDC

Western Digital Trading Down 3.0 %

NASDAQ WDC opened at $77.84 on Friday. The stock’s 50-day moving average price is $75.74 and its 200-day moving average price is $65.99. The company has a quick ratio of 1.07, a current ratio of 1.86 and a debt-to-equity ratio of 0.72. Western Digital Co. has a 52 week low of $35.62 and a 52 week high of $81.55.

Western Digital (NASDAQ:WDC – Get Free Report) last posted its quarterly earnings data on Thursday, April 25th. The data storage provider reported $0.63 EPS for the quarter, topping the consensus estimate of $0.21 by $0.42. Western Digital had a negative return on equity of 13.75% and a negative net margin of 12.87%. The firm had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.37 billion. During the same quarter last year, the company earned ($1.57) earnings per share. The business’s revenue for the quarter was up 23.3% compared to the same quarter last year. Equities research analysts predict that Western Digital Co. will post -1.45 EPS for the current year.

Insider Transactions at Western Digital

In related news, SVP Gene M. Zamiska sold 416 shares of Western Digital stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $71.88, for a total transaction of $29,902.08. Following the sale, the senior vice president now owns 30,321 shares of the company’s stock, valued at approximately $2,179,473.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Robert Soderbery sold 26,853 shares of Western Digital stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $73.48, for a total transaction of $1,973,158.44. Following the sale, the executive vice president now owns 144,623 shares of the company’s stock, valued at approximately $10,626,898.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Gene M. Zamiska sold 416 shares of Western Digital stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $71.88, for a total value of $29,902.08. Following the sale, the senior vice president now directly owns 30,321 shares in the company, valued at approximately $2,179,473.48. The disclosure for this sale can be found here. Insiders have sold 27,488 shares of company stock valued at $2,020,143 over the last quarter. 0.28% of the stock is currently owned by company insiders.

About Western Digital

(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.

See Also

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