Insider Selling: Western Digital Co. (NASDAQ:WDC) SVP Sells 658 Shares of Stock

Western Digital Co. (NASDAQ:WDC) SVP Gene M. Zamiska sold 658 shares of the business’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $69.99, for a total transaction of $46,053.42. Following the completion of the transaction, the senior vice president now owns 28,863 shares in the company, valued at $2,020,121.37. This represents a 2.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Western Digital Price Performance

NASDAQ WDC opened at $71.50 on Friday. Western Digital Co. has a 52 week low of $46.42 and a 52 week high of $81.55. The company has a current ratio of 1.47, a quick ratio of 0.91 and a debt-to-equity ratio of 0.49. The stock has a market cap of $24.72 billion, a price-to-earnings ratio of 42.06 and a beta of 1.40. The company has a 50-day moving average price of $66.87 and a two-hundred day moving average price of $69.09.

Western Digital (NASDAQ:WDC) last posted its earnings results on Thursday, October 24th. The data storage provider reported $1.78 EPS for the quarter, topping the consensus estimate of $1.55 by $0.23. The firm had revenue of $4.10 billion during the quarter, compared to analysts’ expectations of $4.12 billion. Western Digital had a net margin of 4.81% and a return on equity of 8.57%. Western Digital’s quarterly revenue was up 48.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.97) EPS. Analysts forecast that Western Digital Co. will post 6.56 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on WDC. Cantor Fitzgerald reiterated an “overweight” rating and issued a $95.00 price objective on shares of Western Digital in a report on Tuesday. Evercore ISI reiterated an “outperform” rating and issued a $85.00 price objective on shares of Western Digital in a report on Thursday, August 15th. BNP Paribas cut their price objective on shares of Western Digital from $95.00 to $90.00 in a report on Thursday, October 24th. Summit Insights lowered shares of Western Digital from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, The Goldman Sachs Group cut their target price on shares of Western Digital from $79.00 to $72.00 and set a “neutral” rating on the stock in a research note on Thursday, October 24th. Six equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, Western Digital has a consensus rating of “Moderate Buy” and an average target price of $87.71.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. First Horizon Advisors Inc. increased its stake in Western Digital by 5.4% in the 3rd quarter. First Horizon Advisors Inc. now owns 2,929 shares of the data storage provider’s stock valued at $200,000 after buying an additional 149 shares during the period. Quarry LP raised its holdings in Western Digital by 22.6% in the 3rd quarter. Quarry LP now owns 932 shares of the data storage provider’s stock worth $64,000 after acquiring an additional 172 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in Western Digital by 1.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 15,962 shares of the data storage provider’s stock worth $1,209,000 after acquiring an additional 203 shares during the period. Massmutual Trust Co. FSB ADV raised its holdings in Western Digital by 15.6% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,527 shares of the data storage provider’s stock worth $116,000 after acquiring an additional 206 shares during the period. Finally, Mather Group LLC. raised its holdings in Western Digital by 10.7% in the 2nd quarter. Mather Group LLC. now owns 2,203 shares of the data storage provider’s stock worth $167,000 after acquiring an additional 213 shares during the period. Institutional investors and hedge funds own 92.51% of the company’s stock.

About Western Digital

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.