AXQ Capital LP Makes New Investment in Western Digital Co. (NASDAQ:WDC)

AXQ Capital LP purchased a new stake in Western Digital Co. (NASDAQ:WDC) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 25,265 shares of the data storage provider’s stock, valued at approximately $1,507,000. Western Digital comprises 0.7% of AXQ Capital LP’s portfolio, making the stock its 17th biggest position.

Several other institutional investors and hedge funds have also modified their holdings of WDC. Mirae Asset Global Investments Co. Ltd. boosted its position in Western Digital by 32.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,131 shares of the data storage provider’s stock worth $2,691,000 after acquiring an additional 11,013 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in Western Digital by 6.3% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 841,700 shares of the data storage provider’s stock valued at $50,191,000 after acquiring an additional 50,188 shares during the period. Principal Financial Group Inc. raised its stake in Western Digital by 4.0% in the 4th quarter. Principal Financial Group Inc. now owns 390,826 shares of the data storage provider’s stock valued at $23,305,000 after acquiring an additional 15,189 shares during the period. Ieq Capital LLC raised its stake in Western Digital by 83.9% in the 4th quarter. Ieq Capital LLC now owns 31,634 shares of the data storage provider’s stock valued at $1,886,000 after acquiring an additional 14,432 shares during the period. Finally, Handelsbanken Fonder AB raised its stake in Western Digital by 53.3% in the 4th quarter. Handelsbanken Fonder AB now owns 99,444 shares of the data storage provider’s stock valued at $5,930,000 after acquiring an additional 34,579 shares during the period. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Western Digital Stock Down 1.9 %

Shares of NASDAQ WDC opened at $43.66 on Friday. Western Digital Co. has a one year low of $39.42 and a one year high of $81.55. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.99 and a quick ratio of 1.26. The business’s fifty day moving average price is $57.80 and its 200-day moving average price is $63.11. The stock has a market capitalization of $15.19 billion, a PE ratio of 10.40 and a beta of 1.42.

Western Digital (NASDAQ:WDC) last announced its earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share for the quarter, missing analysts’ consensus estimates of $1.91 by ($0.36). Western Digital had a return on equity of 15.68% and a net margin of 9.95%. On average, equities research analysts anticipate that Western Digital Co. will post 4.89 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Gene M. Zamiska sold 1,659 shares of the business’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $41.36, for a total value of $68,616.24. Following the completion of the transaction, the senior vice president now owns 43,776 shares in the company, valued at $1,810,575.36. The trade was a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

WDC has been the topic of a number of research analyst reports. Citigroup increased their price target on Western Digital from $60.45 to $64.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Rosenblatt Securities lowered their price objective on Western Digital from $115.00 to $95.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Barclays lowered their price objective on Western Digital from $90.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, January 17th. Robert W. Baird lowered their price objective on Western Digital from $100.00 to $80.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. Finally, Cantor Fitzgerald lowered their price objective on Western Digital from $95.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Western Digital presently has an average rating of “Moderate Buy” and a consensus target price of $80.21.

Western Digital 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.