Western Digital (NASDAQ:WDC) Reaches New 1-Year Low at $40.03

Western Digital Co. (NASDAQ:WDCGet Rating)’s share price reached a new 52-week low on Tuesday . The company traded as low as $40.03 and last traded at $40.05, with a volume of 194227 shares changing hands. The stock had previously closed at $43.27.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on WDC. The Goldman Sachs Group cut their price target on shares of Western Digital from $62.00 to $50.00 in a report on Friday, July 15th. Robert W. Baird cut their price target on shares of Western Digital from $75.00 to $55.00 in a report on Monday, August 8th. Mizuho dropped their target price on shares of Western Digital from $68.00 to $62.00 and set a “buy” rating on the stock in a report on Monday, August 8th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Western Digital from $64.00 to $56.00 in a report on Monday, August 8th. Finally, Exane BNP Paribas initiated coverage on shares of Western Digital in a report on Tuesday. They issued an “underperform” rating and a $30.00 target price on the stock. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Western Digital presently has an average rating of “Hold” and an average target price of $58.50.

Western Digital Stock Performance

The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.11 and a current ratio of 1.80. The firm’s 50-day moving average price is $46.18 and its two-hundred day moving average price is $49.70. The firm has a market capitalization of $12.05 billion, a price-to-earnings ratio of 8.07 and a beta of 1.51.

Western Digital (NASDAQ:WDCGet Rating) last issued its earnings results on Friday, August 5th. The data storage provider reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.27. Western Digital had a net margin of 7.98% and a return on equity of 19.15%. The business had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.57 billion. During the same period in the previous year, the business earned $1.96 EPS. The firm’s revenue was down 8.0% on a year-over-year basis. Sell-side analysts predict that Western Digital Co. will post 2.61 earnings per share for the current year.

Insider Activity

In other news, SVP Gene M. Zamiska sold 2,169 shares of Western Digital stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $40.90, for a total transaction of $88,712.10. Following the sale, the senior vice president now directly owns 31,554 shares in the company, valued at approximately $1,290,558.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.17% of the stock is owned by company insiders.

Hedge Funds Weigh In On Western Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WDC. Greenwich Wealth Management LLC raised its stake in shares of Western Digital by 0.7% in the second quarter. Greenwich Wealth Management LLC now owns 40,973 shares of the data storage provider’s stock worth $1,837,000 after acquiring an additional 266 shares during the last quarter. Financial Gravity Asset Management Inc. raised its stake in shares of Western Digital by 148.0% in the second quarter. Financial Gravity Asset Management Inc. now owns 496 shares of the data storage provider’s stock worth $334,000 after acquiring an additional 296 shares during the last quarter. V Wealth Advisors LLC raised its stake in shares of Western Digital by 5.7% in the second quarter. V Wealth Advisors LLC now owns 5,572 shares of the data storage provider’s stock worth $250,000 after acquiring an additional 300 shares during the last quarter. Hartford Investment Management Co. raised its stake in shares of Western Digital by 1.0% in the second quarter. Hartford Investment Management Co. now owns 29,965 shares of the data storage provider’s stock worth $1,343,000 after acquiring an additional 303 shares during the last quarter. Finally, Cibc World Market Inc. raised its stake in shares of Western Digital by 1.2% in the second quarter. Cibc World Market Inc. now owns 25,556 shares of the data storage provider’s stock worth $1,146,000 after acquiring an additional 309 shares during the last quarter. 84.57% of the stock is currently owned by institutional investors and hedge funds.

Western Digital Company Profile

(Get Rating)

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 computing devices, such as desktop and notebook personal computers (PCs), smart video 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, Internet of Things, industrial, and connected home applications; and flash-based memory wafers.

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