Franklin Resources Inc. Grows Stake in Western Digital Co. (NASDAQ:WDC)

Franklin Resources Inc. grew its holdings in Western Digital Co. (NASDAQ:WDCFree Report) by 5.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 17,514 shares of the data storage provider’s stock after acquiring an additional 974 shares during the quarter. Franklin Resources Inc.’s holdings in Western Digital were worth $917,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in WDC. Kestra Private Wealth Services LLC purchased a new position in Western Digital during the 3rd quarter worth approximately $244,000. J.P. Morgan Private Wealth Advisors LLC purchased a new position in Western Digital during the 3rd quarter worth approximately $4,438,000. Charles Schwab Investment Management Inc. grew its stake in Western Digital by 2.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,028,114 shares of the data storage provider’s stock worth $138,173,000 after buying an additional 66,680 shares during the last quarter. Van ECK Associates Corp grew its stake in Western Digital by 9.6% during the 3rd quarter. Van ECK Associates Corp now owns 12,516 shares of the data storage provider’s stock worth $571,000 after buying an additional 1,093 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its stake in Western Digital by 11.7% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 14,053 shares of the data storage provider’s stock worth $641,000 after buying an additional 1,476 shares during the last quarter. Hedge funds and other institutional investors own 92.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Mizuho raised their price target on Western Digital from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. StockNews.com upgraded Western Digital from a “sell” rating to a “hold” rating in a research note on Tuesday. Benchmark upgraded Western Digital from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research note on Friday, April 26th. Raymond James downgraded Western Digital from an “outperform” rating to a “market perform” rating in a research note on Monday, April 22nd. Finally, Cantor Fitzgerald lifted their target price on Western Digital from $70.00 to $100.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Six investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat, Western Digital presently has a consensus rating of “Moderate Buy” and an average price target of $79.70.

Check Out Our Latest Research Report on Western Digital

Western Digital Stock Performance

Shares of WDC stock opened at $75.25 on Friday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.07 and a current ratio of 1.86. The stock has a fifty day moving average price of $72.17 and a 200 day moving average price of $60.95. The stock has a market cap of $24.57 billion, a PE ratio of -15.14 and a beta of 1.45. Western Digital Co. has a 1 year low of $35.62 and a 1 year high of $77.66.

Western Digital (NASDAQ:WDCGet Free Report) last released its quarterly earnings results on Thursday, April 25th. The data storage provider reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.42. The company had revenue of $3.46 billion during the quarter, compared to the consensus estimate of $3.37 billion. Western Digital had a negative return on equity of 13.75% and a negative net margin of 12.87%. Western Digital’s revenue was up 23.3% compared to the same quarter last year. During the same quarter last year, the business posted ($1.57) earnings per share. Sell-side analysts forecast that Western Digital Co. will post -1.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Western Digital news, EVP Robert Soderbery sold 26,853 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 144,623 shares of the company’s stock, valued at $10,626,898.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Robert Soderbery sold 26,853 shares of Western Digital stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $73.48, for a total value of $1,973,158.44. Following the completion of the sale, the executive vice president now owns 144,623 shares of the company’s stock, valued at $10,626,898.04. 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 shares were sold at an average price of $69.95, for a total value of $185,227.60. Following the completion of the sale, 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. Over the last 90 days, insiders sold 30,360 shares of company stock valued at $2,221,513. Corporate insiders own 0.28% of the company’s stock.

Western Digital Profile

(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.

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Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

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