Avanza Fonder AB Invests $1.57 Million in Western Digital Co. (NASDAQ:WDC)
Avanza Fonder AB purchased a new stake in Western Digital Co. (NASDAQ:WDC - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 26,324 shares of the data storage provider's stock, valued at approximately $1,570,000.
A number of other large investors have also recently added to or reduced their stakes in WDC. Versant Capital Management Inc grew its position in shares of Western Digital by 278.9% in the 4th quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider's stock worth $25,000 after acquiring an additional 304 shares in the last quarter. Eastern Bank bought a new position in Western Digital during the third quarter worth $27,000. True Wealth Design LLC boosted its holdings in Western Digital by 2,184.2% in the third quarter. True Wealth Design LLC now owns 434 shares of the data storage provider's stock worth $30,000 after purchasing an additional 415 shares during the period. Capital Performance Advisors LLP bought a new stake in Western Digital during the third quarter valued at $41,000. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in shares of Western Digital during the third quarter worth $42,000. 92.51% of the stock is currently owned by institutional investors.
Shares of NASDAQ WDC opened at $65.04 on Friday. Western Digital Co. has a 1 year low of $52.76 and a 1 year high of $81.55. The firm has a market cap of $22.48 billion, a P/E ratio of 38.26 and a beta of 1.43. The stock has a fifty day moving average price of $65.43 and a two-hundred day moving average price of $66.31. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.91 and a current ratio of 1.47.
Western Digital (NASDAQ:WDC - Get Free Report) last announced its earnings results on Thursday, October 24th. The data storage provider reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.23. Western Digital had a return on equity of 8.57% and a net margin of 4.81%. The business had revenue of $4.10 billion during the quarter, compared to analysts' expectations of $4.12 billion. During the same quarter last year, the business posted ($1.97) earnings per share. The company's quarterly revenue was up 48.9% on a year-over-year basis. Research analysts forecast that Western Digital Co. will post 6.26 EPS for the current fiscal year.
In other news, SVP Gene M. Zamiska sold 1,993 shares of Western Digital stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $69.94, for a total value of $139,390.42. Following the transaction, the senior vice president now directly owns 30,608 shares of the company's stock, valued at $2,140,723.52. This trade represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO David Goeckeler sold 75,000 shares of the business's stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $72.58, for a total transaction of $5,443,500.00. Following the sale, the chief executive officer now owns 821,630 shares in the company, valued at $59,633,905.40. This represents a 8.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 109,107 shares of company stock valued at $7,768,381 in the last quarter. Insiders own 0.30% of the company's stock.
WDC has been the subject of several research reports. Wells Fargo & Company decreased their price target on shares of Western Digital from $95.00 to $85.00 and set an "overweight" rating for the company in a report on Thursday. Barclays lowered their target price on Western Digital from $90.00 to $80.00 and set an "overweight" rating for the company in a report on Friday. Wedbush reissued an "outperform" rating and issued a $95.00 price target on shares of Western Digital in a report on Friday, November 29th. Bank of America reduced their price objective on Western Digital from $89.00 to $80.00 and set a "buy" rating for the company in a research report on Thursday. Finally, Citigroup dropped their target price on Western Digital from $87.00 to $85.00 and set a "buy" rating on the stock in a research report on Tuesday, December 3rd. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Western Digital has an average rating of "Moderate Buy" and a consensus price target of $85.65.
Check Out Our Latest Report on 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.
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