Arista Wealth Management LLC Makes New $256,000 Investment in Western Digital Corporation $WDC

Key Points

• Arista Wealth Management LLC made a new investment of $256,000 in Western Digital Corporation, acquiring 4,000 shares during the second quarter.
• Western Digital reported $4.10 billion in revenue and $1.78 earnings per share for the last quarter, showcasing solid financial performance.
• Recent analyst reports have raised Western Digital's price targets, with firms like Citigroup and Benchmark setting targets as high as $150.00 and maintaining a "buy" rating.

Arista Wealth Management LLC purchased a new position in shares of Western Digital Corporation (NASDAQ:WDC - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,000 shares of the data storage provider's stock, valued at approximately $256,000.

Other hedge funds also recently bought and sold shares of the company. Zions Bancorporation National Association UT purchased a new position in Western Digital during the first quarter worth $29,000. Allworth Financial LP boosted its holdings in shares of Western Digital by 34.1% during the first quarter. Allworth Financial LP now owns 955 shares of the data storage provider's stock worth $38,000 after purchasing an additional 243 shares during the last quarter. MorganRosel Wealth Management LLC acquired a new stake in shares of Western Digital during the first quarter worth $40,000. Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of Western Digital by 242.2% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,208 shares of the data storage provider's stock worth $49,000 after purchasing an additional 855 shares during the last quarter. Finally, Brooklyn Investment Group boosted its holdings in shares of Western Digital by 91.2% during the first quarter. Brooklyn Investment Group now owns 1,279 shares of the data storage provider's stock worth $52,000 after purchasing an additional 610 shares during the last quarter. Hedge funds and other institutional investors own 92.51% of the company's stock.

Western Digital Price Performance

Shares of Western Digital stock opened at $126.20 on Friday. Western Digital Corporation has a twelve month low of $28.83 and a twelve month high of $137.40. The stock has a market capitalization of $43.26 billion, a P/E ratio of 24.50, a PEG ratio of 1.06 and a beta of 1.77. The company has a current ratio of 1.08, a quick ratio of 0.84 and a debt-to-equity ratio of 0.47. The business's fifty day moving average price is $99.35 and its 200 day moving average price is $69.66.

Western Digital (NASDAQ:WDC - Get Free Report) last issued its earnings results on Monday, April 7th. The data storage provider reported $1.78 earnings per share for the quarter. Western Digital had a return on equity of 24.93% and a net margin of 14.13%.The firm had revenue of $4.10 billion for the quarter. As a group, research analysts anticipate that Western Digital Corporation will post 4.89 earnings per share for the current year.

Western Digital Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, September 4th. This represents a $0.40 annualized dividend and a yield of 0.3%. Western Digital's dividend payout ratio (DPR) is 7.77%.

Insider Buying and Selling

In other Western Digital news, CEO Irving Tan sold 8,621 shares of the firm's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $75.90, for a total value of $654,333.90. Following the transaction, the chief executive officer directly owned 594,836 shares of the company's stock, valued at $45,148,052.40. This trade represents a 1.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Vidyadhara K. Gubbi sold 11,343 shares of the firm's stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $90.29, for a total value of $1,024,159.47. Following the completion of the transaction, the insider directly owned 151,596 shares in the company, valued at $13,687,602.84. This trade represents a 6.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 49,730 shares of company stock valued at $3,921,594. 0.18% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on WDC. Citigroup raised their price objective on Western Digital from $110.00 to $135.00 and gave the stock a "buy" rating in a report on Monday. Benchmark raised their price objective on Western Digital from $85.00 to $115.00 and gave the stock a "buy" rating in a report on Monday, September 15th. Loop Capital raised their price objective on Western Digital from $92.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday. The Goldman Sachs Group raised their price objective on Western Digital from $78.00 to $130.00 and gave the stock a "neutral" rating in a report on Wednesday, October 8th. Finally, Sanford C. Bernstein upgraded Western Digital to a "hold" rating in a report on Tuesday, September 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $105.65.

Western Digital Company 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.

Want to see what other hedge funds are holding WDC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Western Digital Corporation (NASDAQ:WDC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.