Waycross Partners LLC Takes Position in Western Digital Co. (NASDAQ:WDC)

Waycross Partners LLC purchased a new stake in shares of Western Digital Co. (NASDAQ:WDC - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 30,000 shares of the data storage provider's stock, valued at approximately $1,571,000.

A number of other hedge funds also recently made changes to their positions in WDC. Naples Money Management LLC bought a new stake in Western Digital during the fourth quarter worth approximately $26,000. Lindbrook Capital LLC grew its position in Western Digital by 121.7% in the fourth quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider's stock worth $32,000 after buying an additional 337 shares during the last quarter. Parkside Financial Bank & Trust grew its position in Western Digital by 79.1% in the third quarter. Parkside Financial Bank & Trust now owns 747 shares of the data storage provider's stock worth $34,000 after buying an additional 330 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new position in Western Digital in the third quarter worth approximately $41,000. Finally, CVA Family Office LLC acquired a new position in Western Digital in the fourth quarter worth approximately $41,000. Institutional investors own 92.51% of the company's stock.

Insider Buying and Selling at Western Digital

In other news, SVP Gene M. Zamiska sold 443 shares of Western Digital stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $75.00, for a total value of $33,225.00. Following the transaction, the senior vice president now directly owns 30,958 shares in the company, valued at $2,321,850. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Kimberly Alexy sold 2,648 shares of Western Digital stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $69.95, for a total transaction of $185,227.60. Following the sale, the director now directly owns 20,509 shares of the company's stock, valued at $1,434,604.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Gene M. Zamiska sold 443 shares of Western Digital stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $75.00, for a total value of $33,225.00. Following the sale, the senior vice president now directly owns 30,958 shares in the company, valued at $2,321,850. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on WDC shares. Wells Fargo & Company lifted their price target on shares of Western Digital from $72.00 to $95.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 10th. The Goldman Sachs Group lifted their price target on shares of Western Digital from $58.00 to $76.00 and gave the stock a "neutral" rating in a research report on Friday, April 12th. Cantor Fitzgerald lifted their price objective on shares of Western Digital from $70.00 to $100.00 and gave the stock an "overweight" rating in a research report on Monday, April 8th. UBS Group lifted their price objective on shares of Western Digital from $65.00 to $80.00 and gave the stock a "neutral" rating in a research report on Monday, April 15th. Finally, Rosenblatt Securities upgraded shares of Western Digital from a "neutral" rating to a "buy" rating in a research report on Friday, April 5th. Six equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $77.76.

Western Digital Stock Up 1.4 %

NASDAQ WDC traded up $0.97 during trading on Tuesday, hitting $70.83. 7,781,665 shares of the company traded hands, compared to its average volume of 7,128,291. Western Digital Co. has a 12 month low of $32.01 and a 12 month high of $76.92. The business has a fifty day simple moving average of $65.39 and a 200 day simple moving average of $55.26. The company has a current ratio of 1.86, a quick ratio of 1.07 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $23.08 billion, a P/E ratio of -14.25 and a beta of 1.56.

Western Digital (NASDAQ:WDC - Get Free Report) last posted its earnings results on Thursday, April 25th. The data storage provider reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.42. Western Digital had a negative return on equity of 13.75% and a negative net margin of 12.87%. The company had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.37 billion. During the same period last year, the company earned ($1.57) earnings per share. The business's revenue was up 23.3% compared to the same quarter last year. As a group, sell-side analysts predict that Western Digital Co. will post -2.21 EPS for the current year.

About 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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