SRS Investment Management LLC Makes New $17.04 Million Investment in Western Digital Co. (NASDAQ:WDC)

SRS Investment Management LLC bought a new position in Western Digital Co. (NASDAQ:WDC - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 285,837 shares of the data storage provider's stock, valued at approximately $17,044,000. Western Digital accounts for about 0.2% of SRS Investment Management LLC's investment portfolio, making the stock its 19th biggest holding. SRS Investment Management LLC owned approximately 0.08% of Western Digital at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Versant Capital Management Inc raised its holdings in 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 purchasing an additional 304 shares during the period. Sierra Ocean LLC bought a new position in Western Digital in the 4th quarter worth $29,000. Comprehensive Financial Planning Inc. PA purchased a new stake in Western Digital in the 4th quarter worth $30,000. OFI Invest Asset Management purchased a new stake in Western Digital in the 4th quarter worth $36,000. Finally, S.A. Mason LLC purchased a new stake in Western Digital in the 4th quarter worth $45,000. 92.51% of the stock is owned by institutional investors.

Insider Activity at Western Digital

In related news, SVP Gene M. Zamiska sold 1,659 shares of the business's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $41.36, for a total transaction of $68,616.24. Following the completion of the transaction, the senior vice president now owns 43,776 shares in the company, valued at $1,810,575.36. The trade was a 3.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

WDC has been the subject of a number of analyst reports. Barclays cut their price target on Western Digital from $90.00 to $80.00 and set an "overweight" rating for the company in a research note on Friday, January 17th. Wedbush reiterated an "underperform" rating on shares of Western Digital in a research note on Friday, April 11th. Morgan Stanley initiated coverage on Western Digital in a research note on Wednesday, April 16th. They issued an "overweight" rating and a $46.00 price target for the company. Benchmark upgraded Western Digital from a "hold" rating to a "buy" rating and set a $55.00 price target for the company in a research note on Thursday, April 10th. Finally, Susquehanna cut their price objective on Western Digital from $72.00 to $40.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. One analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $73.68.

Western Digital Trading Up 1.5 %

Shares of WDC stock traded up $0.61 on Friday, reaching $40.78. 4,158,545 shares of the company's stock were exchanged, compared to its average volume of 6,297,505. The company's fifty day simple moving average is $42.37 and its 200 day simple moving average is $57.82. Western Digital Co. has a 52 week low of $28.83 and a 52 week high of $81.55. The company has a current ratio of 1.99, a quick ratio of 1.26 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $14.18 billion, a PE ratio of 9.71 and a beta of 1.39.

Western Digital (NASDAQ:WDC - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.91 by ($0.36). Western Digital had a net margin of 9.95% and a return on equity of 15.68%. As a group, analysts forecast that Western Digital Co. will post 4.89 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.