Western Digital (NASDAQ:WDC) Sets New 1-Year Low - Here's Why

Western Digital Co. (NASDAQ:WDC - Get Free Report) reached a new 52-week low during mid-day trading on Monday . The company traded as low as $50.73 and last traded at $50.21, with a volume of 639408 shares trading hands. The stock had previously closed at $68.71.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on WDC shares. Wells Fargo & Company cut their price target on Western Digital from $85.00 to $75.00 and set an "overweight" rating on the stock in a report on Tuesday. Benchmark lowered Western Digital from a "buy" rating to a "hold" rating and set a $70.00 target price on the stock. in a research note on Thursday, December 19th. StockNews.com assumed coverage on shares of Western Digital in a report on Wednesday. They issued a "buy" rating for the company. Barclays lowered their price target on shares of Western Digital from $90.00 to $80.00 and set an "overweight" rating on the stock in a report on Friday, January 17th. Finally, Morgan Stanley reduced their price objective on shares of Western Digital from $100.00 to $93.00 and set an "overweight" rating for the company in a research note on Thursday, December 19th. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $83.05.

Western Digital Stock Down 3.9 %

The company has a debt-to-equity ratio of 0.60, a current ratio of 1.99 and a quick ratio of 1.26. The firm has a market capitalization of $16.77 billion, a price-to-earnings ratio of 11.48 and a beta of 1.44. The business has a fifty day moving average price of $63.64 and a two-hundred day moving average price of $65.29.

Western Digital (NASDAQ:WDC - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share for the quarter, missing the consensus estimate of $1.91 by ($0.36). Western Digital had a return on equity of 15.68% and a net margin of 9.95%. On average, equities analysts expect that Western Digital Co. will post 4.89 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Versant Capital Management Inc raised its stake in shares of Western Digital by 278.9% during the 4th quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider's stock valued at $25,000 after buying an additional 304 shares during the last quarter. Sierra Ocean LLC acquired a new stake in Western Digital during the fourth quarter worth about $29,000. True Wealth Design LLC raised its position in Western Digital by 2,184.2% during the third quarter. True Wealth Design LLC now owns 434 shares of the data storage provider's stock valued at $30,000 after acquiring an additional 415 shares in the last quarter. Comprehensive Financial Planning Inc. PA acquired a new position in Western Digital in the fourth quarter valued at approximately $30,000. Finally, OFI Invest Asset Management purchased a new stake in Western Digital in the 4th quarter worth approximately $36,000. 92.51% of the stock is currently owned by institutional investors and hedge funds.

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.