Western Digital (NASDAQ:WDC) Hits New 1-Year Low After Insider Selling

Western Digital Co. (NASDAQ:WDC)’s share price reached a new 52-week low during trading on Monday after an insider sold shares in the company. The stock traded as low as $39.42 and last traded at $39.82, with a volume of 1904047 shares traded. The stock had previously closed at $41.70.

Specifically, SVP Gene M. Zamiska sold 1,659 shares of the company’s stock in a transaction that occurred 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 directly owns 43,776 shares of the company’s stock, valued at $1,810,575.36. This represents a 3.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Rosenblatt Securities dropped their price target on shares of Western Digital from $115.00 to $95.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. StockNews.com began coverage on shares of Western Digital in a research report on Wednesday, February 26th. They issued a “buy” rating on the stock. Barclays reduced their price target on shares of Western Digital from $90.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, January 17th. Morgan Stanley lowered their price objective on Western Digital from $100.00 to $93.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Finally, Robert W. Baird reduced their target price on Western Digital from $100.00 to $80.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $81.47.

Western Digital Trading Up 3.1 %

The stock has a market cap of $14.54 billion, a PE ratio of 9.95 and a beta of 1.42. The company’s 50-day moving average price is $60.91 and its 200 day moving average price is $64.21. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26 and a current ratio of 1.99.

Western Digital (NASDAQ:WDC) last posted its earnings results on Wednesday, January 29th. The data storage provider reported $1.55 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%. On average, sell-side analysts forecast that Western Digital Co. will post 4.89 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Versant Capital Management Inc raised its stake 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 valued at $25,000 after acquiring an additional 304 shares during the period. Sierra Ocean LLC purchased a new stake in Western Digital in the fourth quarter valued at approximately $29,000. True Wealth Design LLC lifted its stake 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 worth $30,000 after purchasing an additional 415 shares in the last quarter. Comprehensive Financial Planning Inc. PA purchased a new position in shares of Western Digital during the fourth quarter worth $30,000. Finally, OFI Invest Asset Management acquired a new stake in shares of Western Digital in the fourth quarter valued at $36,000. Hedge funds and other institutional investors own 92.51% of the company’s stock.

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.