Mirae Asset Global Investments Co. Ltd. Buys 11,013 Shares of Western Digital Co. (NASDAQ:WDC)

Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Western Digital Co. (NASDAQ:WDC - Free Report) by 32.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 45,131 shares of the data storage provider's stock after purchasing an additional 11,013 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Western Digital were worth $2,691,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Sachem Head Capital Management LP lifted its holdings in Western Digital by 75.2% in the third quarter. Sachem Head Capital Management LP now owns 2,030,000 shares of the data storage provider's stock valued at $138,629,000 after buying an additional 871,500 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Western Digital by 24.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,711,428 shares of the data storage provider's stock worth $253,453,000 after acquiring an additional 732,344 shares in the last quarter. Holocene Advisors LP lifted its stake in shares of Western Digital by 25.7% in the 3rd quarter. Holocene Advisors LP now owns 3,192,762 shares of the data storage provider's stock valued at $218,034,000 after purchasing an additional 651,847 shares during the period. State Street Corp boosted its position in shares of Western Digital by 3.2% during the 3rd quarter. State Street Corp now owns 13,572,686 shares of the data storage provider's stock valued at $926,879,000 after purchasing an additional 423,651 shares in the last quarter. Finally, Maple Rock Capital Partners Inc. grew its stake in Western Digital by 13.2% during the third quarter. Maple Rock Capital Partners Inc. now owns 3,287,400 shares of the data storage provider's stock worth $224,497,000 after purchasing an additional 383,390 shares during the period. 92.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Morgan Stanley cut their price target on Western Digital from $100.00 to $93.00 and set an "overweight" rating on the stock in a report on Thursday, December 19th. The Goldman Sachs Group increased their target price on shares of Western Digital from $70.00 to $80.00 and gave the stock a "neutral" rating in a research note on Friday, January 31st. Citigroup dropped their price objective on shares of Western Digital from $82.00 to $80.00 and set a "buy" rating on the stock in a report on Thursday, January 30th. Susquehanna decreased their target price on Western Digital from $83.00 to $72.00 and set a "neutral" rating for the company in a research report on Thursday, January 30th. Finally, Wedbush reiterated an "outperform" rating and issued a $95.00 price target on shares of Western Digital in a report on Monday. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $84.42.

Western Digital Stock Performance

Shares of NASDAQ WDC traded up $0.28 during midday trading on Thursday, reaching $67.56. The company's stock had a trading volume of 5,593,676 shares, compared to its average volume of 6,652,089. The stock has a market capitalization of $23.50 billion, a P/E ratio of 16.09 and a beta of 1.44. 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 50 day moving average price of $64.60 and a 200-day moving average price of $65.20. Western Digital Co. has a 12-month low of $52.77 and a 12-month high of $81.55.

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 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%. As a group, equities analysts predict that Western Digital Co. will post 4.89 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP Gene M. Zamiska sold 658 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $69.99, for a total transaction of $46,053.42. Following the completion of the transaction, the senior vice president now owns 28,863 shares in the company, valued at approximately $2,020,121.37. This represents a 2.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 1,347 shares of company stock worth $93,027. Insiders own 0.30% of the company's stock.

Western Digital 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.