Oppenheimer & Co. Inc. Invests $1.24 Million in Western Digital Co. (NASDAQ:WDC)

Oppenheimer & Co. Inc. purchased a new position in Western Digital Co. (NASDAQ:WDC - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 18,194 shares of the data storage provider's stock, valued at approximately $1,242,000.

A number of other institutional investors have also made changes to their positions in WDC. Lindbrook Capital LLC boosted its position in shares of Western Digital by 37.3% during the first quarter. Lindbrook Capital LLC now owns 843 shares of the data storage provider's stock worth $58,000 after purchasing an additional 229 shares in the last quarter. Signaturefd LLC raised its stake in Western Digital by 10.9% during the 4th quarter. Signaturefd LLC now owns 2,577 shares of the data storage provider's stock worth $135,000 after buying an additional 254 shares during the period. Czech National Bank lifted its holdings in Western Digital by 0.5% during the first quarter. Czech National Bank now owns 57,050 shares of the data storage provider's stock worth $3,893,000 after acquiring an additional 261 shares in the last quarter. Corient Private Wealth LLC grew its stake in Western Digital by 1.1% in the fourth quarter. Corient Private Wealth LLC now owns 32,611 shares of the data storage provider's stock valued at $1,708,000 after acquiring an additional 343 shares during the period. Finally, Rise Advisors LLC bought a new stake in shares of Western Digital in the first quarter worth about $25,000. 92.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Barclays boosted their price objective on Western Digital from $70.00 to $80.00 and gave the company an "overweight" rating in a research report on Monday, April 22nd. Rosenblatt Securities reissued a "buy" rating and set a $115.00 price objective on shares of Western Digital in a research report on Tuesday, June 11th. Morgan Stanley boosted their price objective on shares of Western Digital from $83.00 to $86.00 and gave the company an "overweight" rating in a research report on Friday, April 26th. Susquehanna increased their target price on Western Digital from $80.00 to $88.00 and gave the stock a "neutral" rating in a report on Tuesday, June 11th. Finally, Citigroup boosted their price target on Western Digital from $90.00 to $95.00 and gave the company a "buy" rating in a report on Friday. Six investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $82.30.

Western Digital Stock Performance

NASDAQ WDC traded up $0.05 during trading on Monday, reaching $78.82. 4,594,652 shares of the company's stock were exchanged, compared to its average volume of 6,319,485. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.86 and a quick ratio of 1.07. The business has a 50 day moving average price of $76.02 and a 200-day moving average price of $66.54. The stock has a market capitalization of $25.74 billion, a P/E ratio of -15.86 and a beta of 1.37. Western Digital Co. has a fifty-two week low of $35.62 and a fifty-two week high of $81.55.

Western Digital (NASDAQ:WDC - Get Free Report) last issued its earnings results on Thursday, April 25th. The data storage provider reported $0.63 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $3.37 billion. During the same period in the previous year, the company posted ($1.57) EPS. The firm's revenue for the quarter was up 23.3% compared to the same quarter last year. Sell-side analysts forecast that Western Digital Co. will post -1.45 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Robert Soderbery sold 26,853 shares of the business's stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $73.48, for a total transaction of $1,973,158.44. Following the completion of the sale, the executive vice president now owns 144,623 shares in the company, valued at $10,626,898.04. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, EVP Robert Soderbery sold 26,853 shares of the business's stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $73.48, for a total value of $1,973,158.44. Following the completion of the sale, the executive vice president now owns 144,623 shares of the company's stock, valued at $10,626,898.04. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Gene M. Zamiska sold 416 shares of the company's stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $71.88, for a total transaction of $29,902.08. Following the completion of the transaction, the senior vice president now owns 30,321 shares in the company, valued at $2,179,473.48. The disclosure for this sale can be found here. Insiders have sold 27,488 shares of company stock valued at $2,020,143 over the last ninety days. 0.28% of the stock is currently owned by company insiders.

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.