Raymond James Financial Inc. Invests $6.37 Million in Western Digital Co. (NASDAQ:WDC)

Raymond James Financial Inc. purchased a new position in shares of Western Digital Co. (NASDAQ:WDC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 106,741 shares of the data storage provider's stock, valued at approximately $6,365,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Wilmington Savings Fund Society FSB acquired a new stake in shares of Western Digital during the 3rd quarter worth $183,000. Tidal Investments LLC grew its stake in Western Digital by 123.5% during the third quarter. Tidal Investments LLC now owns 41,028 shares of the data storage provider's stock worth $2,802,000 after buying an additional 22,670 shares in the last quarter. Synovus Financial Corp grew its stake in Western Digital by 20.0% during the third quarter. Synovus Financial Corp now owns 9,562 shares of the data storage provider's stock worth $653,000 after buying an additional 1,591 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in Western Digital by 9.3% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 3,745 shares of the data storage provider's stock valued at $252,000 after buying an additional 319 shares during the period. Finally, Versant Capital Management Inc lifted its holdings 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 worth $25,000 after acquiring an additional 304 shares during the period. Institutional investors and hedge funds own 92.51% of the company's stock.

Insiders Place Their Bets

In other news, SVP Gene M. Zamiska sold 1,659 shares of the company's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $41.36, for a total transaction of $68,616.24. Following the transaction, the senior vice president now owns 43,776 shares in the company, valued at approximately $1,810,575.36. This represents a 3.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on WDC shares. Benchmark upgraded shares of Western Digital from a "hold" rating to a "buy" rating and set a $55.00 price objective for the company in a research report on Thursday, April 10th. Barclays decreased their target price on Western Digital from $90.00 to $80.00 and set an "overweight" rating on the stock in a research report on Friday, January 17th. Susquehanna reduced their price target on shares of Western Digital from $72.00 to $40.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Cantor Fitzgerald decreased their price target on shares of Western Digital from $95.00 to $65.00 and set an "overweight" rating on the stock in a report on Friday, March 7th. Finally, Wells Fargo & Company reissued a "neutral" rating on shares of Western Digital in a research note on Friday, April 11th. One analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Western Digital presently has an average rating of "Moderate Buy" and an average price target of $73.68.

Western Digital Trading Up 0.3 %

NASDAQ WDC traded up $0.13 during mid-day trading on Monday, reaching $40.91. 5,916,427 shares of the stock were exchanged, compared to its average volume of 6,295,979. The stock has a market cap of $14.23 billion, a P/E ratio of 9.74 and a beta of 1.39. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.99 and a quick ratio of 1.26. Western Digital Co. has a one year low of $28.83 and a one year high of $81.55. The stock has a 50 day simple moving average of $42.37 and a 200-day simple moving average of $57.82.

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%. On average, analysts anticipate that Western Digital Co. will post 4.89 EPS for the current year.

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.