Geode Capital Management LLC Grows Position in Western Digital Co. (NASDAQ:WDC)

Geode Capital Management LLC raised its stake in Western Digital Co. (NASDAQ:WDC - Free Report) by 10.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,745,264 shares of the data storage provider's stock after buying an additional 823,656 shares during the period. Geode Capital Management LLC owned about 2.51% of Western Digital worth $520,450,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Mather Group LLC. grew its stake in shares of Western Digital by 7.0% during the fourth quarter. Mather Group LLC. now owns 2,416 shares of the data storage provider's stock worth $144,000 after acquiring an additional 159 shares during the last quarter. Vontobel Holding Ltd. grew its stake in Western Digital by 1.4% during the 4th quarter. Vontobel Holding Ltd. now owns 11,804 shares of the data storage provider's stock valued at $704,000 after acquiring an additional 164 shares in the last quarter. Quarry LP grew its holdings in shares of Western Digital by 22.6% in the third quarter. Quarry LP now owns 932 shares of the data storage provider's stock valued at $64,000 after purchasing an additional 172 shares during the period. Inspire Investing LLC increased its position in shares of Western Digital by 4.3% during the 4th quarter. Inspire Investing LLC now owns 4,324 shares of the data storage provider's stock worth $258,000 after purchasing an additional 177 shares during the last quarter. Finally, Beta Wealth Group Inc. increased its stake in Western Digital by 2.5% during the fourth quarter. Beta Wealth Group Inc. now owns 8,300 shares of the data storage provider's stock worth $495,000 after purchasing an additional 200 shares during the period. 92.51% of the stock is owned by institutional investors.

Remove Ads

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. The Goldman Sachs Group boosted their target price on Western Digital from $70.00 to $80.00 and gave the company a "neutral" rating in a report on Friday, January 31st. Morgan Stanley decreased their price objective on Western Digital from $100.00 to $93.00 and set an "overweight" rating on the stock in a research note on Thursday, December 19th. Robert W. Baird decreased their price objective on Western Digital from $100.00 to $80.00 and set an "outperform" rating on the stock in a report on Thursday, January 30th. Susquehanna reduced their target price on Western Digital from $83.00 to $72.00 and set a "neutral" rating on the stock in a report on Thursday, January 30th. Finally, Citigroup lifted their target price on shares of Western Digital from $60.45 to $64.00 and gave the company a "buy" rating in a report on Tuesday, February 25th. 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 MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $80.21.

Western Digital Trading Up 2.9 %

WDC traded up $0.89 during trading on Tuesday, hitting $32.05. The company's stock had a trading volume of 11,884,268 shares, compared to its average volume of 6,207,234. The company has a quick ratio of 1.26, a current ratio of 1.99 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $11.15 billion, a P/E ratio of 7.68 and a beta of 1.39. The stock's fifty day moving average price is $52.04 and its 200-day moving average price is $61.21. Western Digital Co. has a twelve month low of $28.83 and a twelve month high of $81.55.

Western Digital (NASDAQ:WDC - Get Free Report) last announced 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 net margin of 9.95% and a return on equity of 15.68%. Analysts anticipate that Western Digital Co. will post 4.89 EPS for the current year.

Insiders Place Their Bets

In other Western Digital news, SVP Gene M. Zamiska sold 1,659 shares of the business's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $41.36, for a total value of $68,616.24. Following the completion of the sale, the senior vice president now directly owns 43,776 shares of the company's stock, valued at $1,810,575.36. The trade was a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.30% of the company's stock.

Western Digital Company 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.