Western Digital (NASDAQ:WDC) Sets New 12-Month Low - What's Next?

Shares of Western Digital Co. (NASDAQ:WDC - Get Free Report) hit a new 52-week low during trading on Monday . The company traded as low as $39.10 and last traded at $39.60, with a volume of 256987 shares traded. The stock had previously closed at $40.62.

Wall Street Analyst Weigh In

WDC has been the topic of several research analyst reports. StockNews.com downgraded shares of Western Digital from a "buy" rating to a "hold" rating in a research note on Monday, March 24th. Morgan Stanley decreased their price target on shares of Western Digital from $100.00 to $93.00 and set an "overweight" rating on the stock in a research report on Thursday, December 19th. The Goldman Sachs Group upped their price objective on shares of Western Digital from $70.00 to $80.00 and gave the company a "neutral" rating in a research report on Friday, January 31st. Wedbush reiterated an "outperform" rating and issued a $95.00 target price on shares of Western Digital in a research note on Monday, February 10th. Finally, Cantor Fitzgerald dropped their price objective on shares of Western Digital from $95.00 to $65.00 and set an "overweight" rating for the company in a research note on Friday, March 7th. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $80.21.

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Western Digital Price Performance

The company has a 50 day moving average of $54.67 and a 200 day moving average of $62.08. The company has a current ratio of 1.99, a quick ratio of 1.26 and a debt-to-equity ratio of 0.60. The firm has a market cap of $14.53 billion, a price-to-earnings ratio of 9.95 and a beta of 1.42.

Western Digital (NASDAQ:WDC - Get Free Report) last released its earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share 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%. Equities research analysts predict that Western Digital Co. will post 4.89 EPS for the current fiscal year.

Insider Transactions at Western Digital

In other news, SVP Gene M. Zamiska sold 1,659 shares of the firm's stock in a transaction that occurred on 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 directly owns 43,776 shares of the company's stock, valued at approximately $1,810,575.36. This trade 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 can be accessed through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of WDC. Versant Capital Management Inc increased its stake in Western Digital by 278.9% in the fourth 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 last quarter. Sierra Ocean LLC acquired a new stake in Western Digital in the fourth quarter valued at about $29,000. Comprehensive Financial Planning Inc. PA acquired a new position in Western Digital during the fourth quarter worth about $30,000. OFI Invest Asset Management bought a new stake in shares of Western Digital during the 4th quarter valued at approximately $36,000. Finally, Elequin Capital LP acquired a new position in Western Digital during the 4th quarter worth approximately $40,000. 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.