Zurcher Kantonalbank Zurich Cantonalbank Purchases 8,193 Shares of Western Digital Co. (NASDAQ:WDC)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Western Digital Co. (NASDAQ:WDC - Free Report) by 8.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 103,578 shares of the data storage provider's stock after buying an additional 8,193 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Western Digital were worth $6,176,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Argentarii LLC acquired a new position in shares of Western Digital during the fourth quarter worth approximately $465,000. OFI Invest Asset Management acquired a new position in Western Digital during the fourth quarter worth $36,000. Amundi lifted its stake in shares of Western Digital by 0.8% in the fourth quarter. Amundi now owns 1,595,268 shares of the data storage provider's stock valued at $102,193,000 after buying an additional 12,281 shares in the last quarter. AMF Tjanstepension AB acquired a new position in shares of Western Digital during the fourth quarter valued at about $94,181,000. Finally, PNC Financial Services Group Inc. increased its position in shares of Western Digital by 2.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 31,186 shares of the data storage provider's stock worth $1,860,000 after acquiring an additional 635 shares in the last quarter. Institutional investors own 92.51% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on WDC shares. Cantor Fitzgerald cut their price target on Western Digital from $95.00 to $65.00 and set an "overweight" rating for the company in a research note on Friday, March 7th. Robert W. Baird cut their target price on Western Digital from $100.00 to $80.00 and set an "outperform" rating on the stock in a research report on Thursday, January 30th. Mizuho decreased their price target on Western Digital from $90.00 to $82.00 and set an "outperform" rating for the company in a report on Friday, January 3rd. Citigroup raised their price objective on Western Digital from $60.45 to $64.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Finally, Benchmark lowered shares of Western Digital from a "buy" rating to a "hold" rating and set a $70.00 target price for the company. in a research note on Thursday, December 19th. Six analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, Western Digital currently has an average rating of "Moderate Buy" and an average price target of $81.47.

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Insiders Place Their Bets

In other Western Digital news, SVP Gene M. Zamiska sold 1,659 shares of the stock in a transaction that occurred 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 sale, the senior vice president now directly owns 43,776 shares in the company, valued at $1,810,575.36. This represents a 3.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.30% of the stock is owned by corporate insiders.

Western Digital Stock Performance

NASDAQ WDC opened at $44.53 on Friday. The firm has a market cap of $15.49 billion, a P/E ratio of 10.60 and a beta of 1.42. 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 company's 50 day moving average is $59.79 and its 200-day moving average is $63.78. Western Digital Co. has a 12-month low of $39.42 and a 12-month high of $81.55.

Western Digital (NASDAQ:WDC - Get Free Report) last issued its earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share (EPS) 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%. Sell-side analysts predict that Western Digital Co. will post 4.89 earnings per share 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.

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