Prudential PLC raised its position in Western Digital Co. (NASDAQ:WDC – Free Report) by 19.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,985 shares of the data storage provider’s stock after purchasing an additional 4,258 shares during the quarter. Prudential PLC’s holdings in Western Digital were worth $979,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV raised its position in Western Digital by 75.3% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 661 shares of the data storage provider’s stock worth $25,000 after purchasing an additional 284 shares during the period. Louisiana State Employees Retirement System increased its position in shares of Western Digital by 1.5% during the first quarter. Louisiana State Employees Retirement System now owns 20,800 shares of the data storage provider’s stock worth $784,000 after acquiring an additional 300 shares during the period. Mutual of America Capital Management LLC increased its position in shares of Western Digital by 0.7% during the first quarter. Mutual of America Capital Management LLC now owns 45,689 shares of the data storage provider’s stock worth $1,721,000 after acquiring an additional 314 shares during the period. Signaturefd LLC increased its position in shares of Western Digital by 28.1% during the first quarter. Signaturefd LLC now owns 1,560 shares of the data storage provider’s stock worth $59,000 after acquiring an additional 342 shares during the period. Finally, M Holdings Securities Inc. increased its position in shares of Western Digital by 6.2% during the third quarter. M Holdings Securities Inc. now owns 6,735 shares of the data storage provider’s stock worth $219,000 after acquiring an additional 395 shares during the period. 83.38% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of equities analysts have recently commented on WDC shares. Raymond James raised their target price on shares of Western Digital from $42.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 1st. Morgan Stanley reaffirmed an “overweight” rating and set a $52.00 target price on shares of Western Digital in a research report on Tuesday, August 1st. Bank of America raised their target price on shares of Western Digital from $41.00 to $49.00 and gave the stock a “buy” rating in a research report on Tuesday, August 1st. JPMorgan Chase & Co. boosted their price objective on shares of Western Digital from $40.00 to $45.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 2nd. Finally, Rosenblatt Securities boosted their price objective on shares of Western Digital from $29.00 to $38.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 1st. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $43.39.
View Our Latest Stock Analysis on Western Digital
Western Digital Price Performance
NASDAQ:WDC opened at $45.96 on Tuesday. Western Digital Co. has a one year low of $29.73 and a one year high of $46.31. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.77 and a current ratio of 1.45. The firm has a market cap of $14.79 billion, a price-to-earnings ratio of -8.50 and a beta of 1.68. The firm’s fifty day moving average is $40.31 and its two-hundred day moving average is $38.16.
Western Digital (NASDAQ:WDC – Get Free Report) last posted its quarterly earnings results on Monday, July 31st. The data storage provider reported ($1.98) EPS for the quarter, beating the consensus estimate of ($2.30) by $0.32. The company had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.53 billion. Western Digital had a negative net margin of 13.85% and a negative return on equity of 11.96%. The firm’s revenue was down 41.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.54 earnings per share. Research analysts expect that Western Digital Co. will post -5.38 EPS for the current year.
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 computing devices, such as desktop and notebook personal computers (PCs), smart video systems, gaming consoles, and set top boxes; 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; and flash-based memory wafers.
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