Caprock Group LLC Invests $2.61 Million in Western Digital Corporation $WDC

Caprock Group LLC acquired a new position in shares of Western Digital Corporation (NASDAQ:WDC) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 21,770 shares of the data storage provider’s stock, valued at approximately $2,614,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. ORG Partners LLC grew its stake in shares of Western Digital by 124.5% in the 3rd quarter. ORG Partners LLC now owns 211 shares of the data storage provider’s stock valued at $25,000 after buying an additional 117 shares in the last quarter. Private Wealth Management Group LLC lifted its stake in Western Digital by 102.5% in the second quarter. Private Wealth Management Group LLC now owns 399 shares of the data storage provider’s stock valued at $26,000 after acquiring an additional 202 shares during the last quarter. Rakuten Securities Inc. grew its position in Western Digital by 4,070.0% in the second quarter. Rakuten Securities Inc. now owns 417 shares of the data storage provider’s stock worth $27,000 after acquiring an additional 407 shares in the last quarter. NewSquare Capital LLC grew its position in Western Digital by 86.9% in the second quarter. NewSquare Capital LLC now owns 441 shares of the data storage provider’s stock worth $28,000 after acquiring an additional 205 shares in the last quarter. Finally, Cullen Frost Bankers Inc. increased its stake in shares of Western Digital by 551.4% during the 3rd quarter. Cullen Frost Bankers Inc. now owns 241 shares of the data storage provider’s stock worth $29,000 after purchasing an additional 204 shares during the last quarter. Hedge funds and other institutional investors own 92.51% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. TD Cowen lifted their price objective on shares of Western Digital from $200.00 to $325.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Truist Financial set a $310.00 target price on Western Digital in a report on Tuesday, February 3rd. Citigroup boosted their price target on Western Digital to $325.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. UBS Group set a $306.00 price objective on Western Digital in a report on Friday, January 30th. Finally, Argus set a $300.00 price objective on Western Digital in a research note on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $265.58.

Western Digital Stock Up 3.8%

Shares of WDC opened at $284.10 on Friday. The company has a market capitalization of $96.32 billion, a P/E ratio of 28.50, a PEG ratio of 0.63 and a beta of 1.80. Western Digital Corporation has a one year low of $28.83 and a one year high of $307.50. The business’s 50 day simple moving average is $214.67 and its 200-day simple moving average is $149.58. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.46 and a quick ratio of 1.19.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, January 29th. The data storage provider reported $2.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.20. The firm had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $2.93 billion. Western Digital had a return on equity of 41.53% and a net margin of 35.52%.The business’s revenue for the quarter was up 25.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.77 EPS. As a group, sell-side analysts predict that Western Digital Corporation will post 4.89 EPS for the current fiscal year.

Western Digital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Thursday, March 5th will be given a dividend of $0.125 per share. The ex-dividend date is Thursday, March 5th. This represents a $0.50 dividend on an annualized basis and a yield of 0.2%. Western Digital’s dividend payout ratio is presently 5.02%.

Insider Buying and Selling

In other news, Director Roxanne Oulman sold 1,800 shares of Western Digital stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $154.42, for a total transaction of $277,956.00. Following the completion of the sale, the director owned 3,863 shares in the company, valued at $596,524.46. The trade was a 31.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Irving Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $255.44, for a total transaction of $5,108,800.00. Following the sale, the chief executive officer directly owned 623,586 shares of the company’s stock, valued at approximately $159,288,807.84. This trade represents a 3.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 70,522 shares of company stock worth $17,661,708. 0.18% of the stock is currently owned by company insiders.

Western Digital Company Profile

Western Digital Corporation is a global data storage company that designs, manufactures and sells a broad range of storage devices and systems for personal, enterprise and cloud applications. Headquartered in San Jose, California, the company develops hard disk drives (HDDs), solid-state drives (SSDs), NAND flash components and finished storage products used in PCs, external storage, servers, network-attached storage (NAS) and embedded systems.

Its product portfolio spans consumer and commercial markets, including internal and external HDDs and SSDs, removable flash memory products and storage platforms for data center and enterprise environments.