National Wealth Management Group LLC Takes Position in Western Digital Co. (NASDAQ:WDC)

National Wealth Management Group LLC acquired a new stake in Western Digital Co. (NASDAQ:WDC) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 8,544 shares of the data storage provider’s stock, valued at approximately $447,000.

Several other hedge funds and other institutional investors have also modified their holdings of WDC. John G Ullman & Associates Inc. raised its holdings in shares of Western Digital by 30.3% during the 4th quarter. John G Ullman & Associates Inc. now owns 103,750 shares of the data storage provider’s stock valued at $5,433,000 after buying an additional 24,100 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Western Digital by 2.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,028,114 shares of the data storage provider’s stock worth $138,173,000 after purchasing an additional 66,680 shares during the last quarter. Numerai GP LLC purchased a new stake in Western Digital during the 3rd quarter worth approximately $884,000. CoreCap Advisors LLC purchased a new stake in Western Digital during the 4th quarter worth approximately $1,415,000. Finally, Sora Investors LLC increased its holdings in Western Digital by 441.7% during the 3rd quarter. Sora Investors LLC now owns 325,000 shares of the data storage provider’s stock worth $14,830,000 after purchasing an additional 265,000 shares during the last quarter. 92.51% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Western Digital news, Director Kimberly Alexy sold 2,648 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $69.95, for a total transaction of $185,227.60. Following the completion of the transaction, the director now owns 20,509 shares in the company, valued at approximately $1,434,604.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Western Digital news, SVP Gene M. Zamiska sold 443 shares of the business’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $75.00, for a total transaction of $33,225.00. Following the completion of the transaction, the senior vice president now owns 30,958 shares in the company, valued at approximately $2,321,850. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kimberly Alexy sold 2,648 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $69.95, for a total value of $185,227.60. Following the transaction, the director now owns 20,509 shares of the company’s stock, valued at approximately $1,434,604.55. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by insiders.

Western Digital Stock Performance

NASDAQ:WDC traded up $1.00 during midday trading on Monday, reaching $67.05. 6,832,727 shares of the company traded hands, compared to its average volume of 6,977,686. Western Digital Co. has a twelve month low of $31.97 and a twelve month high of $76.92. The firm has a market capitalization of $21.85 billion, a price-to-earnings ratio of -9.40 and a beta of 1.57. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.67 and a quick ratio of 0.98. The company has a fifty day moving average price of $63.90 and a 200 day moving average price of $54.40.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Monday, January 29th. The data storage provider reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.30) by $0.61. Western Digital had a negative return on equity of 19.45% and a negative net margin of 19.90%. The business had revenue of $3.03 billion during the quarter, compared to analyst estimates of $3 billion. During the same quarter in the previous year, the firm posted ($0.69) EPS. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, analysts expect that Western Digital Co. will post -2.21 EPS for the current fiscal year.

Wall Street Analyst Weigh In

WDC has been the topic of several analyst reports. Mizuho lifted their price objective on Western Digital from $66.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. Morgan Stanley lifted their price objective on Western Digital from $73.00 to $83.00 and gave the stock an “overweight” rating in a report on Thursday. TD Cowen lifted their price objective on Western Digital from $50.00 to $75.00 and gave the stock an “outperform” rating in a report on Friday, January 26th. Evercore ISI initiated coverage on Western Digital in a report on Wednesday, March 27th. They set an “outperform” rating and a $80.00 price objective on the stock. Finally, UBS Group lifted their price objective on Western Digital from $65.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, April 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $73.72.

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.