Oppenheimer Asset Management Inc. increased its position in Western Digital Corp (NASDAQ:WDC) by 7.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,228 shares of the data storage provider’s stock after purchasing an additional 2,472 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Western Digital were worth $1,467,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in WDC. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Western Digital by 1.0% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 19,152 shares of the data storage provider’s stock worth $1,216,000 after buying an additional 184 shares during the last quarter. CSat Investment Advisory L.P. boosted its holdings in Western Digital by 33.6% during the fourth quarter. CSat Investment Advisory L.P. now owns 792 shares of the data storage provider’s stock worth $50,000 after buying an additional 199 shares during the last quarter. World Asset Management Inc lifted its holdings in shares of Western Digital by 0.9% during the 4th quarter. World Asset Management Inc now owns 25,072 shares of the data storage provider’s stock valued at $1,591,000 after purchasing an additional 217 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Western Digital by 1.1% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 22,268 shares of the data storage provider’s stock valued at $1,413,000 after purchasing an additional 249 shares in the last quarter. Finally, Cornerstone Advisors Inc. lifted its holdings in shares of Western Digital by 22.4% during the 1st quarter. Cornerstone Advisors Inc. now owns 1,387 shares of the data storage provider’s stock valued at $58,000 after purchasing an additional 254 shares in the last quarter. Hedge funds and other institutional investors own 82.15% of the company’s stock.
WDC stock opened at $42.69 on Friday. The company has a current ratio of 1.91, a quick ratio of 1.22 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $12.88 billion, a PE ratio of -21.24 and a beta of 1.69. Western Digital Corp has a 1-year low of $27.40 and a 1-year high of $72.00. The business’s 50 day simple moving average is $41.79 and its 200 day simple moving average is $53.08.
Western Digital (NASDAQ:WDC) last posted its earnings results on Thursday, April 30th. The data storage provider reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.07). The business had revenue of $4.18 billion for the quarter, compared to analyst estimates of $4.16 billion. Western Digital had a positive return on equity of 3.42% and a negative net margin of 3.70%. The firm’s revenue was up 13.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.17 earnings per share. As a group, sell-side analysts predict that Western Digital Corp will post 2.24 EPS for the current fiscal year.
Several equities analysts have recently weighed in on the company. Wedbush reiterated an “outperform” rating and set a $86.00 price objective (up previously from $83.00) on shares of Western Digital in a report on Friday, January 31st. Wells Fargo & Co cut their price objective on Western Digital from $85.00 to $60.00 and set an “overweight” rating on the stock in a report on Friday, March 20th. Argus lifted their price objective on Western Digital from $70.00 to $82.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Barclays reiterated a “hold” rating and set a $73.00 price objective on shares of Western Digital in a report on Monday, February 3rd. Finally, Morgan Stanley dropped their target price on Western Digital from $94.00 to $56.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. Western Digital has an average rating of “Buy” and an average price target of $69.60.
About Western Digital
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance 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, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
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