Western Digital Co. SVP Sells Shares in Stock Transaction

Western Digital Co. (NASDAQ:WDC) announced that its Senior Vice President, Gene M. Zamiska, sold 1,659 shares of the company's stock on March 7th. The shares were sold at an average price of $41.36 each, amounting to a total of $68,616.24 for the transaction. As a result of this sale, Zamiska now holds 43,776 shares in the company, which are valued at approximately $1,810,575.36. This sale marks a 3.65% decrease in Zamiska's ownership stake in Western Digital. The transaction was reported in a filing with the Securities and Exchange Commission.

Western Digital Stock Performance

On Monday, Western Digital's stock traded down by $1.16, reaching a price of $40.54. The company's trading volume for the day was about 10,562,520 shares, surpassing its average volume of 9,386,635 shares. The stock has a 52-week low of $39.42 and a high of $61.16. Its sixty-day moving average price stands at $61.27, while the two-hundred-day moving average price is at $64.37. The current market capitalization of Western Digital is approximately $14.10 billion, which corresponds to a price-to-earnings ratio of 9.65 and a beta of 1.42. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26, and a current ratio of 1.99.

Western Digital's latest earnings results were released on January 29th, where the data storage provider reported earnings of $1.55 per share. This figure missed analysts' consensus estimate of $1.91 by $0.36. The company also reported a return on equity of 15.68% and a net margin of 9.95%. Analysts are predicting that for the current fiscal year, Western Digital will post earnings per share of 4.89.

Institutional Investment Trends

Recent changes in institutional holdings have been notable. For instance, Versant Capital Management Inc increased its stake in Western Digital by an impressive 278.9% during the fourth quarter, owning 413 shares now valued at $25,000 after purchasing an additional 304 shares. Additionally, Sierra Ocean LLC entered a new investment in Western Digital, with a valuation around $29,000. True Wealth Design LLC also enhanced its position significantly by 2,184.2% during the third quarter. As of now, approximately 92.51% of the company's stock is owned by institutional investors and hedge funds.

Analyst Insights on Western Digital

Several financial institutions have recently adjusted their outlook and price targets for Western Digital. Morgan Stanley lowered its target from $100.00 to $93.00 while retaining an "overweight" rating. Bank of America also reduced its target from $89.00 to $80.00 with a "buy" recommendation. Wedbush maintained an “outperform” rating but set its price target at $95. Citigroup raised its target from $60.45 to $64.00, indicating a "buy" sentiment. Wells Fargo decreased its price target from $85.00 to $75.00 while keeping an “overweight” rating on the stock. Currently, six analysts recommend holding the stock, while fifteen analysts suggest buying it, leading to a consensus rating of "Moderate Buy" and an average price target of $81.47.

About Western Digital

Western Digital Corporation is a global leader in data storage solutions, involved in the design and manufacturing of hard disk drives (HDDs) and solid-state drives (SSDs). These products are utilized in various devices, including personal computers, gaming consoles, mobile phones, tablets, and more. The company serves a wide range of markets across the United States, Europe, Asia, and other regions.

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