Western Digital (NASDAQ:WDC) Shares Gap Down – Here’s What Happened

Western Digital Co. (NASDAQ:WDC)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $63.54, but opened at $61.92. Western Digital shares last traded at $61.63, with a volume of 1,345,131 shares changing hands.

Analyst Ratings Changes

WDC has been the subject of several analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $95.00 price target on shares of Western Digital in a research note on Tuesday, November 26th. The Goldman Sachs Group decreased their target price on Western Digital from $79.00 to $72.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Barclays raised their price target on shares of Western Digital from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Morgan Stanley boosted their price target on shares of Western Digital from $94.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, BNP Paribas reduced their price target on shares of Western Digital from $95.00 to $90.00 in a research report on Thursday, October 24th. Seven analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, Western Digital has a consensus rating of “Moderate Buy” and a consensus target price of $86.67.

Western Digital Stock Down 5.1 %

The business has a 50 day moving average of $67.59 and a two-hundred day moving average of $68.56. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.91 and a current ratio of 1.47. The stock has a market capitalization of $20.85 billion, a PE ratio of 35.47 and a beta of 1.42.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, October 24th. The data storage provider reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.23. Western Digital had a return on equity of 8.57% and a net margin of 4.81%. The business had revenue of $4.10 billion during the quarter, compared to the consensus estimate of $4.12 billion. During the same quarter last year, the company earned ($1.97) earnings per share. The company’s quarterly revenue was up 48.9% on a year-over-year basis. Analysts predict that Western Digital Co. will post 6.56 EPS for the current year.

Insider Activity

In other Western Digital news, CEO David Goeckeler sold 75,000 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $70.32, for a total value of $5,274,000.00. Following the completion of the transaction, the chief executive officer now owns 896,630 shares in the company, valued at approximately $63,051,021.60. This represents a 7.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Gene M. Zamiska sold 1,993 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $69.94, for a total value of $139,390.42. Following the sale, the senior vice president now owns 30,608 shares in the company, valued at $2,140,723.52. This trade represents a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 184,107 shares of company stock valued at $13,042,381 in the last ninety days. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Western Digital

A number of institutional investors have recently added to or reduced their stakes in the stock. Fairfield Financial Advisors LTD purchased a new stake in shares of Western Digital during the second quarter worth approximately $29,000. Eastern Bank acquired a new stake in Western Digital during the 3rd quarter worth $27,000. True Wealth Design LLC grew its holdings in shares of Western Digital by 2,184.2% during the third quarter. True Wealth Design LLC now owns 434 shares of the data storage provider’s stock worth $30,000 after buying an additional 415 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new stake in shares of Western Digital in the second quarter valued at about $34,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of Western Digital in the second quarter worth about $34,000. Institutional investors and hedge funds own 92.51% of the company’s stock.

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 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.