IHT Wealth Management LLC Purchases New Shares in Western Digital Co. (NASDAQ:WDC)

IHT Wealth Management LLC purchased a new stake in Western Digital Co. (NASDAQ:WDC) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,610 shares of the data storage provider’s stock, valued at approximately $246,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Fairfield Financial Advisors LTD purchased a new position in shares of Western Digital during the 2nd quarter valued at approximately $29,000. Eastern Bank bought a new position in Western Digital during the 3rd quarter valued at $27,000. True Wealth Design LLC boosted its stake in Western Digital by 2,184.2% during the 3rd quarter. True Wealth Design LLC now owns 434 shares of the data storage provider’s stock valued at $30,000 after acquiring an additional 415 shares during the last quarter. 1620 Investment Advisors Inc. bought a new position in Western Digital during the 2nd quarter valued at $34,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of Western Digital during the second quarter worth about $34,000. Hedge funds and other institutional investors own 92.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Susquehanna increased their price target on shares of Western Digital from $75.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. The Goldman Sachs Group reduced their price objective on Western Digital from $79.00 to $72.00 and set a “neutral” rating on the stock in a research note on Thursday, October 24th. Barclays raised their price objective on Western Digital from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. TD Cowen reduced their price target on shares of Western Digital from $95.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. 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. Six equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.71.

Western Digital Price Performance

Shares of NASDAQ WDC opened at $68.82 on Wednesday. Western Digital Co. has a fifty-two week low of $48.39 and a fifty-two week high of $81.55. The stock has a market cap of $23.79 billion, a P/E ratio of 40.48 and a beta of 1.42. The firm’s 50-day simple moving average is $67.63 and its 200 day simple moving average is $68.93. The company has a quick ratio of 0.91, a current ratio of 1.47 and a debt-to-equity ratio of 0.49.

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

Insider Transactions at Western Digital

In related news, SVP Gene M. Zamiska sold 658 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $69.99, for a total value of $46,053.42. Following the sale, the senior vice president now directly owns 28,863 shares in the company, valued at $2,020,121.37. The trade was a 2.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO David Goeckeler sold 75,000 shares of the company’s stock in a transaction on 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 directly owns 896,630 shares in the company, valued at $63,051,021.60. This represents a 7.72 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 184,107 shares of company stock valued at $13,042,381. Corporate insiders own 0.30% of the company’s stock.

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.