Western Digital Executive Sells Shares Worth Over $68,000

On March 7th, Gene M. Zamiska, the Senior Vice President of Western Digital Co. (NASDAQ:WDC - Get Free Report), conducted a sale of 1,659 shares from his holdings in the company. This transaction was completed at an average price of $41.36 per share, resulting in a total sale value of $68,616.24. After this sale, Zamiska's direct ownership in Western Digital decreased to 43,776 shares, which are currently valued at approximately $1,810,575.36. This sale reflects a 3.65% reduction in his stake in the company. Details of this transaction were filed with the Securities & Exchange Commission and can be accessed through their website.

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Performance of Western Digital Stock

During trading on Monday, Western Digital's stock price declined by $1.16, closing at $40.54. The trading volume for the day was around 10,562,520 shares, surpassing the average volume of 9,386,635. Over the past year, the stock has seen a low of $39.42 and a high of $61.16. Currently, the company's fifty-day moving average stands at $61.27, while the 200-day moving average is $64.37. Western Digital boasts a market capitalization of $14.10 billion, a price-to-earnings ratio of 9.65, and a beta of 1.42. Its debt-to-equity ratio is noted at 0.60, with a quick ratio of 1.26 and a current ratio of 1.99.

Recent Earnings Results

Western Digital announced its earnings on January 29th, where it reported earnings per share of $1.55 for the quarter, which fell short of analysts' expectations of $1.91 by $0.36. The company maintained a return on equity of 15.68%, alongside a net margin of 9.95%. Analysts project that Western Digital will achieve earnings per share of 4.89 for the current fiscal year.

Institutional Investment Activity

Recent changes in institutional and hedge fund investments reveal increased activity with Western Digital stock. Notably, Versant Capital Management Inc raised its stake by 278.9% during the fourth quarter, now holding 413 shares valued at $25,000 after acquiring an additional 304 shares. Similarly, Sierra Ocean LLC established a new position worth about $29,000 in the same quarter. True Wealth Design LLC remarkably increased its position by 2,184.2% in the third quarter, now owning 434 shares worth $30,000 after purchasing an additional 415 shares. Comprehensive Financial Planning Inc. PA and OFI Invest Asset Management also filled new positions, valued at approximately $30,000 and $36,000 respectively. Currently, 92.51% of Western Digital’s shares are owned by institutional investors and hedge funds.

Analyst Ratings Updates

Recent evaluations from various brokerages on Western Digital have resulted in different price target changes. Morgan Stanley lowered their target from $100.00 to $93.00 while maintaining an "overweight" rating. Bank of America also adjusted their target from $89.00 to $80.00, sustaining a "buy" rating. Wedbush reiterated an "outperform" rating with a target at $95.00, while Citigroup increased their target from $60.45 to $64.00, maintaining a "buy" label as well. Wells Fargo & Company decreased their target from $85.00 to $75.00, still giving it an "overweight" score. The general consensus among analysts currently stands at a "Moderate Buy" with an average price target of $81.47.

About Western Digital

Western Digital Corporation specializes in the development, manufacturing, and sale of data storage devices and related solutions across several global markets, including the United States, China, Hong Kong, and Europe. Their product lineup includes client devices such as hard disk drives (HDDs) and solid-state drives (SSDs) aimed at personal computers, gaming consoles, and more. Additionally, they offer flash storage products for various mobile and connected devices.

Western Digital, Stock, Investment