Western Digital Target of Unusually Large Options Trading (NASDAQ:WDC)

Western Digital Co. (NASDAQ:WDC) was the recipient of unusually large options trading activity on Friday. Stock investors purchased 44,628 call options on the stock. This represents an increase of approximately 69% compared to the average volume of 26,454 call options.

Hedge Funds Weigh In On Western Digital

Several hedge funds have recently bought and sold shares of the company. Versant Capital Management Inc raised its stake in Western Digital by 278.9% during the 4th quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock worth $25,000 after buying an additional 304 shares during the period. Sierra Ocean LLC bought a new stake in Western Digital in the 4th quarter worth approximately $29,000. True Wealth Design LLC lifted its position in Western Digital by 2,184.2% in the third quarter. True Wealth Design LLC now owns 434 shares of the data storage provider’s stock valued at $30,000 after purchasing an additional 415 shares during the last quarter. Comprehensive Financial Planning Inc. PA purchased a new position in Western Digital during the fourth quarter valued at $30,000. Finally, OFI Invest Asset Management bought a new stake in shares of Western Digital in the 4th quarter worth $36,000. 92.51% of the stock is owned by institutional investors.

Western Digital Trading Up 0.5 %

Shares of WDC stock traded up $0.22 during mid-day trading on Friday, reaching $41.67. The company’s stock had a trading volume of 7,206,866 shares, compared to its average volume of 9,233,810. The company’s 50 day simple moving average is $62.44 and its 200-day simple moving average is $64.86. The firm has a market capitalization of $14.49 billion, a PE ratio of 9.92 and a beta of 1.42. Western Digital has a 12-month low of $39.58 and a 12-month high of $61.16. The company has a quick ratio of 1.26, a current ratio of 1.99 and a debt-to-equity ratio of 0.60.

Western Digital (NASDAQ:WDC) last posted its earnings results on Wednesday, January 29th. The data storage provider reported $1.55 EPS for the quarter, missing the consensus estimate of $1.91 by ($0.36). Western Digital had a return on equity of 15.68% and a net margin of 9.95%. On average, research analysts predict that Western Digital will post 4.89 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Mizuho dropped their price objective on Western Digital from $90.00 to $82.00 and set an “outperform” rating on the stock in a research note on Friday, January 3rd. StockNews.com initiated coverage on shares of Western Digital in a report on Wednesday, February 26th. They issued a “buy” rating on the stock. Bank of America lowered their price objective on shares of Western Digital from $89.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Robert W. Baird decreased their price objective on shares of Western Digital from $100.00 to $80.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. Finally, Susquehanna lowered their price target on Western Digital from $83.00 to $72.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Six analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $81.47.

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.