AXQ Capital LP Invests $1.51 Million in Western Digital Co. (NASDAQ:WDC)

AXQ Capital LP bought a new position in Western Digital Co. (NASDAQ:WDC) during the fourth quarter, Holdings Channel reports. The firm bought 25,265 shares of the data storage provider’s stock, valued at approximately $1,507,000. Western Digital makes up approximately 0.7% of AXQ Capital LP’s investment portfolio, making the stock its 17th largest position.

Other hedge funds also recently made changes to their positions in the company. First Horizon Advisors Inc. raised its position in Western Digital by 5.4% during the third quarter. First Horizon Advisors Inc. now owns 2,929 shares of the data storage provider’s stock valued at $200,000 after purchasing an additional 149 shares during the period. Mather Group LLC. boosted its position in Western Digital by 7.0% during the 4th quarter. Mather Group LLC. now owns 2,416 shares of the data storage provider’s stock valued at $144,000 after acquiring an additional 159 shares in the last quarter. Vontobel Holding Ltd. lifted its holdings in shares of Western Digital by 1.4% during the 4th quarter. Vontobel Holding Ltd. now owns 11,804 shares of the data storage provider’s stock valued at $704,000 after purchasing an additional 164 shares during the last quarter. Quarry LP lifted its holdings in shares of Western Digital by 22.6% during the 3rd quarter. Quarry LP now owns 932 shares of the data storage provider’s stock valued at $64,000 after purchasing an additional 172 shares during the last quarter. Finally, Inspire Investing LLC lifted its holdings in shares of Western Digital by 4.3% during the 4th quarter. Inspire Investing LLC now owns 4,324 shares of the data storage provider’s stock valued at $258,000 after purchasing an additional 177 shares during the last quarter. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

Western Digital Trading Down 1.9 %

NASDAQ WDC opened at $43.66 on Friday. Western Digital Co. has a one year low of $39.42 and a one year high of $81.55. The company has a 50-day simple moving average of $57.80 and a 200-day simple moving average of $63.11. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26 and a current ratio of 1.99. The firm has a market capitalization of $15.19 billion, a PE ratio of 10.40 and a beta of 1.42.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share for the quarter, missing analysts’ consensus estimates 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, equities analysts forecast that Western Digital Co. will post 4.89 earnings per share for the current year.

Insider Buying and Selling at Western Digital

In other news, SVP Gene M. Zamiska sold 1,659 shares of the stock in a transaction on Friday, March 7th. The shares were sold at an average price of $41.36, for a total transaction of $68,616.24. Following the transaction, the senior vice president now owns 43,776 shares in the company, valued at $1,810,575.36. This represents a 3.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. StockNews.com assumed coverage on Western Digital in a research note on Wednesday, February 26th. They issued a “buy” rating for the company. Citigroup lifted their price objective on Western Digital from $60.45 to $64.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Wedbush reiterated an “outperform” rating and set a $95.00 price objective on shares of Western Digital in a research note on Monday, February 10th. Morgan Stanley reduced their price objective on Western Digital from $100.00 to $93.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Finally, The Goldman Sachs Group raised their target price on Western Digital from $70.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Western Digital presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.21.

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.