Western Digital (NASDAQ:WDC) Trading Down 3.5% – Time to Sell?

Western Digital Co. (NASDAQ:WDC) shares were down 3.5% during mid-day trading on Tuesday . The stock traded as low as $42.84 and last traded at $42.77. Approximately 568,404 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 5,959,106 shares. The stock had previously closed at $44.31.

Analyst Ratings Changes

Several research firms have weighed in on WDC. Wells Fargo & Company lowered their price target on shares of Western Digital from $85.00 to $75.00 and set an “overweight” rating for the company in a research note on Tuesday, February 25th. Rosenblatt Securities reduced their target price on Western Digital from $115.00 to $95.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Barclays dropped their price objective on shares of Western Digital from $90.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, January 17th. Robert W. Baird cut their target price on Western Digital from $100.00 to $80.00 and set an “outperform” rating on the stock in a research note on Thursday, January 30th. Finally, Morgan Stanley decreased their price objective on shares of Western Digital from $100.00 to $93.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $80.21.

Western Digital Stock Down 1.8 %

The company has a market capitalization of $14.82 billion, a PE ratio of 10.15 and a beta of 1.42. 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 company’s fifty day moving average is $56.62 and its 200-day moving average is $62.71.

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

Insider Buying and Selling at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 1,659 shares of Western Digital stock in a transaction on Friday, March 7th. The shares were sold at an average price of $41.36, for a total value of $68,616.24. Following the completion of the transaction, the senior vice president now directly owns 43,776 shares of the company’s stock, valued at $1,810,575.36. This trade represents a 3.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Western Digital

Large investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc raised its stake in shares of Western Digital by 278.9% in the fourth quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock valued at $25,000 after acquiring an additional 304 shares during the period. Sierra Ocean LLC bought a new position in Western Digital in the fourth quarter worth approximately $29,000. True Wealth Design LLC lifted its stake in shares of 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 worth $30,000 after purchasing an additional 415 shares during the last quarter. Comprehensive Financial Planning Inc. PA purchased a new position in Western Digital in the fourth quarter valued at about $30,000. Finally, OFI Invest Asset Management purchased a new stake in Western Digital during the fourth quarter valued at approximately $36,000. 92.51% of the stock is owned by institutional investors.

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.