Western Digital Corp (NASDAQ:WDC) was the recipient of a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 16,673,690 shares, an increase of 29.3% from the December 14th total of 12,894,688 shares. Based on an average daily trading volume, of 6,739,463 shares, the days-to-cover ratio is presently 2.5 days. Approximately 5.9% of the company’s shares are sold short.
Western Digital stock opened at $40.03 on Friday. Western Digital has a twelve month low of $33.83 and a twelve month high of $106.96. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.70 and a current ratio of 2.41. The firm has a market cap of $11.52 billion, a PE ratio of 2.96, a P/E/G ratio of 0.35 and a beta of 1.22.
Western Digital (NASDAQ:WDC) last issued its earnings results on Thursday, October 25th. The data storage provider reported $2.78 EPS for the quarter, topping analysts’ consensus estimates of $2.70 by $0.08. The firm had revenue of $5.03 billion during the quarter, compared to the consensus estimate of $5.14 billion. Western Digital had a net margin of 2.46% and a return on equity of 35.37%. Analysts predict that Western Digital will post 5.94 EPS for the current year.
A number of brokerages have issued reports on WDC. Zacks Investment Research raised Western Digital from a “strong sell” rating to a “hold” rating in a research report on Monday, December 31st. Morgan Stanley cut their target price on Western Digital from $53.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Wednesday, December 19th. Deutsche Bank began coverage on Western Digital in a research report on Thursday, December 13th. They issued a “hold” rating on the stock. BidaskClub lowered Western Digital from a “sell” rating to a “strong sell” rating in a research report on Saturday, December 8th. Finally, Bank of America reissued a “buy” rating and issued a $68.00 target price (down previously from $75.00) on shares of Western Digital in a research report on Thursday, December 6th. Two analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Western Digital currently has a consensus rating of “Hold” and a consensus target price of $79.68.
In other news, Director Matthew E. Massengill sold 1,681 shares of Western Digital stock in a transaction that occurred on Monday, November 5th. The shares were sold at an average price of $47.68, for a total transaction of $80,150.08. Following the sale, the director now owns 17,848 shares of the company’s stock, valued at approximately $850,992.64. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.36% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the stock. Vident Investment Advisory LLC boosted its stake in Western Digital by 705.1% in the third quarter. Vident Investment Advisory LLC now owns 49,272 shares of the data storage provider’s stock valued at $2,884,000 after acquiring an additional 43,152 shares in the last quarter. ING Groep NV boosted its stake in Western Digital by 343.5% in the third quarter. ING Groep NV now owns 92,390 shares of the data storage provider’s stock valued at $5,409,000 after acquiring an additional 71,556 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Western Digital by 17.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 14,328 shares of the data storage provider’s stock valued at $750,000 after acquiring an additional 2,172 shares in the last quarter. USA Financial Portformulas Corp acquired a new position in Western Digital in the third quarter valued at $421,000. Finally, Villere ST Denis J & Co. LLC boosted its stake in Western Digital by 31.8% in the third quarter. Villere ST Denis J & Co. LLC now owns 1,349,285 shares of the data storage provider’s stock valued at $78,987,000 after acquiring an additional 325,610 shares in the last quarter. Hedge funds and other institutional investors own 83.61% of the company’s stock.
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About Western Digital
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
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