Proficio Capital Partners LLC Invests $3.54 Million in Western Digital Co. (NASDAQ:WDC)

Proficio Capital Partners LLC bought a new position in Western Digital Co. (NASDAQ:WDC) in the fourth quarter, HoldingsChannel reports. The firm bought 59,391 shares of the data storage provider’s stock, valued at approximately $3,541,000.

Several other large investors have also recently modified their holdings of the stock. Versant Capital Management Inc grew its position in Western Digital by 278.9% in the 4th 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 last quarter. Sierra Ocean LLC purchased a new stake in shares of Western Digital during the fourth quarter valued at $29,000. True Wealth Design LLC lifted its holdings in 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 valued at $30,000 after buying an additional 415 shares in the last quarter. Comprehensive Financial Planning Inc. PA purchased a new stake in Western Digital in the 4th quarter valued at about $30,000. Finally, Brooklyn Investment Group bought a new position in Western Digital in the 3rd quarter worth about $45,000. Institutional investors own 92.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Robert W. Baird lowered their price target on Western Digital from $100.00 to $80.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. Barclays lowered their target price on Western Digital from $90.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, January 17th. Wells Fargo & Company lowered their price objective 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. The Goldman Sachs Group raised their target price on shares of Western Digital from $70.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. Finally, Mizuho lowered their price target on shares of Western Digital from $90.00 to $82.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $80.21.

Insider Buying and Selling

In related news, SVP Gene M. Zamiska sold 1,659 shares of the business’s 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 in the company, valued at $1,810,575.36. The trade was a 3.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Western Digital Stock Up 0.5 %

Western Digital stock opened at $44.75 on Tuesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26 and a current ratio of 1.99. Western Digital Co. has a fifty-two week low of $39.42 and a fifty-two week high of $81.55. The company has a market cap of $15.57 billion, a PE ratio of 10.65 and a beta of 1.42. The business’s 50-day simple moving average is $59.37 and its two-hundred day simple moving average is $63.67.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share (EPS) 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%. Equities analysts anticipate that Western Digital Co. will post 4.89 EPS for the current year.

Western Digital 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.