Raymond James Financial Services Advisors Inc. Sells 1,524 Shares of Western Digital Co. (NASDAQ:WDC)

Raymond James Financial Services Advisors Inc. reduced its position in shares of Western Digital Co. (NASDAQ:WDC) by 10.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,530 shares of the data storage provider’s stock after selling 1,524 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Western Digital were worth $656,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of WDC. Janiczek Wealth Management LLC acquired a new position in Western Digital during the 3rd quarter valued at $28,000. Parkside Financial Bank & Trust raised its stake in Western Digital by 79.1% during the 3rd quarter. Parkside Financial Bank & Trust now owns 747 shares of the data storage provider’s stock valued at $34,000 after purchasing an additional 330 shares during the last quarter. CVA Family Office LLC acquired a new position in Western Digital during the 4th quarter valued at $41,000. Harvest Fund Management Co. Ltd acquired a new position in Western Digital during the 3rd quarter valued at $41,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Western Digital during the 1st quarter valued at $57,000. 92.51% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Kimberly Alexy sold 2,648 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $69.95, for a total value of $185,227.60. Following the transaction, the director now owns 20,509 shares of the company’s stock, valued at approximately $1,434,604.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Kimberly Alexy sold 2,648 shares of Western Digital stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $69.95, for a total transaction of $185,227.60. Following the transaction, the director now owns 20,509 shares of the company’s stock, valued at approximately $1,434,604.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Gene M. Zamiska sold 443 shares of Western Digital stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $75.00, for a total transaction of $33,225.00. Following the transaction, the senior vice president now directly owns 30,958 shares in the company, valued at approximately $2,321,850. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on WDC. Rosenblatt Securities upgraded shares of Western Digital from a “neutral” rating to a “buy” rating in a research note on Friday, April 5th. TD Cowen increased their price objective on shares of Western Digital from $50.00 to $75.00 and gave the company an “outperform” rating in a research note on Friday, January 26th. The Goldman Sachs Group increased their price objective on shares of Western Digital from $58.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, April 12th. Evercore ISI began coverage on shares of Western Digital in a research note on Wednesday, March 27th. They issued an “outperform” rating and a $80.00 price objective for the company. Finally, Bank of America increased their price objective on shares of Western Digital from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $72.61.

Western Digital Stock Down 1.3 %

Shares of NASDAQ:WDC opened at $70.17 on Thursday. Western Digital Co. has a 12 month low of $31.97 and a 12 month high of $76.92. The company’s 50-day moving average price is $63.30 and its two-hundred day moving average price is $53.89. The company has a quick ratio of 0.98, a current ratio of 1.67 and a debt-to-equity ratio of 0.73. The firm has a market cap of $22.87 billion, a P/E ratio of -9.84 and a beta of 1.57.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Monday, January 29th. The data storage provider reported ($0.69) EPS for the quarter, topping analysts’ consensus estimates of ($1.30) by $0.61. The firm had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3 billion. Western Digital had a negative net margin of 19.90% and a negative return on equity of 19.45%. The company’s revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.69) EPS. As a group, research analysts forecast that Western Digital Co. will post -2.31 EPS for the current fiscal 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.