Western Digital Co. SVP Sells Shares Worth Over $68,000

On March 7th, Gene M. Zamiska, the Senior Vice President of Western Digital Co. (NASDAQ:WDC - Get Free Report), executed a sale of 1,659 shares of the company's stock. The transaction was completed at an average price of $41.36 per share, resulting in a total value of $68,616.24. After this sale, Zamiska now directly owns 43,776 shares of Western Digital, which are valued at approximately $1,810,575.36. This transaction marks a 3.65% decrease in his overall ownership of the company's stock. Details regarding the sale were disclosed through a filing made to the Securities & Exchange Commission.

Western Digital Stock Overview

During trading on the following Monday, Western Digital's stock saw a decrease of $1.16, bringing its price down to $40.54. The trading volume for this day reached 10,562,520 shares, while the average trading volume is 9,386,635. Over the past year, Western Digital’s stock has fluctuated, having a 52-week low of $39.42 and a 52-week high of $61.16. The company's fifty-day moving average price is $61.27 and its 200-day moving average price sits at $64.37. Currently, Western Digital has a market capitalization of $14.10 billion, a price-to-earnings ratio of 9.65, and a beta of 1.42. Furthermore, the company's debt-to-equity ratio is 0.60, a quick ratio of 1.26, and a current ratio of 1.99.

Recent Earnings Report

Western Digital recently announced its earnings results on January 29th, revealing an earnings per share of $1.55 for the quarter, which was below the consensus estimate of $1.91 by $0.36. The company reported a return on equity of 15.68% and a net margin of 9.95%. Analysts are forecasting an average earnings per share of 4.89 for the current fiscal year.

Investment Activity and Stock Ownership

In recent months, many institutional investors and hedge funds have either increased or decreased their stakes in Western Digital. For instance, Versant Capital Management Inc boosted its position in Western Digital by an impressive 278.9% in the fourth quarter, now holding 413 shares worth about $25,000. Similarly, Sierra Ocean LLC and True Wealth Design LLC both acquired new positions during the same period, reflecting a growing confidence in the stock among institutional investors. Currently, over 92% of Western Digital's stock is owned by these institutions.

Broker Analyst Ratings

Several brokerage firms have provided updates regarding Western Digital's stock. Morgan Stanley recently lowered its price target for Western Digital from $100.00 to $93.00 while maintaining an "overweight" rating. Bank of America has reduced its price target from $89.00 to $80.00, also marking it as a "buy." Wedbush maintained an "outperform" rating and set a target of $95.00. Meanwhile, Citigroup raised their price target from $60.45 to $64.00, giving a "buy" rating. Wells Fargo decreased their target from $85.00 to $75.00 yet preserved an "overweight" rating. Overall, the stock received multiple ratings, with six analysts signaling a hold and fifteen recommending it as a buy. The consensus rating for the stock is classified as a "Moderate Buy" with an average price target of $81.47.

About Western Digital

Western Digital Corporation specializes in the development, manufacturing, and sale of data storage devices and solutions. Their product range includes hard disk drives (HDDs) and solid-state drives (SSDs) aimed at personal computers, gaming consoles, and various consumer electronics. Additionally, they produce flash-based storage products for mobile devices and applications related to automotive, Internet of Things, and industrial sales.

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