Westfield Capital Management Co. LP Invests $48.47 Million in Western Digital Co. (NASDAQ:WDC)

Westfield Capital Management Co. LP bought a new stake in Western Digital Co. (NASDAQ:WDC) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 925,458 shares of the data storage provider’s stock, valued at approximately $48,466,000. Westfield Capital Management Co. LP owned approximately 0.29% of Western Digital at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of WDC. Naples Money Management LLC bought a new position in shares of Western Digital during the 4th quarter valued at about $26,000. Lindbrook Capital LLC grew its position in Western Digital by 121.7% during the fourth quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider’s stock valued at $32,000 after acquiring an additional 337 shares during the last quarter. Northwest Financial Advisors purchased a new position in shares of Western Digital during the fourth quarter worth approximately $35,000. Parkside Financial Bank & Trust lifted its holdings in shares of Western Digital by 79.1% in the 3rd quarter. Parkside Financial Bank & Trust now owns 747 shares of the data storage provider’s stock worth $34,000 after acquiring an additional 330 shares during the last quarter. Finally, CVA Family Office LLC purchased a new stake in shares of Western Digital in the 4th quarter valued at $41,000. 92.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on WDC shares. Benchmark upgraded shares of Western Digital from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research report on Friday, April 26th. Wells Fargo & Company boosted their target price on Western Digital from $72.00 to $95.00 and gave the company an “overweight” rating in a research note on Wednesday, April 10th. Raymond James lowered Western Digital from an “outperform” rating to a “market perform” rating in a research report on Monday, April 22nd. UBS Group lifted their price target on Western Digital from $65.00 to $80.00 and gave the stock a “neutral” rating in a research note on Monday, April 15th. Finally, Susquehanna increased their price objective on Western Digital from $68.00 to $83.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Six equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $78.32.

Insider Buying and Selling

In other news, Director Kimberly Alexy sold 2,648 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $69.95, for a total value of $185,227.60. Following the sale, the director now directly 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 SEC, which is accessible through the SEC website. In related news, Director Kimberly Alexy sold 2,648 shares of the company’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 in the company, valued at approximately $1,434,604.55. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Gene M. Zamiska sold 416 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $71.88, for a total transaction of $29,902.08. Following the sale, the senior vice president now owns 30,321 shares of the company’s stock, valued at $2,179,473.48. The disclosure for this sale can be found here. Insiders sold a total of 3,507 shares of company stock worth $248,355 in the last three months. 0.28% of the stock is owned by corporate insiders.

Western Digital Stock Up 0.9 %

Shares of NASDAQ:WDC traded up $0.65 during trading on Friday, hitting $74.81. The stock had a trading volume of 2,743,577 shares, compared to its average volume of 6,196,621. The company has a market capitalization of $24.43 billion, a PE ratio of -15.05 and a beta of 1.53. The company has a quick ratio of 1.07, a current ratio of 1.86 and a debt-to-equity ratio of 0.72. The firm’s fifty day moving average is $70.09 and its 200 day moving average is $59.15. Western Digital Co. has a 12 month low of $35.62 and a 12 month high of $76.92.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, April 25th. The data storage provider reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.42. The company had revenue of $3.46 billion for the quarter, compared to analysts’ expectations of $3.37 billion. Western Digital had a negative return on equity of 13.75% and a negative net margin of 12.87%. The firm’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.57) earnings per share. Analysts anticipate that Western Digital Co. will post -1.68 EPS for the current fiscal year.

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.