Insider Selling: Western Digital Co. (NASDAQ:WDC) CEO Sells $5,274,000.00 in Stock

Western Digital Co. (NASDAQ:WDC) CEO David Goeckeler sold 75,000 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $70.32, for a total value of $5,274,000.00. Following the sale, the chief executive officer now owns 896,630 shares of the company’s stock, valued at $63,051,021.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Western Digital Trading Down 1.5 %

WDC opened at $69.42 on Monday. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $22.67 billion, a PE ratio of -13.97 and a beta of 1.39. Western Digital Co. has a 1-year low of $35.62 and a 1-year high of $81.55. The firm has a 50-day moving average price of $64.09 and a two-hundred day moving average price of $69.70.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.17. Western Digital had a negative net margin of 3.75% and a negative return on equity of 2.63%. The firm had revenue of $3.76 billion during the quarter, compared to analysts’ expectations of $3.77 billion. As a group, equities analysts anticipate that Western Digital Co. will post 7.75 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on WDC shares. StockNews.com raised Western Digital from a “sell” rating to a “hold” rating in a research report on Saturday, July 6th. Susquehanna decreased their target price on Western Digital from $88.00 to $75.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Benchmark reissued a “buy” rating and set a $92.00 target price on shares of Western Digital in a research report on Thursday. Wedbush lifted their target price on Western Digital from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Finally, Citigroup decreased their target price on Western Digital from $95.00 to $85.00 and set a “buy” rating on the stock in a research report on Tuesday, September 10th. Six investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $84.24.

Institutional Investors Weigh In On Western Digital

Institutional investors have recently modified their holdings of the business. Rise Advisors LLC acquired a new stake in shares of Western Digital during the 1st quarter worth approximately $25,000. Fairfield Financial Advisors LTD acquired a new position in Western Digital during the second quarter valued at approximately $29,000. Fidelis Capital Partners LLC acquired a new position in Western Digital during the first quarter valued at approximately $30,000. 1620 Investment Advisors Inc. acquired a new position in Western Digital during the second quarter valued at approximately $34,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in Western Digital during the second quarter valued at approximately $34,000. Institutional investors and hedge funds own 92.51% of the company’s stock.

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.