Western Digital (NASDAQ:WDC) Reaches New 1-Year Low – Should You Sell?

Western Digital Co. (NASDAQ:WDC)’s stock price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $50.73 and last traded at $50.21, with a volume of 639408 shares changing hands. The stock had previously closed at $68.71.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on WDC. Citigroup raised their target price on Western Digital from $60.45 to $64.00 and gave the stock a “buy” rating in a research report on Tuesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $95.00 target price on shares of Western Digital in a research note on Tuesday, February 18th. Barclays dropped their target price on Western Digital from $90.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Mizuho decreased their price target on shares of Western Digital from $90.00 to $82.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. Finally, StockNews.com initiated coverage on shares of Western Digital in a research report on Wednesday. They issued a “buy” rating for the company. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $83.05.

Western Digital Price Performance

The stock has a 50 day moving average of $64.14 and a two-hundred day moving average of $65.51. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26 and a current ratio of 1.99. The firm has a market capitalization of $17.07 billion, a P/E ratio of 11.68 and a beta of 1.44.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 EPS for the quarter, missing analysts’ consensus estimates of $1.91 by ($0.36). Western Digital had a net margin of 9.95% and a return on equity of 15.68%. Sell-side analysts predict that Western Digital Co. will post 4.89 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Western Digital

Hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Western Digital by 32.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,131 shares of the data storage provider’s stock worth $2,691,000 after purchasing an additional 11,013 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Western Digital by 6.3% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 841,700 shares of the data storage provider’s stock worth $50,191,000 after buying an additional 50,188 shares during the period. Aigen Investment Management LP lifted its holdings in shares of Western Digital by 124.2% during the third quarter. Aigen Investment Management LP now owns 21,412 shares of the data storage provider’s stock worth $1,462,000 after buying an additional 11,860 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Western Digital by 4.0% in the fourth quarter. Principal Financial Group Inc. now owns 390,826 shares of the data storage provider’s stock valued at $23,305,000 after acquiring an additional 15,189 shares during the period. Finally, Handelsbanken Fonder AB grew its stake in shares of Western Digital by 53.3% in the fourth quarter. Handelsbanken Fonder AB now owns 99,444 shares of the data storage provider’s stock worth $5,930,000 after acquiring an additional 34,579 shares during the last quarter. 92.51% of the stock is currently owned by institutional investors.

About Western Digital

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.