SouthState Corp Invests $74,000 in Western Digital Co. (NASDAQ:WDC)

SouthState Corp bought a new position in shares of Western Digital Co. (NASDAQ:WDCGet Rating) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,500 shares of the data storage provider’s stock, valued at approximately $74,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of WDC. Norges Bank bought a new position in shares of Western Digital in the fourth quarter worth $202,707,000. Artemis Investment Management LLP increased its position in shares of Western Digital by 631.2% in the fourth quarter. Artemis Investment Management LLP now owns 1,341,800 shares of the data storage provider’s stock worth $87,438,000 after purchasing an additional 1,158,297 shares during the period. DNB Asset Management AS increased its position in shares of Western Digital by 15.6% in the first quarter. DNB Asset Management AS now owns 7,552,489 shares of the data storage provider’s stock worth $374,981,000 after purchasing an additional 1,021,132 shares during the period. Sanders Capital LLC increased its position in shares of Western Digital by 11.6% in the fourth quarter. Sanders Capital LLC now owns 6,197,859 shares of the data storage provider’s stock worth $468,969,000 after purchasing an additional 646,194 shares during the period. Finally, Thompson Siegel & Walmsley LLC bought a new position in shares of Western Digital in the fourth quarter worth $41,696,000. Institutional investors and hedge funds own 81.11% of the company’s stock.

Western Digital Stock Performance

NASDAQ:WDC opened at $47.09 on Friday. The stock’s 50-day moving average is $49.47 and its 200-day moving average is $51.59. The company has a current ratio of 2.09, a quick ratio of 1.25 and a debt-to-equity ratio of 0.59. The stock has a market cap of $14.75 billion, a P/E ratio of 8.16 and a beta of 1.49. Western Digital Co. has a 1-year low of $41.63 and a 1-year high of $69.99.

Western Digital (NASDAQ:WDCGet Rating) last posted its quarterly earnings data on Friday, August 5th. The data storage provider reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.51 by $0.27. The company had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.57 billion. Western Digital had a return on equity of 20.88% and a net margin of 9.49%. The firm’s quarterly revenue was down 8.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.96 earnings per share. Equities research analysts anticipate that Western Digital Co. will post 7.26 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Wedbush restated an “outperform” rating and issued a $70.00 price target on shares of Western Digital in a research report on Monday, April 25th. Cowen lifted their target price on Western Digital from $60.00 to $65.00 in a research report on Friday, April 29th. The Goldman Sachs Group decreased their target price on Western Digital from $62.00 to $50.00 in a research report on Friday, July 15th. Stifel Nicolaus decreased their target price on Western Digital from $85.00 to $77.00 in a research report on Thursday. Finally, Evercore ISI lifted their target price on Western Digital from $60.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, June 2nd. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $66.53.

About Western Digital

(Get Rating)

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 computing devices, such as desktop and notebook personal computers (PCs), smart video systems, gaming consoles, and set top boxes; 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; and flash-based memory wafers.

Further Reading

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Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

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