Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Western Digital Corporation shares valued at $88,712 were sold by Zamiska Gene M. on Sep 07. At $40.90 per share, Zamiska Gene M. sold 2,169 shares. The insider’s holdings dropped to 31,554 shares worth approximately $1.1 million following the completion of this transaction.
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Also, Zamiska Gene M. sold 4,776 shares, netting a total of over 300,888 in proceeds. Following the sale of shares at $63.00 each, the insider now holds 26,719 shares.
Before that, Sivaram Srinivasan had sold 11,380 shares from its account. In a trade valued at $607,385, the President, Tech & Strategy traded Western Digital Corporation shares for $53.37 each. Upon closing the transaction, the insider’s holdings decreased to 11,380 shares, worth approximately $8.85 million.
As published in a research note from Mizuho on September 21, 2022, Western Digital Corporation [WDC] has been rated down from a Buy to a Neutral and the price target has been revised to $40 from $62. This represents a 13.05% premium over Wednesday’s closing price. Analysts at Deutsche Bank downgraded the stock from ‘”a Buy”‘ to ‘”a Hold”‘ outlook in a report released in mid September. As of September 13, 2022, Exane BNP Paribas has initiated its “an Underperform” rating for WDC. Earlier on September 01, 2022, The Benchmark Company downgraded its rating. Their new recommendation was “a Sell” for WDC stock which previously was a “a Hold”.
Analyzing WDC’s Price Performance
On Wednesday, Western Digital Corporation [NASDAQ: WDC] plunged -2.14% to $34.78. The stock’s lowest price that day was $34.76, but it reached a high of $36.32 in the same session. During the last five days, there has been a drop of approximately -9.26%. Over the course of the year, Western Digital Corporation shares have dropped approximately -46.66%. Shares of the company reached a 52-week high of $69.36 on 01/05/22 and a 52-week low of $34.76 on 09/21/22. A 50-day SMA is recorded $45.36, while a 200-day SMA reached $51.85. Nevertheless, trading volume fell to 4.3 million shares from 5.34 million shares the previous day.
Support And Resistance Levels for Western Digital Corporation (WDC)
According to the 24-hour chart, there is a support level at 34.25, which, if violated, would cause prices to drop to 33.73. In the upper region, resistance lies at 35.81. The next price resistance is at 36.85. RSI (Relative Strength Index) is 23.40 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -4.00, which suggests the price will decrease in the coming days. Percent R is at 99.79%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Western Digital Corporation subject to short interest?
Stocks of Western Digital Corporation saw a sharp rise in short interest on Jul 14, 2022 jumping by 2.12 million shares to 9.22 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 7.1 million shares. A jump of 22.99% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.5 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.5.
Which companies own the most shares of Western Digital Corporation (WDC)?
According to The Vanguard Group, Inc. filings, the company currently owns 34,992,201 shares, which is about 11.13% of the total WDC shares outstanding. The investor’s shares have appreciated by 1,312,787 from its previous 13-F filing of 33679414.0 shares. With the completion of the sale transaction, BlackRock Fund Advisors’s stake is now worth $667,976,985. SSgA Funds Management, Inc. reduced a -4.10% interest valued at $526.69 million while Franklin Mutual Advisers LLC sold a -531,636 stake. A total of -26,800 shares of Western Digital Corporation were sold by Columbia Management Investment Ad during the quarter, and 99,990 were bought by Sanders Capital LLC. In its current portfolio, FIL Investment Advisors holds 6,846,465 shares valued at $289.33 million.
In terms of Western Digital Corporation share price expectations, FactSet research, analysts set an average price target of $55.00 in the next 12 months, up nearly 54.76% from the previous closing price of $35.54. Analysts anticipate Western Digital Corporation stock to reach $85.00 by 2022, with the lowest price target being $30.00. In spite of this, 28 analysts ranked Western Digital Corporation stock as an Overweight at the end of 2022. On August 17, 2022, Credit Suisse assigned a price target of “a Neutral” to the stock and initiated coverage with a $52.