Western Digital (NASDAQ:WDC) PT Raised to $76.00

Western Digital (NASDAQ:WDC) had its price objective increased by The Goldman Sachs Group from $58.00 to $76.00 in a report published on Friday, Benzinga reports. They currently have a neutral rating on the data storage provider’s stock.

Several other research analysts also recently commented on WDC. Rosenblatt Securities raised Western Digital from a neutral rating to a buy rating in a report on Friday, April 5th. UBS Group increased their target price on Western Digital from $55.00 to $65.00 and gave the stock a neutral rating in a report on Wednesday, March 6th. Cantor Fitzgerald raised their target price on Western Digital from $70.00 to $100.00 and gave the company an overweight rating in a research note on Monday, April 8th. Deutsche Bank Aktiengesellschaft upgraded shares of Western Digital from a hold rating to a buy rating and upped their price target for the stock from $45.00 to $65.00 in a research report on Tuesday, January 16th. Finally, Wells Fargo & Company raised their price objective on shares of Western Digital from $72.00 to $95.00 and gave the company an overweight rating in a research report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Western Digital presently has a consensus rating of Moderate Buy and an average target price of $70.61.

Western Digital Stock Performance

Western Digital stock opened at $70.43 on Friday. The firm has a market capitalization of $22.95 billion, a P/E ratio of -9.88 and a beta of 1.56. The stock has a fifty day moving average price of $62.80 and a two-hundred day moving average price of $53.59. Western Digital has a 52-week low of $31.97 and a 52-week high of $76.92. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.67 and a quick ratio of 0.98.

Western Digital (NASDAQ:WDC) last announced its earnings results on Monday, January 29th. The data storage provider reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.30) by $0.61. The business had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $3 billion. Western Digital had a negative net margin of 19.90% and a negative return on equity of 19.45%. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter last year, the company posted ($0.69) EPS. As a group, analysts anticipate that Western Digital will post -2.31 EPS for the current fiscal year.

Insider Buying and Selling at Western Digital

In related news, Director Kimberly Alexy sold 2,648 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $69.95, for a total transaction of $185,227.60. Following the completion of the transaction, the director now owns 20,509 shares in the company, valued at $1,434,604.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Kimberly Alexy sold 2,648 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $69.95, for a total transaction of $185,227.60. Following the transaction, the director now directly owns 20,509 shares in the company, valued at $1,434,604.55. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Gene M. Zamiska sold 443 shares of the company’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $75.00, for a total transaction of $33,225.00. Following the sale, the senior vice president now directly owns 30,958 shares in the company, valued at $2,321,850. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Western Digital

A number of institutional investors have recently bought and sold shares of the business. Rise Advisors LLC acquired a new position in shares of Western Digital in the first quarter valued at approximately $25,000. ST Germain D J Co. Inc. acquired a new position in Western Digital in the 2nd quarter valued at $26,000. Naples Money Management LLC bought a new position in Western Digital during the 4th quarter worth $26,000. Janiczek Wealth Management LLC acquired a new stake in shares of Western Digital during the third quarter worth $28,000. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of Western Digital in the fourth quarter valued at about $30,000. 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.