UBS Group Lowers Western Digital (NASDAQ:WDC) Price Target to $70.00

Western Digital (NASDAQ:WDC) had its price target lowered by equities researchers at UBS Group from $78.00 to $70.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the data storage provider’s stock. UBS Group’s price objective would suggest a potential upside of 6.42% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. Citigroup lowered their price target on shares of Western Digital from $82.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday. BNP Paribas reduced their target price on shares of Western Digital from $95.00 to $90.00 in a report on Thursday, October 24th. Wedbush restated an “outperform” rating and issued a $95.00 target price on shares of Western Digital in a report on Thursday. Benchmark downgraded shares of Western Digital from a “buy” rating to a “hold” rating and set a $70.00 price objective for the company. in a research note on Thursday, December 19th. Finally, Morgan Stanley dropped their price objective on shares of Western Digital from $100.00 to $93.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $83.68.

Western Digital Price Performance

NASDAQ WDC traded up $2.98 on Thursday, hitting $65.78. The company had a trading volume of 16,553,190 shares, compared to its average volume of 6,702,572. The company has a market capitalization of $22.74 billion, a PE ratio of 38.69 and a beta of 1.43. The company’s fifty day moving average price is $65.70 and its 200-day moving average price is $65.62. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.91. Western Digital has a 12-month low of $52.77 and a 12-month high of $81.55.

Western Digital (NASDAQ:WDC) last posted its 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 4.81% and a return on equity of 8.57%. As a group, analysts predict that Western Digital will post 5.54 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Gene M. Zamiska sold 658 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $69.99, for a total value of $46,053.42. Following the completion of the sale, the senior vice president now owns 28,863 shares of the company’s stock, valued at approximately $2,020,121.37. This represents a 2.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 1,347 shares of company stock worth $93,027 over the last 90 days. Corporate insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Versant Capital Management Inc boosted its stake in shares of Western Digital by 278.9% in the 4th quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock worth $25,000 after buying an additional 304 shares during the last quarter. Eastern Bank bought a new position in shares of Western Digital in the third quarter worth $27,000. True Wealth Design LLC increased its holdings in shares of Western Digital by 2,184.2% in the third quarter. True Wealth Design LLC now owns 434 shares of the data storage provider’s stock worth $30,000 after purchasing an additional 415 shares during the period. Comprehensive Financial Planning Inc. PA purchased a new position in Western Digital in the fourth quarter worth $30,000. Finally, Capital Performance Advisors LLP purchased a new stake in Western Digital during the third quarter valued at about $41,000. 92.51% of the stock is owned by institutional investors.

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.