StockNews.com Begins Coverage on Western Digital (NASDAQ:WDC)

StockNews.com started coverage on shares of Western Digital (NASDAQ:WDC) in a research note released on Tuesday morning. The firm issued a hold rating on the data storage provider’s stock.

Several other research firms have also issued reports on WDC. Bank of America decreased their price target on shares of Western Digital from $89.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. UBS Group lowered their price target on Western Digital from $74.00 to $50.00 and set a “neutral” rating on the stock in a research note on Monday, March 17th. Wedbush reiterated an “outperform” rating and issued a $95.00 price objective on shares of Western Digital in a research report on Monday, February 10th. Rosenblatt Securities decreased their price objective on Western Digital from $115.00 to $95.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Finally, Cantor Fitzgerald cut their target price on Western Digital from $95.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $80.21.

Western Digital Price Performance

NASDAQ WDC opened at $31.55 on Tuesday. The stock has a 50-day simple moving average of $50.78 and a 200 day simple moving average of $60.76. Western Digital has a twelve month low of $28.83 and a twelve month high of $81.55. The stock has a market capitalization of $10.97 billion, a PE ratio of 7.51 and a beta of 1.39. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26 and a current ratio of 1.99.

Western Digital (NASDAQ:WDC) last issued 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 return on equity of 15.68% and a net margin of 9.95%. Research analysts anticipate that Western Digital will post 4.89 EPS for the current year.

Insider Transactions at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 1,659 shares of the business’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $41.36, for a total value of $68,616.24. Following the transaction, the senior vice president now owns 43,776 shares of the company’s stock, valued at approximately $1,810,575.36. The trade was a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Rhumbline Advisers increased its position in Western Digital by 7.3% in the 1st quarter. Rhumbline Advisers now owns 674,874 shares of the data storage provider’s stock valued at $27,285,000 after acquiring an additional 46,202 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Western Digital by 3,470.0% in the first quarter. GAMMA Investing LLC now owns 253,294 shares of the data storage provider’s stock valued at $10,241,000 after purchasing an additional 246,199 shares in the last quarter. Versant Capital Management Inc raised its position in Western Digital by 879.4% in the 1st quarter. Versant Capital Management Inc now owns 4,045 shares of the data storage provider’s stock worth $164,000 after purchasing an additional 3,632 shares during the last quarter. Kera Capital Partners Inc. bought a new position in Western Digital in the 1st quarter worth approximately $237,000. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in Western Digital by 29.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 18,864 shares of the data storage provider’s stock worth $1,125,000 after buying an additional 4,324 shares in the last quarter. 92.51% of the stock is 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.