Brokerages Set Western Digital Co. (NASDAQ:WDC) PT at $77.00

Western Digital Co. (NASDAQ:WDC) has received a consensus recommendation of “Moderate Buy” from the twenty ratings firms that are currently covering the firm, Marketbeat reports. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $76.16.

Several analysts have commented on WDC shares. The Goldman Sachs Group upped their price objective on Western Digital from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. Wedbush reaffirmed an “outperform” rating and set a $95.00 price target on shares of Western Digital in a report on Monday, February 10th. Susquehanna dropped their price objective on shares of Western Digital from $72.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday. Rosenblatt Securities reduced their target price on shares of Western Digital from $115.00 to $95.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. Finally, Robert W. Baird cut their price target on shares of Western Digital from $100.00 to $80.00 and set an “outperform” rating for the company in a report on Thursday, January 30th.

Insider Activity at Western Digital

In related news, SVP Gene M. Zamiska sold 1,659 shares of Western Digital stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $41.36, for a total transaction of $68,616.24. Following the completion of the transaction, the senior vice president now directly owns 43,776 shares in the company, valued at $1,810,575.36. The trade was a 3.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Western Digital

A number of institutional investors have recently made changes to their positions in WDC. Versant Capital Management Inc increased its position in Western Digital by 278.9% during the 4th quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock worth $25,000 after purchasing an additional 304 shares in the last quarter. Sierra Ocean LLC acquired a new stake in shares of Western Digital during the 4th quarter worth about $29,000. Comprehensive Financial Planning Inc. PA purchased a new stake in shares of Western Digital during the fourth quarter worth about $30,000. OFI Invest Asset Management acquired a new position in shares of Western Digital in the fourth quarter valued at approximately $36,000. Finally, Elequin Capital LP purchased a new position in shares of Western Digital during the fourth quarter valued at approximately $40,000. 92.51% of the stock is owned by institutional investors and hedge funds.

Western Digital Stock Performance

Shares of WDC opened at $35.82 on Friday. The company’s 50 day simple moving average is $47.86 and its 200-day simple moving average is $59.63. The firm has a market cap of $12.46 billion, a PE ratio of 8.53 and a beta of 1.39. Western Digital has a 12-month low of $28.83 and a 12-month high of $81.55. The company has a current ratio of 1.99, a quick ratio of 1.26 and a debt-to-equity ratio of 0.60.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.91 by ($0.36). Western Digital had a return on equity of 15.68% and a net margin of 9.95%. As a group, equities analysts predict that Western Digital will post 4.89 EPS for the current year.

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.