Citigroup Raises Western Digital (NASDAQ:WDC) Price Target to $95.00

Western Digital (NASDAQ:WDC) had its target price upped by Citigroup from $90.00 to $95.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have a buy rating on the data storage provider’s stock.

A number of other research firms have also recently weighed in on WDC. Susquehanna upped their price objective on shares of Western Digital from $80.00 to $88.00 and gave the stock a neutral rating in a research report on Tuesday, June 11th. Mizuho upped their price objective on shares of Western Digital from $80.00 to $90.00 and gave the stock a buy rating in a research report on Friday, May 31st. Wedbush restated an outperform rating and set a $85.00 price objective on shares of Western Digital in a research report on Friday, April 26th. Argus upped their price objective on shares of Western Digital from $68.00 to $88.00 and gave the stock a buy rating in a research report on Monday, April 29th. Finally, UBS Group upped their target price on shares of Western Digital from $65.00 to $80.00 and gave the stock a neutral rating in a report on Monday, April 15th. Six analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $82.30.

Western Digital Stock Performance

WDC opened at $78.77 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.86 and a quick ratio of 1.07. The firm has a fifty day moving average price of $75.90 and a 200 day moving average price of $66.36. Western Digital has a 1 year low of $35.62 and a 1 year high of $81.55. The stock has a market cap of $25.72 billion, a P/E ratio of -15.85 and a beta of 1.37.

Western Digital (NASDAQ:WDC) last posted its earnings results on Thursday, April 25th. The data storage provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.42. The firm had revenue of $3.46 billion during the quarter, compared to analysts’ expectations of $3.37 billion. Western Digital had a negative net margin of 12.87% and a negative return on equity of 13.75%. The business’s revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.57) EPS. Equities research analysts anticipate that Western Digital will post -1.45 earnings per share for the current year.

Insider Activity at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 416 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $71.88, for a total transaction of $29,902.08. Following the completion of the transaction, the senior vice president now owns 30,321 shares of the company’s stock, valued at $2,179,473.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Western Digital news, SVP Gene M. Zamiska sold 416 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $71.88, for a total transaction of $29,902.08. Following the completion of the transaction, the senior vice president now owns 30,321 shares of the company’s stock, valued at $2,179,473.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Robert Soderbery sold 26,853 shares of the stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $73.48, for a total transaction of $1,973,158.44. Following the transaction, the executive vice president now directly owns 144,623 shares of the company’s stock, valued at approximately $10,626,898.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,488 shares of company stock valued at $2,020,143. 0.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Massmutual Trust Co. FSB ADV lifted its stake in Western Digital by 15.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,527 shares of the data storage provider’s stock worth $116,000 after acquiring an additional 206 shares during the last quarter. Mather Group LLC. lifted its stake in Western Digital by 10.7% in the second quarter. Mather Group LLC. now owns 2,203 shares of the data storage provider’s stock worth $167,000 after acquiring an additional 213 shares during the last quarter. Lindbrook Capital LLC lifted its stake in Western Digital by 37.3% in the first quarter. Lindbrook Capital LLC now owns 843 shares of the data storage provider’s stock worth $58,000 after acquiring an additional 229 shares during the last quarter. Signaturefd LLC lifted its stake in Western Digital by 10.9% in the fourth quarter. Signaturefd LLC now owns 2,577 shares of the data storage provider’s stock worth $135,000 after acquiring an additional 254 shares during the last quarter. Finally, Czech National Bank lifted its stake in Western Digital by 0.5% in the first quarter. Czech National Bank now owns 57,050 shares of the data storage provider’s stock worth $3,893,000 after acquiring an additional 261 shares during the last quarter. Hedge funds and other institutional investors 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.