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

Western Digital (NASDAQ:WDC) had its target price boosted by Wedbush from $85.00 to $95.00 in a research note issued to investors on Monday, Benzinga reports. Wedbush currently has an outperform rating on the data storage provider’s stock.

WDC has been the subject of several other reports. Morgan Stanley raised their price objective on Western Digital from $83.00 to $86.00 and gave the stock an overweight rating in a research note on Friday, April 26th. Citigroup raised their target price on Western Digital from $90.00 to $95.00 and gave the company a buy rating in a report on Friday, July 12th. Benchmark upgraded Western Digital from a hold rating to a buy rating and set a $85.00 target price on the stock in a report on Friday, April 26th. Rosenblatt Securities reaffirmed a buy rating and issued a $115.00 price target on shares of Western Digital in a research report on Tuesday, June 11th. Finally, Argus raised their price target on Western Digital from $68.00 to $88.00 and gave the company a buy rating in a research report on Monday, April 29th. Six research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Western Digital presently has a consensus rating of Moderate Buy and an average target price of $82.96.

Western Digital Stock Down 1.3 %

WDC opened at $72.01 on Monday. The stock’s 50 day moving average price is $76.01 and its 200 day moving average price is $67.48. 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 stock has a market cap of $23.51 billion, a P/E ratio of -14.49 and a beta of 1.37. Western Digital has a 12 month low of $35.62 and a 12 month high of $81.55.

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

Insider Buying and Selling

In other Western Digital news, SVP Gene M. Zamiska sold 416 shares of the company’s stock in a transaction on 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 sale, the senior vice president now owns 30,321 shares in the company, valued at approximately $2,179,473.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Robert Soderbery sold 26,853 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $73.48, for a total value of $1,973,158.44. Following the completion of the transaction, the executive vice president now owns 144,623 shares of the company’s stock, valued at approximately $10,626,898.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Gene M. Zamiska sold 416 shares of the business’s stock in a transaction on 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 directly owns 30,321 shares of the company’s stock, valued at approximately $2,179,473.48. The disclosure for this sale can be found here. Insiders sold 27,488 shares of company stock worth $2,020,143 in the last quarter. Insiders own 0.28% of the company’s stock.

Hedge Funds Weigh In On Western Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WDC. Rise Advisors LLC bought a new stake in Western Digital during the 1st quarter worth about $25,000. Naples Money Management LLC bought a new position in shares of Western Digital during the fourth quarter worth approximately $26,000. Fidelis Capital Partners LLC bought a new position in shares of Western Digital during the first quarter worth approximately $30,000. SOA Wealth Advisors LLC. bought a new position in shares of Western Digital during the first quarter worth approximately $31,000. Finally, Lindbrook Capital LLC increased its stake in Western Digital by 121.7% in the fourth quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider’s stock valued at $32,000 after acquiring an additional 337 shares during the last quarter. 92.51% of the stock is owned by institutional investors and hedge funds.

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.