Western Digital (NASDAQ:WDC) Price Target Cut to $75.00

Western Digital (NASDAQ:WDC) had its price target lowered by research analysts at Susquehanna from $88.00 to $75.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the data storage provider’s stock. Susquehanna’s price target indicates a potential upside of 23.91% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on WDC. Raymond James cut Western Digital from an “outperform” rating to a “market perform” rating in a report on Monday, April 22nd. Evercore ISI boosted their target price on Western Digital from $85.00 to $90.00 and gave the stock an “outperform” rating in a report on Tuesday, July 16th. Mizuho boosted their target price on Western Digital from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Robert W. Baird boosted their target price on Western Digital from $65.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, April 26th. Finally, Citigroup boosted their target price on Western Digital from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Seven analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $82.70.

Western Digital Trading Down 9.7 %

WDC stock opened at $60.53 on Friday. The company has a current ratio of 1.86, a quick ratio of 1.07 and a debt-to-equity ratio of 0.72. Western Digital has a 12-month low of $35.62 and a 12-month high of $81.55. The stock has a market cap of $19.76 billion, a price-to-earnings ratio of -12.18 and a beta of 1.37. The business’s 50-day moving average is $75.03 and its 200 day moving average is $67.99.

Insider Buying and Selling at Western Digital

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

Institutional Trading of Western Digital

A number of large investors have recently modified their holdings of the stock. Rise Advisors LLC purchased a new position in Western Digital in the first quarter valued at $25,000. Naples Money Management LLC purchased a new position in Western Digital in the fourth quarter valued at $26,000. Fidelis Capital Partners LLC purchased a new position in Western Digital in the first quarter valued at $30,000. SOA Wealth Advisors LLC. purchased a new position in Western Digital in the first quarter valued at $31,000. Finally, Lindbrook Capital LLC increased its holdings 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 buying an additional 337 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.