Western Digital (NASDAQ:WDC) Price Target Raised to $80.00 at The Goldman Sachs Group

Western Digital (NASDAQ:WDC) had its price objective upped by analysts at The Goldman Sachs Group from $70.00 to $80.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the data storage provider’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 19.23% from the stock’s current price.

A number of other research analysts have also recently weighed in on the stock. Mizuho cut their price objective on shares of Western Digital from $90.00 to $82.00 and set an “outperform” rating on the stock in a research report on Friday, January 3rd. Robert W. Baird reduced their price objective on Western Digital from $100.00 to $80.00 and set an “outperform” rating for the company in a research note on Thursday. Barclays cut their price target on Western Digital from $90.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, January 17th. Benchmark lowered shares of Western Digital from a “buy” rating to a “hold” rating and set a $70.00 target price for the company. in a report on Thursday, December 19th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $95.00 price objective on shares of Western Digital in a report on Thursday. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Western Digital presently has an average rating of “Moderate Buy” and a consensus price target of $84.21.

Western Digital Stock Up 2.0 %

Western Digital stock traded up $1.32 during mid-day trading on Friday, hitting $67.10. The company had a trading volume of 4,094,711 shares, compared to its average volume of 6,561,286. The stock’s 50 day moving average price is $65.70 and its two-hundred day moving average price is $65.62. Western Digital has a 12 month low of $52.77 and a 12 month high of $81.55. The company has a current ratio of 1.47, a quick ratio of 0.91 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $23.20 billion, a PE ratio of 16.05 and a beta of 1.43.

Western Digital (NASDAQ:WDC) last issued its earnings results 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 16.13% and a net margin of 9.95%. As a group, sell-side analysts anticipate that Western Digital will post 5.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Western Digital news, SVP Gene M. Zamiska sold 658 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $69.99, for a total transaction of $46,053.42. Following the completion of the sale, the senior vice president now owns 28,863 shares of the company’s stock, valued at $2,020,121.37. This trade represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders have sold 1,347 shares of company stock worth $93,027. 0.30% of the stock is owned by corporate insiders.

Institutional Trading of Western Digital

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Eastern Bank purchased a new position in shares of Western Digital during the third quarter worth $27,000. Versant Capital Management Inc lifted its stake 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 acquiring an additional 304 shares in the last quarter. True Wealth Design LLC boosted its holdings in Western Digital by 2,184.2% during the 3rd quarter. True Wealth Design LLC now owns 434 shares of the data storage provider’s stock valued at $30,000 after acquiring an additional 415 shares during the period. Sierra Ocean LLC acquired a new position in Western Digital in the 4th quarter valued at about $29,000. Finally, Comprehensive Financial Planning Inc. PA purchased a new stake in Western Digital during the fourth quarter worth about $30,000. 92.51% of the stock is owned by institutional investors and hedge funds.

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.