Citigroup Trims Western Digital (NASDAQ:WDC) Target Price to $85.00

Western Digital (NASDAQ:WDC) had its target price reduced by Citigroup from $95.00 to $85.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a buy rating on the data storage provider’s stock.

Other equities research analysts have also issued research reports about the stock. Summit Insights lowered shares of Western Digital from a buy rating to a hold rating in a report on Thursday, August 1st. Susquehanna cut their price target on shares of Western Digital from $88.00 to $75.00 and set a neutral rating for the company in a report on Friday, August 2nd. Wedbush boosted their price target on shares of Western Digital from $85.00 to $95.00 and gave the stock an outperform rating in a report on Monday, July 22nd. Benchmark boosted their price target on shares of Western Digital from $85.00 to $92.00 and gave the stock a buy rating in a report on Thursday, August 1st. Finally, Mizuho boosted their price target on shares of Western Digital from $80.00 to $90.00 and gave the stock a buy rating in a report on Friday, May 31st. Six equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, Western Digital presently has an average rating of Moderate Buy and an average target price of $83.05.

Western Digital Price Performance

NASDAQ:WDC opened at $65.02 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.32 and a quick ratio of 0.78. The firm has a market cap of $22.33 billion, a price-to-earnings ratio of -13.08 and a beta of 1.39. The company has a 50 day moving average price of $66.01 and a 200-day moving average price of $69.28. Western Digital has a 1-year low of $35.62 and a 1-year high of $81.55.

Western Digital (NASDAQ:WDC) last posted its earnings results on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.17. The firm had revenue of $3.76 billion during the quarter, compared to analyst estimates of $3.77 billion. Western Digital had a negative net margin of 3.75% and a negative return on equity of 2.63%. Equities research analysts forecast that Western Digital will post 7.75 EPS for the current year.

Insider Activity

In other news, EVP Robert Soderbery sold 12,154 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $57.09, for a total transaction of $693,871.86. Following the transaction, the executive vice president now owns 128,413 shares of the company’s stock, valued at approximately $7,331,098.17. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, EVP Robert Soderbery sold 12,154 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $57.09, for a total transaction of $693,871.86. Following the transaction, the executive vice president now owns 128,413 shares of the company’s stock, valued at approximately $7,331,098.17. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Gene M. Zamiska sold 417 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $64.89, for a total transaction of $27,059.13. Following the transaction, the senior vice president now directly owns 28,870 shares in the company, valued at approximately $1,873,374.30. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,174 shares of company stock valued at $1,070,642. 0.28% of the stock is currently owned by insiders.

Institutional Trading of Western Digital

Institutional investors and hedge funds have recently bought and sold shares of the stock. Rise Advisors LLC purchased a new stake in Western Digital in the 1st quarter valued at about $25,000. Fairfield Financial Advisors LTD purchased a new stake in Western Digital in the 2nd quarter valued at about $29,000. Fidelis Capital Partners LLC purchased a new stake in Western Digital in the 1st quarter valued at about $30,000. 1620 Investment Advisors Inc. purchased a new stake in Western Digital in the 2nd quarter valued at about $34,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in Western Digital in the 2nd quarter valued at about $34,000. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

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.