Western Digital (NASDAQ:WDC) Given New $90.00 Price Target at Barclays

Western Digital (NASDAQ:WDC) had its price target raised by Barclays from $80.00 to $90.00 in a report published on Friday morning, Benzinga reports. Barclays currently has an overweight rating on the data storage provider’s stock.

Other equities analysts have also issued research reports about the company. Cantor Fitzgerald increased their price target on Western Digital from $80.00 to $95.00 and gave the company an “overweight” rating in a research report on Friday. BNP Paribas decreased their price target on Western Digital from $95.00 to $90.00 in a research report on Thursday. Benchmark reiterated a “buy” rating and issued a $92.00 price target on shares of Western Digital in a research report on Friday. Summit Insights lowered Western Digital from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Morgan Stanley increased their price target on Western Digital from $94.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday. Six analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, Western Digital presently has an average rating of “Moderate Buy” and an average price target of $86.09.

Western Digital Price Performance

WDC stock traded up $3.13 during trading hours on Friday, hitting $69.45. 17,644,446 shares of the stock traded hands, compared to its average volume of 6,179,462. The stock has a 50-day simple moving average of $65.42 and a 200 day simple moving average of $69.70. Western Digital has a one year low of $35.62 and a one year high of $81.55. The company has a market cap of $22.68 billion, a P/E ratio of -13.97 and a beta of 1.39. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.53.

Western Digital (NASDAQ:WDC) last announced 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. Western Digital had a negative return on equity of 2.63% and a negative net margin of 3.75%. The business had revenue of $3.76 billion during the quarter, compared to analysts’ expectations of $3.77 billion. Equities analysts forecast that Western Digital will post 7.75 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO David Goeckeler sold 75,000 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $70.32, for a total value of $5,274,000.00. Following the completion of the sale, the chief executive officer now directly owns 896,630 shares in the company, valued at approximately $63,051,021.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Robert Soderbery sold 12,154 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $57.09, for a total value of $693,871.86. Following the completion of the sale, the executive vice president now directly owns 128,413 shares in the company, valued at approximately $7,331,098.17. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO David Goeckeler sold 75,000 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $70.32, for a total value of $5,274,000.00. Following the completion of the sale, the chief executive officer now owns 896,630 shares of the company’s stock, valued at approximately $63,051,021.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 92,955 shares of company stock worth $6,327,560. 0.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC increased its position in Western Digital by 1.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 15,962 shares of the data storage provider’s stock worth $1,209,000 after buying an additional 203 shares during the period. Massmutual Trust Co. FSB ADV increased its position in shares of Western Digital by 15.6% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,527 shares of the data storage provider’s stock valued at $116,000 after purchasing an additional 206 shares during the period. Mather Group LLC. grew its position 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 valued at $167,000 after acquiring an additional 213 shares during the period. Hanseatic Management Services Inc. grew its position in Western Digital by 2.3% in the second quarter. Hanseatic Management Services Inc. now owns 10,344 shares of the data storage provider’s stock valued at $784,000 after acquiring an additional 236 shares during the period. Finally, Blue Trust Inc. grew its position in Western Digital by 51.2% in the third quarter. Blue Trust Inc. now owns 818 shares of the data storage provider’s stock valued at $62,000 after acquiring an additional 277 shares during the period. 92.51% of the stock is owned by 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.