Western Digital (NASDAQ:WDC) Price Target Lowered to $43.00 at The Goldman Sachs Group

Western Digital (NASDAQ:WDCGet Rating) had its price target decreased by equities research analysts at The Goldman Sachs Group from $50.00 to $43.00 in a report released on Friday, Stock Target Advisor reports. The firm presently has a “neutral” rating on the data storage provider’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 28.36% from the company’s current price.

Several other equities analysts have also recently weighed in on the stock. Wells Fargo & Company cut their target price on shares of Western Digital from $75.00 to $65.00 and set an “overweight” rating for the company in a research note on Thursday, July 14th. Credit Suisse Group initiated coverage on Western Digital in a report on Tuesday, August 16th. They issued a “neutral” rating and a $52.00 target price on the stock. Barclays dropped their price target on Western Digital from $55.00 to $40.00 and set an “equal weight” rating for the company in a research note on Monday. Morgan Stanley reduced their price objective on Western Digital from $71.00 to $65.00 and set an “overweight” rating on the stock in a research note on Monday, August 8th. Finally, Stifel Nicolaus lowered their target price on Western Digital from $85.00 to $77.00 in a research report on Thursday, August 4th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $55.32.

Western Digital Price Performance

Western Digital stock traded down $0.32 during mid-day trading on Friday, hitting $33.50. The stock had a trading volume of 139,879 shares, compared to its average volume of 4,278,376. The firm’s 50 day moving average is $45.03 and its 200 day moving average is $49.09. Western Digital has a one year low of $33.53 and a one year high of $69.36. The firm has a market capitalization of $10.54 billion, a P/E ratio of 7.06 and a beta of 1.51. The company has a current ratio of 1.80, a quick ratio of 1.11 and a debt-to-equity ratio of 0.57.

Western Digital (NASDAQ:WDCGet Rating) last issued its earnings results on Friday, August 5th. The data storage provider reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.52 by $0.02. Western Digital had a return on equity of 19.15% and a net margin of 7.98%. The company had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.57 billion. During the same quarter last year, the company earned $1.96 EPS. The firm’s quarterly revenue was down 8.0% on a year-over-year basis. On average, sell-side analysts forecast that Western Digital will post 2.61 earnings per share for the current fiscal year.

Insider Activity

In other Western Digital news, SVP Gene M. Zamiska sold 2,169 shares of the company’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $40.90, for a total value of $88,712.10. Following the transaction, the senior vice president now directly owns 31,554 shares in the company, valued at approximately $1,290,558.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Western Digital

Hedge funds have recently made changes to their positions in the company. Addison Advisors LLC raised its holdings in shares of Western Digital by 6,375.0% in the first quarter. Addison Advisors LLC now owns 518 shares of the data storage provider’s stock valued at $26,000 after acquiring an additional 510 shares in the last quarter. Clear Street Markets LLC lifted its position in shares of Western Digital by 411.7% in the 2nd quarter. Clear Street Markets LLC now owns 655 shares of the data storage provider’s stock worth $29,000 after purchasing an additional 527 shares during the period. TCI Wealth Advisors Inc. boosted its stake in shares of Western Digital by 368.3% during the second quarter. TCI Wealth Advisors Inc. now owns 679 shares of the data storage provider’s stock valued at $30,000 after purchasing an additional 534 shares in the last quarter. Newbridge Financial Services Group Inc. purchased a new position in Western Digital during the second quarter valued at approximately $34,000. Finally, Herold Advisors Inc. bought a new position in Western Digital in the first quarter worth approximately $40,000. 84.57% of the stock is currently owned by hedge funds and other institutional investors.

Western Digital Company Profile

(Get Rating)

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 computing devices, such as desktop and notebook personal computers (PCs), smart video systems, gaming consoles, and set top boxes; 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; and flash-based memory wafers.

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