Western Digital (NASDAQ:WDC) Price Target Raised to $80.00

Western Digital (NASDAQ:WDC) had its target price boosted by UBS Group from $65.00 to $80.00 in a report published on Monday morning, Benzinga reports. They currently have a neutral rating on the data storage provider’s stock.

WDC has been the subject of a number of other research reports. StockNews.com cut Western Digital from a hold rating to a sell rating in a report on Tuesday, February 20th. Barclays upped their price target on Western Digital from $65.00 to $70.00 and gave the stock an overweight rating in a report on Friday, January 26th. Deutsche Bank Aktiengesellschaft raised Western Digital from a hold rating to a buy rating and upped their price target for the stock from $45.00 to $65.00 in a report on Tuesday, January 16th. Susquehanna upped their price target on Western Digital from $68.00 to $83.00 and gave the stock a neutral rating in a report on Wednesday, April 10th. Finally, The Goldman Sachs Group increased their target price on Western Digital from $58.00 to $76.00 and gave the company a neutral rating in a report on Friday, April 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $73.17.

Western Digital Trading Down 2.6 %

WDC opened at $68.32 on Monday. The firm has a market cap of $22.26 billion, a price-to-earnings ratio of -9.58 and a beta of 1.57. The company has a current ratio of 1.67, a quick ratio of 0.98 and a debt-to-equity ratio of 0.73. Western Digital has a 12 month low of $31.97 and a 12 month high of $76.92. The stock has a fifty day moving average price of $63.52 and a 200-day moving average price of $53.99.

Western Digital (NASDAQ:WDC) last announced its earnings results on Monday, January 29th. The data storage provider reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.30) by $0.61. Western Digital had a negative return on equity of 19.45% and a negative net margin of 19.90%. The company had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3 billion. During the same period in the prior year, the company posted ($0.69) EPS. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Western Digital will post -2.31 earnings per share for the current fiscal year.

Insider Activity at Western Digital

In related news, Director Kimberly Alexy sold 2,648 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $69.95, for a total value of $185,227.60. Following the completion of the transaction, the director now directly owns 20,509 shares in the company, valued at $1,434,604.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Gene M. Zamiska sold 443 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $75.00, for a total transaction of $33,225.00. Following the completion of the transaction, the senior vice president now directly owns 30,958 shares in the company, valued at $2,321,850. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Kimberly Alexy sold 2,648 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $69.95, for a total value of $185,227.60. Following the transaction, the director now owns 20,509 shares of the company’s stock, valued at $1,434,604.55. The disclosure for this sale can be found here. Insiders own 0.28% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of WDC. Rise Advisors LLC purchased a new position in shares of Western Digital during the first quarter worth $25,000. ST Germain D J Co. Inc. purchased a new position in Western Digital in the second quarter valued at $26,000. Naples Money Management LLC purchased a new position in Western Digital in the fourth quarter valued at $26,000. Janiczek Wealth Management LLC purchased a new position in Western Digital in the third quarter valued at $28,000. Finally, CIBC Private Wealth Group LLC purchased a new position in Western Digital in the fourth quarter valued at $30,000. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

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.