Western Digital (NASDAQ:WDC) Price Target Raised to $88.00

Western Digital (NASDAQ:WDC) had its target price increased by Argus from $68.00 to $88.00 in a research report report published on Monday morning, Benzinga reports. The firm currently has a buy rating on the data storage provider’s stock.

A number of other analysts have also recently commented on WDC. Deutsche Bank Aktiengesellschaft raised shares of Western Digital from a hold rating to a buy rating and upped their target price for the company from $45.00 to $65.00 in a report on Tuesday, January 16th. Mizuho upped their target price on shares of Western Digital from $66.00 to $80.00 and gave the company a buy rating in a report on Tuesday, April 9th. Rosenblatt Securities raised shares of Western Digital from a neutral rating to a buy rating in a report on Friday, April 5th. Bank of America upped their target price on shares of Western Digital from $75.00 to $85.00 and gave the company a buy rating in a report on Wednesday, April 17th. Finally, Benchmark raised shares of Western Digital from a hold rating to a buy rating and set a $85.00 target price for the company in a report on Friday, April 26th. Six equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, Western Digital presently has a consensus rating of Moderate Buy and an average target price of $77.76.

Western Digital Trading Down 0.5 %

Shares of NASDAQ WDC opened at $70.51 on Monday. The firm’s 50 day moving average price is $65.73 and its 200-day moving average price is $55.43. The company has a market cap of $22.98 billion, a PE ratio of -14.19 and a beta of 1.57. Western Digital has a 52-week low of $32.01 and a 52-week high of $76.92. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.07 and a current ratio of 1.86.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, April 25th. The data storage provider reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.42. The company had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.37 billion. Western Digital had a negative net margin of 12.87% and a negative return on equity of 13.75%. The firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.57) earnings per share. On average, equities research analysts expect that Western Digital will post -2.06 EPS for the current fiscal year.

Insider Buying and Selling at Western Digital

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

Institutional Investors Weigh In On Western Digital

Institutional investors have recently made changes to their positions in the company. John G Ullman & Associates Inc. lifted its holdings in shares of Western Digital by 30.3% in the 4th quarter. John G Ullman & Associates Inc. now owns 103,750 shares of the data storage provider’s stock worth $5,433,000 after acquiring an additional 24,100 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Western Digital by 2.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,028,114 shares of the data storage provider’s stock worth $138,173,000 after acquiring an additional 66,680 shares during the last quarter. Numerai GP LLC purchased a new position in Western Digital in the 3rd quarter worth about $884,000. CoreCap Advisors LLC purchased a new position in Western Digital in the 4th quarter worth about $1,415,000. Finally, Handelsbanken Fonder AB increased its stake in Western Digital by 23.1% in the 4th quarter. Handelsbanken Fonder AB now owns 81,346 shares of the data storage provider’s stock worth $4,260,000 after buying an additional 15,285 shares during the period. Institutional investors own 92.51% of the company’s stock.

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.