Western Digital (NASDAQ:WDC) Given New $95.00 Price Target at Rosenblatt Securities

Western Digital (NASDAQ:WDC) had its price target lowered by Rosenblatt Securities from $115.00 to $95.00 in a report issued on Wednesday morning. The firm currently has a buy rating on the data storage provider’s stock.

WDC has been the topic of a number of other reports. The Goldman Sachs Group cut their price target on Western Digital from $81.00 to $70.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Mizuho reduced their price target on Western Digital from $90.00 to $82.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Barclays lowered their price objective on shares of Western Digital from $90.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Susquehanna increased their target price on shares of Western Digital from $75.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $95.00 price target on shares of Western Digital in a research report on Friday, January 17th. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Western Digital has a consensus rating of “Moderate Buy” and an average price target of $85.68.

Western Digital Trading Down 0.1 %

NASDAQ:WDC opened at $62.80 on Wednesday. The business’s 50-day simple moving average is $65.70 and its 200-day simple moving average is $65.62. Western Digital has a fifty-two week low of $52.77 and a fifty-two week high of $81.55. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.91. The stock has a market capitalization of $21.71 billion, a PE ratio of 36.94 and a beta of 1.43.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share for the quarter, missing the consensus estimate of $1.91 by ($0.36). Western Digital had a net margin of 4.81% and a return on equity of 8.57%. Sell-side analysts expect that Western Digital will post 5.54 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Gene M. Zamiska sold 658 shares of Western Digital stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $69.99, for a total transaction of $46,053.42. Following the completion of the sale, the senior vice president now directly owns 28,863 shares of the company’s stock, valued at approximately $2,020,121.37. This trade represents a 2.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold 1,347 shares of company stock valued at $93,027 over the last ninety days. 0.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in WDC. Public Sector Pension Investment Board increased its position in Western Digital by 76.0% during the second quarter. Public Sector Pension Investment Board now owns 12,610 shares of the data storage provider’s stock worth $955,000 after acquiring an additional 5,445 shares during the period. AQR Capital Management LLC increased its holdings in shares of Western Digital by 276.2% during the second quarter. AQR Capital Management LLC now owns 83,255 shares of the data storage provider’s stock worth $6,308,000 after purchasing an additional 61,127 shares during the period. Creative Planning raised its position in shares of Western Digital by 21.0% in the second quarter. Creative Planning now owns 40,573 shares of the data storage provider’s stock valued at $3,074,000 after buying an additional 7,037 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Western Digital by 10.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,265 shares of the data storage provider’s stock valued at $247,000 after buying an additional 310 shares during the period. Finally, Quarry LP grew its position in Western Digital by 154.2% during the second quarter. Quarry LP now owns 760 shares of the data storage provider’s stock worth $58,000 after buying an additional 461 shares in the last quarter. 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.