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

Western Digital (NASDAQ:WDC - Free Report) had its price target lifted by UBS Group from $65.00 to $80.00 in a research note released on Monday, Benzinga reports. They currently have a neutral rating on the data storage provider's stock.

Other research analysts have also recently issued research reports about the company. Rosenblatt Securities upgraded Western Digital from a neutral rating to a buy rating in a research report on Friday, April 5th. TD Cowen raised their price target on Western Digital from $50.00 to $75.00 and gave the stock an outperform rating in a research note on Friday, January 26th. Mizuho raised their price objective on Western Digital from $66.00 to $80.00 and gave the stock a buy rating in a report on Tuesday, April 9th. The Goldman Sachs Group raised their target price on Western Digital from $58.00 to $76.00 and gave the company a neutral rating in a report on Friday. Finally, StockNews.com downgraded Western Digital from a hold rating to a sell rating in a report on Tuesday, February 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $70.61.

Western Digital Stock Down 2.3 %

Shares of WDC traded down $1.62 during mid-day trading on Monday, hitting $70.43. 5,573,144 shares of the company traded hands, compared to its average volume of 7,056,608. Western Digital has a 1-year low of $31.97 and a 1-year high of $76.92. The company has a quick ratio of 0.98, a current ratio of 1.67 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $22.95 billion, a PE ratio of -9.88 and a beta of 1.56. The business has a 50 day moving average of $62.80 and a 200 day moving average of $53.59.

Western Digital (NASDAQ:WDC - Get Free Report) last released its quarterly earnings results on Monday, January 29th. The data storage provider reported ($0.69) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.30) by $0.61. Western Digital had a negative net margin of 19.90% and a negative return on equity of 19.45%. The firm had revenue of $3.03 billion for the quarter, compared to analysts' expectations of $3 billion. During the same quarter last year, the company earned ($0.69) EPS. The firm's revenue for the quarter was down 2.4% compared to the same quarter last year. Equities research analysts anticipate that Western Digital will post -2.31 EPS for the current year.

Insider Activity at Western Digital

In other news, Director Kimberly Alexy sold 2,648 shares of the firm's stock in a transaction that occurred 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 sale, the director now owns 20,509 shares in the company, valued at approximately $1,434,604.55. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Western Digital news, Director Kimberly Alexy sold 2,648 shares of the business's stock in a transaction dated Monday, April 1st. The shares were 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 in the company, valued at $1,434,604.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Gene M. Zamiska sold 443 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $2,321,850. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

Institutional Trading of Western Digital

A number of hedge funds and other institutional investors have recently modified their holdings of WDC. Sunbelt Securities Inc. bought a new position in Western Digital during the first quarter valued at $36,000. Sound Income Strategies LLC increased its position in Western Digital by 11.8% during the 1st quarter. Sound Income Strategies LLC now owns 71,252 shares of the data storage provider's stock valued at $4,862,000 after purchasing an additional 7,501 shares during the period. Park Avenue Securities LLC purchased a new position in shares of Western Digital in the 1st quarter worth approximately $437,000. SOA Wealth Advisors LLC. purchased a new position in shares of Western Digital in the 1st quarter worth approximately $31,000. Finally, Czech National Bank grew its position in shares of Western Digital by 0.5% in the 1st quarter. Czech National Bank now owns 57,050 shares of the data storage provider's stock worth $3,893,000 after buying an additional 261 shares during the last quarter. 92.51% of the stock is 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.