Western Digital (NASDAQ:WDC) Price Target Raised to $85.00 at Bank of America

Western Digital (NASDAQ:WDC - Free Report) had its price objective hoisted by Bank of America from $75.00 to $85.00 in a report published on Wednesday, Benzinga reports. They currently have a buy rating on the data storage provider's stock.

A number of other brokerages also recently weighed in on WDC. UBS Group boosted their price target on shares of Western Digital from $65.00 to $80.00 and gave the stock a neutral rating in a report on Monday. Susquehanna lifted their price objective on Western Digital from $68.00 to $83.00 and gave the stock a neutral rating in a report on Wednesday, April 10th. Cantor Fitzgerald upped their price objective on shares of Western Digital from $70.00 to $100.00 and gave the company an overweight rating in a report on Monday, April 8th. Evercore ISI assumed coverage on shares of Western Digital in a research report on Wednesday, March 27th. They set an outperform rating and a $80.00 target price for the company. Finally, Wells Fargo & Company boosted their price target on shares of Western Digital from $72.00 to $95.00 and gave the company an overweight rating in a research report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, Western Digital has an average rating of Moderate Buy and a consensus price target of $72.61.

Western Digital Stock Down 1.3 %

NASDAQ:WDC traded down $0.89 on Wednesday, hitting $70.17. The stock had a trading volume of 6,523,840 shares, compared to its average volume of 7,014,477. Western Digital has a 1 year low of $31.97 and a 1 year high of $76.92. The firm's fifty day simple moving average is $63.05 and its two-hundred day simple moving average is $53.77. The stock has a market cap of $22.87 billion, a P/E ratio of -9.86 and a beta of 1.57. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.98 and a current ratio of 1.67.

Western Digital (NASDAQ:WDC - Get Free Report) last issued its quarterly earnings results on Monday, January 29th. The data storage provider reported ($0.69) EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $3 billion. During the same period last year, the business posted ($0.69) earnings per share. Western Digital's revenue was down 2.4% on a year-over-year basis. Analysts predict that Western Digital will post -2.31 earnings per share for the current year.

Insider Buying and Selling at Western Digital

In other news, Director Kimberly Alexy sold 2,648 shares of the business's stock in a transaction dated Monday, April 1st. The stock was 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 of the company's stock, valued at $1,434,604.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Gene M. Zamiska sold 443 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $75.00, for a total value of $33,225.00. Following the transaction, the senior vice president now owns 30,958 shares of the company's stock, valued at $2,321,850. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kimberly Alexy sold 2,648 shares of Western Digital stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $69.95, for a total value of $185,227.60. Following the sale, the director now directly owns 20,509 shares of the company's stock, valued at approximately $1,434,604.55. The disclosure for this sale can be found here. Insiders own 0.25% of the company's stock.

Hedge Funds Weigh In On Western Digital

Several institutional investors have recently modified their holdings of WDC. Vanguard Group Inc. lifted its holdings in shares of Western Digital by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 38,579,938 shares of the data storage provider's stock worth $2,020,431,000 after acquiring an additional 215,207 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Western Digital by 9.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 22,595,297 shares of the data storage provider's stock worth $851,166,000 after purchasing an additional 1,931,325 shares during the last quarter. Nomura Holdings Inc. boosted its position in Western Digital by 7.0% during the third quarter. Nomura Holdings Inc. now owns 13,361,999 shares of the data storage provider's stock valued at $609,708,000 after buying an additional 870,971 shares during the period. DNB Asset Management AS grew its stake in shares of Western Digital by 8.6% during the fourth quarter. DNB Asset Management AS now owns 5,587,698 shares of the data storage provider's stock valued at $292,628,000 after buying an additional 443,903 shares during the last quarter. Finally, DnB Asset Management AS increased its holdings in shares of Western Digital by 7.3% in the third quarter. DnB Asset Management AS now owns 5,143,795 shares of the data storage provider's stock worth $234,711,000 after buying an additional 351,916 shares during the period. 92.51% of the stock is currently owned by 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.