Western Digital (NASDAQ:WDC) PT Raised to $83.00

Western Digital (NASDAQ:WDC - Get Free Report) had its price objective hoisted by Morgan Stanley from $73.00 to $83.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an "overweight" rating on the data storage provider's stock. Morgan Stanley's target price would indicate a potential upside of 21.49% from the company's current price.

A number of other research analysts have also recently commented on WDC. StockNews.com cut shares of Western Digital from a "hold" rating to a "sell" rating in a report on Tuesday, February 20th. Rosenblatt Securities raised shares of Western Digital from a "neutral" rating to a "buy" rating in a report on Friday, April 5th. Wells Fargo & Company increased their target price on shares of Western Digital from $72.00 to $95.00 and gave the stock an "overweight" rating in a report on Wednesday, April 10th. Bank of America raised their price objective on shares of Western Digital from $75.00 to $85.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Cantor Fitzgerald lifted their price target on shares of Western Digital from $70.00 to $100.00 and gave the company an "overweight" rating in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $73.17.

Western Digital Price Performance

Western Digital stock traded down $1.85 during trading hours on Thursday, reaching $68.32. 4,346,720 shares of the stock were exchanged, compared to its average volume of 6,978,912. The company has a market cap of $22.26 billion, a P/E ratio of -9.68 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 twelve month low of $31.97 and a twelve month high of $76.92. The stock has a 50 day moving average of $63.30 and a two-hundred day moving average of $53.89.

Western Digital (NASDAQ:WDC - Get Free Report) last posted its earnings results on Monday, January 29th. The data storage provider reported ($0.69) EPS for the quarter, topping analysts' consensus estimates of ($1.30) by $0.61. The firm had revenue of $3.03 billion during the quarter, compared to analysts' expectations of $3 billion. Western Digital had a negative net margin of 19.90% and a negative return on equity of 19.45%. The business's revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.69) earnings per share. Equities analysts expect that Western Digital will post -2.31 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 Western Digital stock in a transaction dated 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 owns 30,958 shares of the company's stock, valued at approximately $2,321,850. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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. Also, SVP Gene M. Zamiska sold 443 shares of the business's stock in a transaction dated 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 directly owns 30,958 shares of the company's stock, valued at approximately $2,321,850. The disclosure for this sale can be found here. Insiders own 0.28% of the company's stock.

Institutional Trading of Western Digital

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Harbour Capital Advisors LLC purchased a new stake in Western Digital in the first quarter worth approximately $299,000. Sunbelt Securities Inc. purchased a new stake in Western Digital in the first quarter worth approximately $36,000. Sound Income Strategies LLC lifted its position in Western Digital by 11.8% in the first 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 last quarter. Park Avenue Securities LLC bought a new stake in Western Digital in the first quarter valued at approximately $437,000. Finally, SOA Wealth Advisors LLC. bought a new stake in Western Digital in the first quarter valued at approximately $31,000. Hedge funds and other 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.