Western Digital (NASDAQ:WDC) Upgraded by StockNews.com to Hold

Western Digital (NASDAQ:WDC - Get Free Report) was upgraded by investment analysts at StockNews.com from a "sell" rating to a "hold" rating in a report issued on Monday.

Several other equities research analysts also recently issued reports on the stock. Rosenblatt Securities upgraded shares of Western Digital from a "neutral" rating to a "buy" rating in a research report on Friday, April 5th. Cantor Fitzgerald boosted their price target on Western Digital from $70.00 to $100.00 and gave the company an "overweight" rating in a research note on Monday, April 8th. The Goldman Sachs Group increased their price objective on Western Digital from $58.00 to $76.00 and gave the stock a "neutral" rating in a research report on Friday, April 12th. TD Cowen upped their price target on shares of Western Digital from $50.00 to $75.00 and gave the company an "outperform" rating in a research note on Friday, January 26th. Finally, Bank of America raised their price target on shares of Western Digital from $75.00 to $85.00 and gave the stock a "buy" rating in a research report on Wednesday, April 17th. Six equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $77.76.

Western Digital Stock Down 2.1 %

Shares of Western Digital stock traded down $1.50 on Monday, reaching $69.86. 8,996,039 shares of the company were exchanged, compared to its average volume of 7,120,395. Western Digital has a one year low of $32.01 and a one year high of $76.92. The company has a current ratio of 1.86, a quick ratio of 1.07 and a debt-to-equity ratio of 0.72. The company has a 50-day moving average of $65.39 and a 200 day moving average of $55.26. The company has a market capitalization of $22.76 billion, a price-to-earnings ratio of -14.06 and a beta of 1.56.

Western Digital (NASDAQ:WDC - Get Free Report) last issued its earnings results on Thursday, April 25th. The data storage provider reported $0.63 earnings per share (EPS) 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 analysts' expectations of $3.37 billion. Western Digital had a negative net margin of 12.87% and a negative return on equity of 13.75%. Western Digital's quarterly revenue was up 23.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.57) EPS. On average, equities research analysts forecast that Western Digital will post -2.21 earnings per share for the current year.

Insider Activity at Western Digital

In related news, SVP Gene M. Zamiska sold 443 shares of the company's 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 sale, the senior vice president now owns 30,958 shares in the company, valued at approximately $2,321,850. The sale was disclosed in a filing with the SEC, 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 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 directly owns 30,958 shares of the company's stock, valued at $2,321,850. The sale 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 the firm's stock in a transaction on 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 sale, the director now owns 20,509 shares of the company's stock, valued at $1,434,604.55. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On Western Digital

Several large investors have recently bought and sold shares of WDC. Rise Advisors LLC bought a new stake in shares of Western Digital in the 1st quarter worth approximately $25,000. SOA Wealth Advisors LLC. bought a new stake in shares of Western Digital in the first quarter valued at $31,000. Naples Money Management LLC purchased a new position in shares of Western Digital during the 4th quarter valued at $26,000. Sunbelt Securities Inc. bought a new position in shares of Western Digital during the 1st quarter worth $36,000. Finally, Lindbrook Capital LLC increased its holdings in Western Digital by 121.7% in the 4th quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider's stock worth $32,000 after acquiring an additional 337 shares during the last quarter. 92.51% of the stock is currently owned by institutional investors.

About Western Digital

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.

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