Western Digital (NASDAQ:WDC) Stock Price Expected to Rise, Wedbush Analyst Says

Key Points

• Equities research analysts at Wedbush have raised their target price for Western Digital from $90.00 to $135.00, indicating a potential upside of 12.09% from the stock's current price.
• Western Digital's stock has received multiple upgrades from various analysts, with a consensus rating of "Moderate Buy" and an average price target of $101.21.
• Recent insider trades show company executives selling a combined total of 49,730 shares in the last 90 days, highlighting a potential decline in their holdings.

Western Digital (NASDAQ:WDC - Get Free Report) had its target price lifted by equities research analysts at Wedbush from $90.00 to $135.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the data storage provider's stock. Wedbush's price objective suggests a potential upside of 12.09% from the stock's current price.

Other equities analysts also recently issued research reports about the company. Sanford C. Bernstein upgraded Western Digital to a "hold" rating in a research report on Tuesday, September 16th. Wells Fargo & Company raised their target price on Western Digital from $95.00 to $150.00 and gave the company an "overweight" rating in a research report on Monday. Benchmark lifted their price objective on Western Digital from $85.00 to $115.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Zacks Research upgraded Western Digital from a "hold" rating to a "strong-buy" rating in a research report on Monday. Finally, Rosenblatt Securities lifted their price objective on Western Digital from $90.00 to $125.00 and gave the stock a "buy" rating in a research report on Monday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $101.21.

Western Digital Stock Up 6.5%

Shares of WDC opened at $120.44 on Thursday. The company has a current ratio of 1.08, a quick ratio of 0.84 and a debt-to-equity ratio of 0.47. Western Digital has a 12 month low of $28.83 and a 12 month high of $137.40. The stock's 50 day moving average is $97.29 and its two-hundred day moving average is $68.48. The firm has a market cap of $41.29 billion, a P/E ratio of 23.39, a PEG ratio of 0.95 and a beta of 1.77.

Western Digital (NASDAQ:WDC - Get Free Report) last released its earnings results on Monday, April 7th. The data storage provider reported $1.78 earnings per share for the quarter. The business had revenue of $4.10 billion for the quarter. Western Digital had a return on equity of 24.93% and a net margin of 14.13%. Analysts predict that Western Digital will post 4.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Gene M. Zamiska sold 3,160 shares of the business's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $75.68, for a total value of $239,148.80. Following the sale, the senior vice president owned 31,560 shares in the company, valued at approximately $2,388,460.80. The trade was a 9.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Cynthia L. Tregillis sold 14,067 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $74.78, for a total value of $1,051,930.26. Following the completion of the sale, the insider owned 135,351 shares in the company, valued at $10,121,547.78. This represents a 9.41% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 49,730 shares of company stock worth $3,921,594. Company insiders own 0.18% of the company's stock.

Institutional Investors Weigh In On Western Digital

Several large investors have recently bought and sold shares of WDC. Private Wealth Management Group LLC increased its holdings in Western Digital by 102.5% during the 2nd quarter. Private Wealth Management Group LLC now owns 399 shares of the data storage provider's stock worth $26,000 after purchasing an additional 202 shares during the period. Rakuten Securities Inc. increased its holdings in Western Digital by 4,070.0% during the 2nd quarter. Rakuten Securities Inc. now owns 417 shares of the data storage provider's stock worth $27,000 after purchasing an additional 407 shares during the period. NewSquare Capital LLC increased its holdings in shares of Western Digital by 86.9% in the 2nd quarter. NewSquare Capital LLC now owns 441 shares of the data storage provider's stock valued at $28,000 after acquiring an additional 205 shares during the last quarter. Zions Bancorporation National Association UT purchased a new position in shares of Western Digital in the 1st quarter valued at about $29,000. Finally, Grove Bank & Trust purchased a new position in shares of Western Digital in the 3rd quarter valued at about $30,000. Hedge funds and other institutional investors own 92.51% of the company's stock.

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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