Western Digital (NASDAQ:WDC) PT Lowered to $35.00 at Rosenblatt Securities

Western Digital (NASDAQ:WDCGet Rating) had its price objective dropped by equities research analysts at Rosenblatt Securities from $45.00 to $35.00 in a research note issued on Friday, MarketBeat Ratings reports. The brokerage presently has a “neutral” rating on the data storage provider’s stock. Rosenblatt Securities’ target price would suggest a potential downside of 5.96% from the company’s previous close.

WDC has been the topic of a number of other reports. The Goldman Sachs Group dropped their price target on Western Digital from $62.00 to $50.00 in a research report on Friday, July 15th. Benchmark cut Western Digital from a “hold” rating to a “sell” rating and set a $34.00 price target on the stock. in a research report on Thursday, September 1st. BNP Paribas started coverage on Western Digital in a research report on Tuesday, September 13th. They set an “underperform” rating and a $30.00 price target on the stock. Craig Hallum dropped their price target on Western Digital to $85.00 in a research report on Monday, August 15th. Finally, Credit Suisse Group started coverage on Western Digital in a research report on Tuesday, August 16th. They set a “neutral” rating and a $52.00 price target on the stock. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Western Digital currently has a consensus rating of “Hold” and a consensus target price of $58.05.

Western Digital Trading Down 1.5 %

Shares of NASDAQ WDC opened at $37.22 on Friday. The stock’s 50 day moving average price is $45.88 and its two-hundred day moving average price is $49.52. Western Digital has a 52-week low of $36.31 and a 52-week high of $69.36. The stock has a market capitalization of $11.71 billion, a P/E ratio of 7.84 and a beta of 1.51. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 0.57.

Western Digital (NASDAQ:WDCGet Rating) last announced its quarterly earnings data on Friday, August 5th. The data storage provider reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.27. Western Digital had a return on equity of 19.15% and a net margin of 7.98%. The firm had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.57 billion. During the same quarter in the prior year, the firm posted $1.96 earnings per share. Western Digital’s revenue for the quarter was down 8.0% compared to the same quarter last year. On average, analysts anticipate that Western Digital will post 2.61 earnings per share for the current fiscal year.

Insider Transactions at Western Digital

In other news, SVP Gene M. Zamiska sold 2,169 shares of the company’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $40.90, for a total value of $88,712.10. Following the transaction, the senior vice president now owns 31,554 shares in the company, valued at approximately $1,290,558.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Western Digital

Several large investors have recently made changes to their positions in WDC. Financial Gravity Asset Management Inc. boosted its position in Western Digital by 148.0% during the second quarter. Financial Gravity Asset Management Inc. now owns 496 shares of the data storage provider’s stock worth $334,000 after purchasing an additional 296 shares during the period. Addison Advisors LLC boosted its position in Western Digital by 6,375.0% during the first quarter. Addison Advisors LLC now owns 518 shares of the data storage provider’s stock worth $26,000 after purchasing an additional 510 shares during the period. Clear Street Markets LLC boosted its position in Western Digital by 411.7% during the second quarter. Clear Street Markets LLC now owns 655 shares of the data storage provider’s stock worth $29,000 after purchasing an additional 527 shares during the period. TCI Wealth Advisors Inc. boosted its position in Western Digital by 368.3% during the second quarter. TCI Wealth Advisors Inc. now owns 679 shares of the data storage provider’s stock worth $30,000 after purchasing an additional 534 shares during the period. Finally, Newbridge Financial Services Group Inc. bought a new stake in Western Digital during the second quarter worth approximately $34,000. Institutional investors own 84.57% of the company’s stock.

About Western Digital

(Get Rating)

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 computing devices, such as desktop and notebook personal computers (PCs), smart video systems, gaming consoles, and set top boxes; 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; and flash-based memory wafers.

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