UBS Group Increases Western Digital (NASDAQ:WDC) Price Target to $80.00

Western Digital (NASDAQ:WDC) had its price target raised by investment analysts at UBS Group from $65.00 to $80.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the data storage provider’s stock. UBS Group’s target price points to a potential upside of 12.58% from the company’s current price.

WDC has been the subject of a number of other research reports. Susquehanna boosted their target price on shares of Western Digital from $68.00 to $83.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Cantor Fitzgerald boosted their target price 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. Barclays boosted their price target on Western Digital from $65.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday, January 26th. Mizuho boosted their price target on Western Digital from $66.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. Finally, Rosenblatt Securities raised Western Digital from a “neutral” rating to a “buy” rating in a research note on Friday, April 5th. One investment 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 data from MarketBeat.com, Western Digital has an average rating of “Moderate Buy” and an average price target of $70.61.

Western Digital Trading Up 0.9 %

WDC stock opened at $71.06 on Monday. The company has a fifty day moving average price of $63.05 and a two-hundred day moving average price of $53.77. The stock has a market cap of $23.16 billion, a price-to-earnings ratio of -9.97 and a beta of 1.56. Western Digital has a one year low of $31.97 and a one year high of $76.92. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.67 and a quick ratio of 0.98.

Western Digital (NASDAQ:WDC) last announced its earnings results on Monday, January 29th. The data storage provider reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.30) by $0.61. The company 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%. Western Digital’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.69) earnings per share. Equities analysts anticipate that Western Digital will post -2.31 EPS for the current year.

Insider Transactions 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 sale, the director now directly owns 20,509 shares in the company, valued at $1,434,604.55. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, 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 transaction of $33,225.00. Following the sale, the senior vice president now directly owns 30,958 shares in the company, valued at $2,321,850. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kimberly Alexy sold 2,648 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $69.95, for a total value of $185,227.60. Following the completion of the sale, the director now owns 20,509 shares in the company, valued at $1,434,604.55. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

Institutional Trading of Western Digital

Several institutional investors have recently added to or reduced their stakes in the stock. Harbour Capital Advisors LLC bought a new stake in Western Digital in the first quarter valued at approximately $299,000. Sunbelt Securities Inc. bought a new stake in Western Digital in the first quarter valued at approximately $36,000. Sound Income Strategies LLC boosted its holdings 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 acquiring 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. 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.