Western Digital (NASDAQ:WDC) Rating Reiterated by Wedbush

Wedbush reissued their outperform rating on shares of Western Digital (NASDAQ:WDC) in a research note released on Friday, Marketbeat Ratings reports. They currently have a $85.00 price target on the data storage provider’s stock.

A number of other research firms have also weighed in on WDC. StockNews.com lowered shares of Western Digital from a hold rating to a sell rating in a report on Tuesday, February 20th. Bank of America boosted their target price on shares of Western Digital from $75.00 to $85.00 and gave the stock a buy rating in a report on Wednesday, April 17th. Susquehanna boosted their target price on shares of Western Digital from $68.00 to $83.00 and gave the stock a neutral rating in a report on Wednesday, April 10th. TD Cowen boosted their target price on shares of Western Digital from $50.00 to $75.00 and gave the stock an outperform rating in a report on Friday, January 26th. Finally, UBS Group boosted their target price on shares of Western Digital from $65.00 to $80.00 and gave the stock a neutral rating in a report on Monday, April 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, Western Digital presently has a consensus rating of Moderate Buy and a consensus price target of $77.25.

Western Digital Trading Up 2.8 %

Shares of Western Digital stock opened at $71.36 on Friday. The firm has a market capitalization of $23.25 billion, a PE ratio of -14.36 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. The firm’s 50 day moving average is $65.08 and its 200 day moving average is $55.09. Western Digital has a 1 year low of $32.01 and a 1 year high of $76.92.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, April 25th. The data storage provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.42. Western Digital had a negative net margin of 12.87% and a negative return on equity of 13.67%. The company had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.37 billion. During the same period in the previous year, the firm posted ($1.57) EPS. The firm’s revenue was up 23.3% on a year-over-year basis. Equities research analysts forecast that Western Digital will post -2.21 earnings per share for the current fiscal year.

Insider Activity at Western Digital

In related news, SVP Gene M. Zamiska sold 443 shares of the business’s 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 owns 30,958 shares in the company, valued at approximately $2,321,850. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Gene M. Zamiska sold 443 shares of the business’s 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 owns 30,958 shares in the company, valued at approximately $2,321,850. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kimberly Alexy sold 2,648 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $69.95, for a total transaction of $185,227.60. Following the transaction, the director now owns 20,509 shares in the company, valued at approximately $1,434,604.55. The disclosure for this sale can be found here. 0.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Rise Advisors LLC acquired a new position in Western Digital during the first quarter worth $25,000. Naples Money Management LLC acquired a new position in Western Digital during the fourth quarter worth $26,000. SOA Wealth Advisors LLC. acquired a new position in Western Digital during the first quarter worth $31,000. Lindbrook Capital LLC raised its holdings in Western Digital by 121.7% during the fourth quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider’s stock worth $32,000 after buying an additional 337 shares during the last quarter. Finally, Parkside Financial Bank & Trust raised its holdings in Western Digital by 79.1% during the third quarter. Parkside Financial Bank & Trust now owns 747 shares of the data storage provider’s stock worth $34,000 after buying an additional 330 shares during the last quarter. Institutional investors and hedge funds 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.