Western Digital (NASDAQ:WDC) Given New $88.00 Price Target at Argus

Western Digital (NASDAQ:WDC) had its target price lifted by Argus from $68.00 to $88.00 in a report issued on Monday, Benzinga reports. They currently have a buy rating on the data storage provider’s stock.

Other research analysts have also issued reports about the stock. Rosenblatt Securities upgraded shares of Western Digital from a neutral rating to a buy rating in a research note on Friday, April 5th. Raymond James downgraded Western Digital from an outperform rating to a market perform rating in a research note on Monday, April 22nd. Mizuho lifted 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. StockNews.com cut Western Digital from a hold rating to a sell rating in a research report on Tuesday, February 20th. Finally, Wedbush restated an outperform rating and set a $85.00 target price on shares of Western Digital in a research report on Friday. Six research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $77.76.

Western Digital Price Performance

Shares of NASDAQ WDC opened at $69.86 on Monday. 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 stock has a market cap of $22.76 billion, a P/E ratio of -14.06 and a beta of 1.56. The stock has a 50 day moving average of $65.39 and a two-hundred day moving average of $55.26. Western Digital has a twelve month low of $32.01 and a twelve month high of $76.92.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, April 25th. The data storage provider reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.42. Western Digital had a negative net margin of 12.87% and a negative return on equity of 13.75%. 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 business posted ($1.57) earnings per share. Western Digital’s quarterly revenue was up 23.3% on a year-over-year basis. On average, research analysts forecast that Western Digital will post -2.21 earnings per share for the current year.

Insider Activity

In other Western Digital 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 completion of the sale, the senior vice president now directly owns 30,958 shares in the company, valued at $2,321,850. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Western Digital news, SVP Gene M. Zamiska sold 443 shares of the business’s stock in a transaction that occurred 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 completion of 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 legal filing with the SEC, which is available through this link. Also, Director Kimberly Alexy sold 2,648 shares of the firm’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 completion of the transaction, the director now directly owns 20,509 shares in the company, valued at approximately $1,434,604.55. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

Institutional Trading of Western Digital

Large investors have recently bought and sold shares of the company. Rise Advisors LLC acquired a new position in shares of Western Digital in the first quarter worth about $25,000. Naples Money Management LLC purchased a new position in shares of Western Digital during the 4th quarter valued at approximately $26,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Western Digital during the first quarter worth approximately $31,000. Lindbrook Capital LLC increased its stake in shares of Western Digital by 121.7% in 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% in the third quarter. Parkside Financial Bank & Trust now owns 747 shares of the data storage provider’s stock valued at $34,000 after acquiring an additional 330 shares in the last quarter. Institutional investors and hedge funds own 92.51% of the company’s stock.

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.