Western Digital (NASDAQ:WDC) Price Target Lowered to $90.00 at BNP Paribas

Western Digital (NASDAQ:WDC) had its price objective decreased by BNP Paribas from $95.00 to $90.00 in a report issued on Thursday.

Other research analysts have also recently issued research reports about the company. Evercore ISI restated an “outperform” rating and issued a $85.00 price target on shares of Western Digital in a research report on Thursday, August 15th. Summit Insights lowered Western Digital from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Cantor Fitzgerald reissued an “overweight” rating and set a $80.00 target price on shares of Western Digital in a research note on Tuesday, September 10th. Wedbush raised their price target on shares of Western Digital from $85.00 to $95.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. Finally, Citigroup decreased their price target on shares of Western Digital from $95.00 to $85.00 and set a “buy” rating on the stock in a report on Tuesday, September 10th. Six analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $86.09.

Western Digital Stock Performance

NASDAQ WDC opened at $69.45 on Thursday. The firm has a 50-day moving average price of $65.42 and a two-hundred day moving average price of $69.68. Western Digital has a 12-month low of $35.62 and a 12-month high of $81.55. The company has a market capitalization of $22.68 billion, a P/E ratio of -13.97 and a beta of 1.39. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.53.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.17. The business had revenue of $3.76 billion during the quarter, compared to analysts’ expectations of $3.77 billion. Western Digital had a negative return on equity of 2.63% and a negative net margin of 3.75%. Analysts anticipate that Western Digital will post 7.75 earnings per share for the current year.

Insider Buying and Selling

In other Western Digital news, CEO David Goeckeler sold 75,000 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $70.32, for a total transaction of $5,274,000.00. Following the completion of the transaction, the chief executive officer now owns 896,630 shares of the company’s stock, valued at $63,051,021.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO David Goeckeler sold 75,000 shares of Western Digital stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $70.32, for a total transaction of $5,274,000.00. Following the sale, the chief executive officer now directly owns 896,630 shares in the company, valued at $63,051,021.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Robert Soderbery sold 12,154 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $57.09, for a total transaction of $693,871.86. Following the completion of the sale, the executive vice president now owns 128,413 shares in the company, valued at approximately $7,331,098.17. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 92,955 shares of company stock worth $6,327,560 in the last ninety days. 0.28% of the stock is owned by insiders.

Institutional Investors Weigh In On Western Digital

Institutional investors and hedge funds have recently bought and sold shares of the business. Los Angeles Capital Management LLC bought a new stake in shares of Western Digital in the 1st quarter worth about $273,000. Park Avenue Securities LLC acquired a new position in Western Digital during the first quarter valued at $437,000. Sunbelt Securities Inc. purchased a new stake in Western Digital in the 1st quarter worth approximately $36,000. Harbour Capital Advisors LLC purchased a new stake in shares of Western Digital during the 1st quarter worth about $299,000. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Western Digital by 8.6% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 822,281 shares of the data storage provider’s stock valued at $56,112,000 after purchasing an additional 64,980 shares during the period. 92.51% of the stock is owned by institutional investors.

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.