Western Digital (NASDAQ:WDC) Price Target Raised to $64.00

Western Digital (NASDAQ:WDC) had its price objective boosted by Citigroup from $60.45 to $64.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Citigroup currently has a buy rating on the data storage provider’s stock.

Several other equities research analysts also recently weighed in on WDC. Benchmark downgraded Western Digital from a “buy” rating to a “hold” rating and set a $70.00 price target for the company. in a report on Thursday, December 19th. Wedbush reissued an “outperform” rating and set a $95.00 target price on shares of Western Digital in a report on Monday, February 10th. Mizuho reduced their price target on Western Digital from $90.00 to $82.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Susquehanna lowered their price objective on Western Digital from $83.00 to $72.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Finally, Morgan Stanley decreased their target price on shares of Western Digital from $100.00 to $93.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Western Digital presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.05.

Western Digital Stock Down 3.9 %

Shares of NASDAQ WDC opened at $48.20 on Tuesday. Western Digital has a 12-month low of $39.58 and a 12-month high of $61.16. The stock’s fifty day simple moving average is $63.64 and its two-hundred day simple moving average is $65.29. The stock has a market capitalization of $16.77 billion, a PE ratio of 11.48 and a beta of 1.44. The company has a current ratio of 1.99, a quick ratio of 1.26 and a debt-to-equity ratio of 0.60.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share for the quarter, missing analysts’ consensus estimates of $1.91 by ($0.36). Western Digital had a net margin of 9.95% and a return on equity of 15.68%. As a group, analysts expect that Western Digital will post 4.89 EPS for the current fiscal year.

Institutional Trading of Western Digital

Several large investors have recently made changes to their positions in WDC. Mirae Asset Global Investments Co. Ltd. boosted its stake in Western Digital by 32.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,131 shares of the data storage provider’s stock worth $2,691,000 after purchasing an additional 11,013 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Western Digital by 6.3% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 841,700 shares of the data storage provider’s stock valued at $50,191,000 after buying an additional 50,188 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Western Digital by 4.0% in the fourth quarter. Principal Financial Group Inc. now owns 390,826 shares of the data storage provider’s stock worth $23,305,000 after buying an additional 15,189 shares in the last quarter. Aigen Investment Management LP boosted its position in Western Digital by 124.2% during the third quarter. Aigen Investment Management LP now owns 21,412 shares of the data storage provider’s stock worth $1,462,000 after acquiring an additional 11,860 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its stake in Western Digital by 53.3% during the 4th quarter. Handelsbanken Fonder AB now owns 99,444 shares of the data storage provider’s stock valued at $5,930,000 after acquiring an additional 34,579 shares in the last quarter. 92.51% of the stock is currently owned by hedge funds and other 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.