Western Digital (NASDAQ:WDC) Given New $65.00 Price Target at Cantor Fitzgerald

Western Digital (NASDAQ:WDC) had its price objective decreased by investment analysts at Cantor Fitzgerald from $95.00 to $65.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the data storage provider’s stock. Cantor Fitzgerald’s price target indicates a potential upside of 55.63% from the company’s current price.

Several other research analysts have also recently issued reports on WDC. StockNews.com started coverage on shares of Western Digital in a report on Wednesday, February 26th. They issued a “buy” rating for the company. Barclays reduced their price objective on Western Digital from $90.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, January 17th. Morgan Stanley lowered their price objective on shares of Western Digital from $100.00 to $93.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Benchmark cut Western Digital from a “buy” rating to a “hold” rating and set a $70.00 price target on the stock. in a report on Thursday, December 19th. Finally, Robert W. Baird lowered their target price on Western Digital from $100.00 to $80.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, Western Digital presently has a consensus rating of “Moderate Buy” and an average price target of $81.47.

Western Digital Stock Up 0.8 %

Shares of NASDAQ:WDC traded up $0.32 during midday trading on Friday, reaching $41.77. The company’s stock had a trading volume of 3,754,684 shares, compared to its average volume of 9,153,044. Western Digital has a 12-month low of $39.58 and a 12-month high of $61.16. The firm has a market capitalization of $14.53 billion, a P/E ratio of 9.95 and a beta of 1.42. The firm has a 50 day moving average of $62.44 and a 200-day moving average of $64.86. The company has a quick ratio of 1.26, a current ratio of 1.99 and a debt-to-equity ratio of 0.60.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share for the quarter, missing the consensus estimate of $1.91 by ($0.36). Western Digital had a return on equity of 15.68% and a net margin of 9.95%. On average, research analysts anticipate that Western Digital will post 4.89 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of WDC. Versant Capital Management Inc grew its holdings in Western Digital by 278.9% during the 4th quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock valued at $25,000 after purchasing an additional 304 shares during the last quarter. Sierra Ocean LLC bought a new stake in shares of Western Digital during the 4th quarter worth approximately $29,000. True Wealth Design LLC boosted its holdings in Western Digital by 2,184.2% during the 3rd quarter. True Wealth Design LLC now owns 434 shares of the data storage provider’s stock valued at $30,000 after acquiring an additional 415 shares during the period. Comprehensive Financial Planning Inc. PA bought a new position in Western Digital in the 4th quarter valued at $30,000. Finally, OFI Invest Asset Management bought a new position in Western Digital in the 4th quarter valued at $36,000. 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.