Western Digital (NASDAQ:WDC) Price Target Raised to $250.00

Western Digital (NASDAQ:WDC) had its target price upped by investment analysts at Loop Capital to $250.00 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the data storage provider’s stock. Loop Capital’s price target would suggest a potential upside of 50.50% from the stock’s previous close.

A number of other research firms also recently issued reports on WDC. Morgan Stanley upped their price target on shares of Western Digital from $92.00 to $99.00 and gave the company an “overweight” rating in a research note on Wednesday, September 3rd. Sanford C. Bernstein upgraded shares of Western Digital to a “hold” rating in a report on Tuesday, September 16th. Citigroup upped their target price on shares of Western Digital from $135.00 to $180.00 and gave the company a “buy” rating in a research report on Friday, October 31st. UBS Group lifted their price target on Western Digital from $135.00 to $145.00 and gave the stock a “neutral” rating in a research report on Friday, October 31st. Finally, Susquehanna reissued a “neutral” rating and set a $135.00 price objective on shares of Western Digital in a research note on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $160.74.

Western Digital Price Performance

Shares of WDC stock traded down $3.88 during trading hours on Monday, hitting $166.11. The stock had a trading volume of 9,849,529 shares, compared to its average volume of 8,383,140. Western Digital has a one year low of $28.83 and a one year high of $178.45. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.08 and a quick ratio of 0.84. The stock’s 50-day moving average price is $121.74 and its two-hundred day moving average price is $83.29. The stock has a market capitalization of $56.79 billion, a price-to-earnings ratio of 32.25, a PEG ratio of 1.14 and a beta of 1.81.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Monday, April 7th. The data storage provider reported $1.78 EPS for the quarter. Western Digital had a return on equity of 24.93% and a net margin of 14.13%.The company had revenue of $4.10 billion during the quarter. Equities analysts forecast that Western Digital will post 4.89 EPS for the current year.

Insider Buying and Selling at Western Digital

In other news, insider Cynthia L. Tregillis sold 14,067 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $74.78, for a total value of $1,051,930.26. Following the completion of the transaction, the insider directly owned 135,351 shares of the company’s stock, valued at approximately $10,121,547.78. The trade was a 9.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Irving Tan sold 20,000 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $150.69, for a total value of $3,013,800.00. Following the sale, the chief executive officer owned 645,467 shares of the company’s stock, valued at $97,265,422.23. This trade represents a 3.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 60,186 shares of company stock worth $6,213,015. 0.18% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Western Digital

A number of large investors have recently added to or reduced their stakes in the company. ORG Partners LLC raised its stake in shares of Western Digital by 124.5% during the 3rd quarter. ORG Partners LLC now owns 211 shares of the data storage provider’s stock worth $25,000 after acquiring an additional 117 shares in the last quarter. Private Wealth Management Group LLC grew its holdings in Western Digital by 102.5% in the second quarter. Private Wealth Management Group LLC now owns 399 shares of the data storage provider’s stock worth $26,000 after purchasing an additional 202 shares during the last quarter. Rakuten Securities Inc. increased its position in shares of Western Digital by 4,070.0% during the second quarter. Rakuten Securities Inc. now owns 417 shares of the data storage provider’s stock worth $27,000 after purchasing an additional 407 shares in the last quarter. NewSquare Capital LLC increased its position in Western Digital by 86.9% during the 2nd quarter. NewSquare Capital LLC now owns 441 shares of the data storage provider’s stock valued at $28,000 after buying an additional 205 shares in the last quarter. Finally, Zions Bancorporation National Association UT purchased a new stake in Western Digital in the first quarter valued at about $29,000. 92.51% of the stock is currently 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.