Western Digital (NASDAQ:WDC) Price Target Cut to $48.00 by Analysts at Citigroup

Western Digital (NASDAQ:WDC) had its price objective trimmed by Citigroup from $64.00 to $48.00 in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the data storage provider’s stock.

Other research analysts have also issued research reports about the company. Robert W. Baird decreased their price objective on Western Digital from $100.00 to $80.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. Benchmark upgraded shares of Western Digital from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Thursday, April 10th. Cantor Fitzgerald lowered their target price on Western Digital from $95.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, March 7th. Rosenblatt Securities cut their price target on Western Digital from $115.00 to $95.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. Finally, Morgan Stanley reduced their price objective on Western Digital from $100.00 to $93.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $73.68.

Western Digital Price Performance

Shares of NASDAQ WDC opened at $35.62 on Monday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26 and a current ratio of 1.99. The firm has a fifty day moving average of $46.71 and a 200 day moving average of $59.30. The firm has a market cap of $12.39 billion, a PE ratio of 8.48 and a beta of 1.39. Western Digital has a one year low of $28.83 and a one year high of $81.55.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share (EPS) 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%. As a group, research analysts predict that Western Digital will post 4.89 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Gene M. Zamiska sold 1,659 shares of Western Digital stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $41.36, for a total value of $68,616.24. Following the completion of the transaction, the senior vice president now owns 43,776 shares in the company, valued at approximately $1,810,575.36. The trade was a 3.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Western Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc raised its stake in shares of Western Digital by 278.9% in the fourth quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock valued at $25,000 after acquiring an additional 304 shares in the last quarter. Sierra Ocean LLC acquired a new stake in Western Digital in the 4th quarter valued at about $29,000. Comprehensive Financial Planning Inc. PA purchased a new position in shares of Western Digital in the 4th quarter valued at about $30,000. OFI Invest Asset Management acquired a new position in shares of Western Digital during the fourth quarter worth about $36,000. Finally, Elequin Capital LP purchased a new stake in shares of Western Digital during the fourth quarter worth approximately $40,000. Hedge funds and other institutional investors own 92.51% of the company’s stock.

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.