Western Digital (NASDAQ:WDC) Price Target Cut to $72.00

Western Digital (NASDAQ:WDC) had its target price reduced by analysts at UBS Group from $74.00 to $72.00 in a research note issued on Thursday. The firm currently has a “neutral” rating on the data storage provider’s stock. UBS Group’s target price would indicate a potential upside of 3.67% from the company’s previous close.

Several other research analysts have also recently weighed in on the stock. Wedbush upped their price target on shares of Western Digital from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Summit Insights lowered shares of Western Digital from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Evercore ISI reissued an “outperform” rating and issued a $85.00 price target on shares of Western Digital in a research note on Thursday, August 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 price objective on shares of Western Digital in a research report on Tuesday, September 10th. Finally, StockNews.com raised Western Digital from a “sell” rating to a “hold” rating in a research report on Saturday, July 6th. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.09.

Western Digital Price Performance

Shares of WDC stock opened at $69.45 on Thursday. 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 has a 12-month low of $35.62 and a 12-month high of $81.55. The firm has a fifty day moving average of $65.42 and a 200-day moving average of $69.70. The firm has a market capitalization of $22.68 billion, a price-to-earnings ratio of -13.97 and a beta of 1.39.

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

Insider Activity

In related news, CEO David Goeckeler sold 75,000 shares of the stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $70.32, for a total value of $5,274,000.00. Following the sale, the chief executive officer now owns 896,630 shares in the company, valued at approximately $63,051,021.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Robert Soderbery sold 12,154 shares of Western Digital stock in a transaction dated Monday, August 5th. The shares were 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 of the company’s stock, valued at approximately $7,331,098.17. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO David Goeckeler sold 75,000 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were 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 in the company, valued at approximately $63,051,021.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 92,955 shares of company stock valued at $6,327,560 over the last three months. Insiders own 0.28% of the company’s stock.

Institutional Investors Weigh In On Western Digital

A number of institutional investors have recently made changes to their positions in WDC. Los Angeles Capital Management LLC acquired a new stake in Western Digital during the 1st quarter worth approximately $273,000. Park Avenue Securities LLC bought a new position in Western Digital during the 1st quarter worth $437,000. Sunbelt Securities Inc. acquired a new stake in shares of Western Digital during the first quarter worth $36,000. Harbour Capital Advisors LLC bought a new stake in shares of Western Digital in the first quarter valued at about $299,000. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake 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 acquiring an additional 64,980 shares in the last quarter. 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.