Western Digital (NASDAQ:WDC) PT Raised to $88.00 at Argus

Western Digital (NASDAQ:WDC) had its price target boosted by research analysts at Argus from $68.00 to $88.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the data storage provider’s stock. Argus’ price target would indicate a potential upside of 24.24% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Raymond James downgraded Western Digital from an “outperform” rating to a “market perform” rating in a research note on Monday, April 22nd. Wells Fargo & Company upped their target price on Western Digital from $72.00 to $95.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 10th. Evercore ISI upped their target price on Western Digital from $80.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, April 26th. StockNews.com downgraded Western Digital from a “hold” rating to a “sell” rating in a research note on Tuesday, February 20th. Finally, Rosenblatt Securities raised Western Digital from a “neutral” rating to a “buy” rating in a research note on Friday, April 5th. Six analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $77.76.

Western Digital Trading Up 1.4 %

Western Digital stock opened at $70.83 on Monday. The company has a current ratio of 1.86, a quick ratio of 1.07 and a debt-to-equity ratio of 0.72. Western Digital has a 12 month low of $32.01 and a 12 month high of $76.92. The stock’s 50 day simple moving average is $65.39 and its two-hundred day simple moving average is $55.26. The firm has a market cap of $23.08 billion, a PE ratio of -14.25 and a beta of 1.56.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Thursday, April 25th. The data storage provider reported $0.63 EPS for the quarter, topping the consensus estimate of $0.21 by $0.42. Western Digital had a negative return on equity of 13.75% and a negative net margin of 12.87%. The business had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.37 billion. During the same quarter in the prior year, the firm posted ($1.57) EPS. The business’s quarterly revenue was up 23.3% compared to the same quarter last year. Analysts anticipate that Western Digital will post -2.21 earnings per share for the current year.

Insider Transactions at Western Digital

In other news, SVP Gene M. Zamiska sold 443 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $75.00, for a total transaction of $33,225.00. Following the completion of the transaction, the senior vice president now directly owns 30,958 shares in the company, valued at approximately $2,321,850. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Kimberly Alexy sold 2,648 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $69.95, for a total transaction of $185,227.60. Following the completion of the transaction, the director now directly owns 20,509 shares in the company, valued at approximately $1,434,604.55. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Gene M. Zamiska sold 443 shares of the firm’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $75.00, for a total value of $33,225.00. Following the transaction, the senior vice president now owns 30,958 shares of the company’s stock, valued at $2,321,850. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Western Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Lindbrook Capital LLC boosted its holdings in Western Digital by 37.3% during the 1st quarter. Lindbrook Capital LLC now owns 843 shares of the data storage provider’s stock valued at $58,000 after acquiring an additional 229 shares during the period. Signaturefd LLC boosted its holdings in Western Digital by 10.9% during the 4th quarter. Signaturefd LLC now owns 2,577 shares of the data storage provider’s stock valued at $135,000 after acquiring an additional 254 shares during the period. Czech National Bank boosted its stake in shares of Western Digital by 0.5% in the 1st quarter. Czech National Bank now owns 57,050 shares of the data storage provider’s stock valued at $3,893,000 after buying an additional 261 shares during the period. Parkside Financial Bank & Trust boosted its stake in shares of Western Digital by 79.1% in the 3rd quarter. Parkside Financial Bank & Trust now owns 747 shares of the data storage provider’s stock valued at $34,000 after buying an additional 330 shares during the period. Finally, Natixis Advisors L.P. boosted its stake in shares of Western Digital by 0.9% in the 3rd quarter. Natixis Advisors L.P. now owns 37,156 shares of the data storage provider’s stock valued at $1,695,000 after buying an additional 338 shares during the period. 92.51% of the stock is currently owned by hedge funds and other 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.