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

Western Digital (NASDAQ:WDC - Get Free Report) had its target price dropped by Citigroup from $64.00 to $48.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the data storage provider's stock. Citigroup's price objective indicates a potential upside of 31.47% from the stock's previous close.

A number of other equities research analysts have also issued reports on the stock. Rosenblatt Securities decreased their target price on shares of Western Digital from $115.00 to $95.00 and set a "buy" rating for the company in a research note on Wednesday, January 29th. Susquehanna dropped their target price on Western Digital from $72.00 to $40.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. The Goldman Sachs Group lifted their price target on Western Digital from $70.00 to $80.00 and gave the company a "neutral" rating in a report on Friday, January 31st. Barclays decreased their target price on shares of Western Digital from $90.00 to $80.00 and set an "overweight" rating for the company in a research report on Friday, January 17th. Finally, Cantor Fitzgerald dropped their price target on shares of Western Digital from $95.00 to $65.00 and set an "overweight" rating on the stock in a research note on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Western Digital presently has a consensus rating of "Moderate Buy" and an average target price of $73.68.

Western Digital Price Performance

NASDAQ WDC traded up $0.89 on Monday, reaching $36.51. The company's stock had a trading volume of 7,393,307 shares, compared to its average volume of 6,368,571. The firm's 50 day moving average is $45.41 and its two-hundred day moving average is $58.88. The stock has a market cap of $12.70 billion, a PE ratio of 8.69 and a beta of 1.39. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26 and a current ratio of 1.99. Western Digital has a twelve month low of $28.83 and a twelve month high of $81.55.

Western Digital (NASDAQ:WDC - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.91 by ($0.36). Western Digital had a net margin of 9.95% and a return on equity of 15.68%. As a group, sell-side analysts predict that Western Digital will post 4.89 EPS for the current year.

Insiders Place Their Bets

In other Western Digital news, SVP Gene M. Zamiska sold 1,659 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $41.36, for a total transaction of $68,616.24. Following the sale, the senior vice president now owns 43,776 shares of the company's stock, valued at $1,810,575.36. This represents a 3.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.30% of the company's stock.

Hedge Funds Weigh In On Western Digital

Large investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its stake in shares of Western Digital by 20.4% during the third quarter. Wellington Management Group LLP now owns 48,501 shares of the data storage provider's stock worth $3,312,000 after buying an additional 8,217 shares during the last quarter. MML Investors Services LLC raised its holdings in Western Digital by 62.8% in the third quarter. MML Investors Services LLC now owns 27,282 shares of the data storage provider's stock worth $1,863,000 after purchasing an additional 10,524 shares during the period. Sanctuary Advisors LLC boosted its position in shares of Western Digital by 13.2% during the third quarter. Sanctuary Advisors LLC now owns 20,285 shares of the data storage provider's stock worth $1,348,000 after purchasing an additional 2,371 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Western Digital in the 3rd quarter valued at $183,000. Finally, Tidal Investments LLC raised its stake in Western Digital by 123.5% during the 3rd quarter. Tidal Investments LLC now owns 41,028 shares of the data storage provider's stock worth $2,802,000 after buying an additional 22,670 shares during the period. 92.51% of the stock is currently owned by institutional investors and hedge funds.

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.