Western Digital (NASDAQ:WDC) PT Raised to $90.00

Western Digital (NASDAQ:WDC - Get Free Report) had its price objective upped by analysts at Barclays from $80.00 to $90.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an "overweight" rating on the data storage provider's stock. Barclays's price objective would indicate a potential upside of 26.81% from the stock's previous close.

WDC has been the topic of several other reports. Benchmark reaffirmed a "buy" rating and issued a $92.00 target price on shares of Western Digital in a report on Friday. Wedbush reiterated an "outperform" rating and set a $95.00 target price on shares of Western Digital in a research note on Friday. UBS Group reduced their price target on shares of Western Digital from $74.00 to $72.00 and set a "neutral" rating for the company in a research report on Thursday. Cantor Fitzgerald lifted their price objective on shares of Western Digital from $80.00 to $95.00 and gave the stock an "overweight" rating in a research report on Friday. Finally, TD Cowen decreased their price target on shares of Western Digital from $95.00 to $80.00 and set a "buy" rating for the company in a research note on Friday, September 13th. Six investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $86.09.

Western Digital Stock Up 7.0 %

WDC stock traded up $4.65 during trading on Friday, reaching $70.97. 11,200,122 shares of the stock were exchanged, compared to its average volume of 6,148,362. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.53. Western Digital has a twelve month low of $35.62 and a twelve month high of $81.55. The firm's 50 day moving average is $65.31 and its 200 day moving average is $69.73. The firm has a market cap of $24.53 billion, a P/E ratio of -38.99 and a beta of 1.39.

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

Insider Activity at Western Digital

In other news, EVP Robert Soderbery sold 12,154 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $57.09, for a total value of $693,871.86. Following the transaction, the executive vice president now owns 128,413 shares of the company's stock, valued at $7,331,098.17. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Robert Soderbery sold 12,154 shares of the company's stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $57.09, for a total value of $693,871.86. Following the completion of the transaction, the executive vice president now directly owns 128,413 shares in the company, valued at approximately $7,331,098.17. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Gene M. Zamiska sold 2,900 shares of the firm's stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $61.48, for a total value of $178,292.00. Following the transaction, the senior vice president now directly owns 37,448 shares in the company, valued at approximately $2,302,303.04. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 92,955 shares of company stock valued at $6,327,560 over the last three months. 0.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Western Digital

Hedge funds and other institutional investors have recently modified their holdings of the stock. Oppenheimer & Co. Inc. bought a new stake in Western Digital during the 1st quarter valued at $1,242,000. Bessemer Group Inc. boosted its holdings in shares of Western Digital by 28.6% during the first quarter. Bessemer Group Inc. now owns 2,619 shares of the data storage provider's stock worth $179,000 after purchasing an additional 583 shares during the period. Ghisallo Capital Management LLC purchased a new position in Western Digital during the 2nd quarter valued at about $13,260,000. State Board of Administration of Florida Retirement System increased its holdings in Western Digital by 6.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 382,071 shares of the data storage provider's stock valued at $26,073,000 after purchasing an additional 23,781 shares during the period. Finally, Canada Pension Plan Investment Board raised its position in Western Digital by 1,089.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,071,600 shares of the data storage provider's stock valued at $73,126,000 after purchasing an additional 981,527 shares during 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.

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