Rosenblatt Securities Issues Pessimistic Forecast for Western Digital (NASDAQ:WDC) Stock Price

Western Digital (NASDAQ:WDC - Get Free Report) had its price objective decreased by research analysts at Rosenblatt Securities from $115.00 to $95.00 in a research note issued to investors on Wednesday. The brokerage currently has a "buy" rating on the data storage provider's stock. Rosenblatt Securities' price objective indicates a potential upside of 50.84% from the company's current price.

WDC has been the topic of a number of other research reports. Bank of America reduced their target price on Western Digital from $89.00 to $80.00 and set a "buy" rating on the stock in a research note on Thursday, January 16th. Wedbush restated an "outperform" rating and set a $95.00 price target on shares of Western Digital in a research note on Friday, November 29th. The Goldman Sachs Group dropped their price target on Western Digital from $81.00 to $70.00 and set a "neutral" rating on the stock in a research note on Friday, January 10th. Citigroup dropped their target price on Western Digital from $87.00 to $85.00 and set a "buy" rating on the stock in a research report on Tuesday, December 3rd. Finally, Morgan Stanley decreased their price target on Western Digital from $100.00 to $93.00 and set an "overweight" rating for the company in a report on Thursday, December 19th. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $85.68.

Western Digital Trading Up 0.2 %

NASDAQ:WDC traded up $0.11 during trading hours on Wednesday, hitting $62.98. The company had a trading volume of 3,355,278 shares, compared to its average volume of 5,731,275. Western Digital has a 52 week low of $52.77 and a 52 week high of $81.55. The company has a market capitalization of $21.77 billion, a PE ratio of 37.08 and a beta of 1.43. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.91. The stock has a 50-day moving average price of $65.72 and a 200 day moving average price of $65.64.

Insider Activity at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 658 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $69.99, for a total transaction of $46,053.42. Following the completion of the sale, the senior vice president now directly owns 28,863 shares of the company's stock, valued at approximately $2,020,121.37. This represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 1,347 shares of company stock worth $93,027. 0.30% of the stock is owned by company insiders.

Institutional Trading of Western Digital

A number of institutional investors and hedge funds have recently bought and sold shares of WDC. Sachem Head Capital Management LP raised its position in Western Digital by 75.2% in the third quarter. Sachem Head Capital Management LP now owns 2,030,000 shares of the data storage provider's stock worth $138,629,000 after acquiring an additional 871,500 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Western Digital by 24.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,711,428 shares of the data storage provider's stock worth $253,453,000 after acquiring an additional 732,344 shares in the last quarter. Holocene Advisors LP raised its position in Western Digital by 25.7% in the third quarter. Holocene Advisors LP now owns 3,192,762 shares of the data storage provider's stock worth $218,034,000 after acquiring an additional 651,847 shares in the last quarter. State Street Corp raised its position in Western Digital by 3.2% in the third quarter. State Street Corp now owns 13,572,686 shares of the data storage provider's stock worth $926,879,000 after acquiring an additional 423,651 shares in the last quarter. Finally, Maple Rock Capital Partners Inc. raised its position in Western Digital by 13.2% in the third quarter. Maple Rock Capital Partners Inc. now owns 3,287,400 shares of the data storage provider's stock worth $224,497,000 after acquiring an additional 383,390 shares in the last quarter. 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.

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