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

Western Digital (NASDAQ:WDC - Get Free Report) had its target price lowered by analysts at Susquehanna from $72.00 to $40.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "neutral" rating on the data storage provider's stock. Susquehanna's price objective suggests a potential upside of 12.61% from the company's current price.

A number of other research analysts have also weighed in on the company. Cantor Fitzgerald decreased their price objective on Western Digital from $95.00 to $65.00 and set an "overweight" rating on the stock in a report on Friday, March 7th. Rosenblatt Securities decreased their target price on shares of Western Digital from $115.00 to $95.00 and set a "buy" rating on the stock in a research note on Wednesday, January 29th. Barclays cut their price target on Western Digital from $90.00 to $80.00 and set an "overweight" rating for the company in a report on Friday, January 17th. Citigroup raised their target price on Western Digital from $60.45 to $64.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. Finally, StockNews.com started coverage on shares of Western Digital in a research report on Tuesday, April 8th. They set a "hold" rating for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $73.68.

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Western Digital Price Performance

Shares of NASDAQ:WDC traded down $0.41 during midday trading on Friday, reaching $35.52. 2,662,879 shares of the company's stock traded hands, compared to its average volume of 6,333,002. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26 and a current ratio of 1.99. The company has a fifty day simple moving average of $47.29 and a two-hundred day simple moving average of $59.47. The company has a market cap of $12.35 billion, a P/E ratio of 8.46 and a beta of 1.39. Western Digital has a 1 year low of $28.83 and a 1 year high of $81.55.

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

Insider Transactions at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 1,659 shares of the firm's stock in a transaction that occurred on 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 approximately $1,810,575.36. This trade represents a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.30% of the company's stock.

Institutional Investors Weigh In On Western Digital

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quantinno Capital Management LP lifted its holdings in shares of Western Digital by 68.7% in the 3rd quarter. Quantinno Capital Management LP now owns 20,570 shares of the data storage provider's stock valued at $1,405,000 after purchasing an additional 8,378 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Western Digital by 20.4% in the third quarter. Wellington Management Group LLP now owns 48,501 shares of the data storage provider's stock valued at $3,312,000 after acquiring an additional 8,217 shares during the period. MML Investors Services LLC increased its holdings in shares of Western Digital by 62.8% in the 3rd quarter. MML Investors Services LLC now owns 27,282 shares of the data storage provider's stock valued at $1,863,000 after acquiring an additional 10,524 shares during the period. Nomura Asset Management Co. Ltd. boosted its stake in Western Digital by 6.3% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 101,410 shares of the data storage provider's stock worth $6,925,000 after purchasing an additional 5,986 shares during the period. Finally, Geode Capital Management LLC grew its position in Western Digital by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 7,921,608 shares of the data storage provider's stock worth $539,355,000 after purchasing an additional 76,781 shares during the last quarter. 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.