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

Western Digital (NASDAQ:WDC - Get Free Report) had its price objective lowered by investment analysts at UBS Group from $74.00 to $50.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the data storage provider's stock. UBS Group's price target suggests a potential upside of 14.52% from the company's previous close.

Other research analysts have also issued research reports about the stock. Cantor Fitzgerald reduced their price objective 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. Wedbush reissued an "outperform" rating and issued a $95.00 price target on shares of Western Digital in a report on Monday, February 10th. StockNews.com started coverage on shares of Western Digital in a research report on Wednesday, February 26th. They issued a "buy" rating for the company. Citigroup lifted their target price on Western Digital from $60.45 to $64.00 and gave the stock a "buy" rating in a report on Tuesday, February 25th. Finally, The Goldman Sachs Group increased their price target on Western Digital from $70.00 to $80.00 and gave the stock a "neutral" rating in a report on Friday, January 31st. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Western Digital has an average rating of "Moderate Buy" and a consensus price target of $80.21.

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Western Digital Trading Down 1.9 %

NASDAQ WDC traded down $0.85 during trading hours on Monday, hitting $43.66. The company's stock had a trading volume of 7,712,799 shares, compared to its average volume of 5,982,132. Western Digital has a twelve month low of $39.42 and a twelve month high of $81.55. The firm has a market capitalization of $15.19 billion, a P/E ratio of 10.40 and a beta of 1.42. The company has a quick ratio of 1.26, a current ratio of 1.99 and a debt-to-equity ratio of 0.60. The stock has a fifty day moving average of $58.19 and a 200 day moving average of $63.26.

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

Insider Buying and Selling

In other Western Digital news, SVP Gene M. Zamiska sold 1,659 shares of Western Digital stock in a transaction 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 completion of the transaction, the senior vice president now directly owns 43,776 shares of the company's stock, valued at $1,810,575.36. The trade was a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Western Digital

A number of hedge funds have recently modified their holdings of WDC. Versant Capital Management Inc raised its holdings in Western Digital by 278.9% in the 4th quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider's stock valued at $25,000 after acquiring an additional 304 shares during the period. True Wealth Design LLC grew its position in shares of Western Digital by 2,184.2% in the third quarter. True Wealth Design LLC now owns 434 shares of the data storage provider's stock valued at $30,000 after purchasing an additional 415 shares during the last quarter. Sierra Ocean LLC bought a new position in shares of Western Digital during the fourth quarter worth approximately $29,000. Comprehensive Financial Planning Inc. PA acquired a new stake in Western Digital during the 4th quarter worth approximately $30,000. Finally, OFI Invest Asset Management acquired a new stake in Western Digital during the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 92.51% of the company's stock.

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.