Wells Fargo & Company Cuts Western Digital (NASDAQ:WDC) Price Target to $85.00

Western Digital (NASDAQ:WDC - Free Report) had its price objective decreased by Wells Fargo & Company from $95.00 to $85.00 in a research report sent to investors on Thursday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the data storage provider's stock.

Other analysts also recently issued research reports about the stock. UBS Group reduced their target price on shares of Western Digital from $74.00 to $72.00 and set a "neutral" rating for the company in a report on Thursday, October 24th. Barclays boosted their price objective on Western Digital from $80.00 to $90.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. Susquehanna increased their target price on Western Digital from $75.00 to $83.00 and gave the stock a "neutral" rating in a research note on Friday, October 25th. BNP Paribas reduced their price target on Western Digital from $95.00 to $90.00 in a research note on Thursday, October 24th. Finally, The Goldman Sachs Group lowered their price objective on Western Digital from $81.00 to $70.00 and set a "neutral" rating on the stock in a research report on Friday, January 10th. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $85.65.

Western Digital Stock Performance

NASDAQ:WDC traded up $0.79 on Thursday, hitting $65.04. The company's stock had a trading volume of 7,160,490 shares, compared to its average volume of 5,068,281. Western Digital has a one year low of $52.76 and a one year high of $81.55. The firm has a market capitalization of $22.48 billion, a P/E ratio of 38.26 and a beta of 1.43. The stock has a fifty day moving average of $65.52 and a two-hundred day moving average of $66.47. The company has a current ratio of 1.47, a quick ratio of 0.91 and a debt-to-equity ratio of 0.49.

Western Digital (NASDAQ:WDC - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The data storage provider reported $1.78 earnings per share for the quarter, beating analysts' consensus estimates of $1.55 by $0.23. Western Digital had a return on equity of 8.57% and a net margin of 4.81%. The business had revenue of $4.10 billion for the quarter, compared to analysts' expectations of $4.12 billion. During the same quarter in the prior year, the business earned ($1.97) EPS. The firm's revenue for the quarter was up 48.9% on a year-over-year basis. Research analysts predict that Western Digital will post 6.26 earnings per share for the current year.

Insider Activity

In related news, CEO David Goeckeler sold 75,000 shares of the company's stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $72.58, for a total transaction of $5,443,500.00. Following the completion of the transaction, the chief executive officer now directly owns 821,630 shares in the company, valued at $59,633,905.40. This represents a 8.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Gene M. Zamiska sold 1,993 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $69.94, for a total transaction of $139,390.42. Following the completion of the transaction, the senior vice president now directly owns 30,608 shares of the company's stock, valued at approximately $2,140,723.52. The trade was a 6.11 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 109,107 shares of company stock worth $7,768,381. Insiders own 0.30% of the company's stock.

Hedge Funds Weigh In On Western Digital

Institutional investors and hedge funds have recently bought and sold shares of the company. Versant Capital Management Inc grew its holdings in shares of Western Digital by 278.9% during the fourth quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider's stock worth $25,000 after purchasing an additional 304 shares during the last quarter. Eastern Bank acquired a new stake in Western Digital during the 3rd quarter worth approximately $27,000. True Wealth Design LLC grew its holdings in Western Digital by 2,184.2% during the 3rd quarter. True Wealth Design LLC now owns 434 shares of the data storage provider's stock worth $30,000 after acquiring an additional 415 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in Western Digital in the 3rd quarter valued at approximately $41,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in shares of Western Digital during the third quarter valued at $42,000. Institutional investors and hedge funds 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.