Barclays Lowers Western Digital (NASDAQ:WDC) Price Target to $80.00

Western Digital (NASDAQ:WDC - Free Report) had its price target reduced by Barclays from $90.00 to $80.00 in a report published on Friday morning,Benzinga reports. Barclays currently has an overweight rating on the data storage provider's stock.

WDC has been the subject of a number of other research reports. Benchmark downgraded shares of Western Digital from a "buy" rating to a "hold" rating and set a $70.00 target price for the company. in a research report on Thursday, December 19th. Mizuho decreased their price objective on Western Digital from $90.00 to $82.00 and set an "outperform" rating for the company in a report on Friday, January 3rd. Rosenblatt Securities reiterated a "buy" rating and set a $115.00 target price on shares of Western Digital in a report on Friday, October 25th. Morgan Stanley dropped their price objective on Western Digital from $100.00 to $93.00 and set an "overweight" rating on the stock in a research note on Thursday, December 19th. Finally, Citigroup cut their price target on shares of Western Digital from $87.00 to $85.00 and set a "buy" rating for the company in a research note on Tuesday, December 3rd. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $85.65.

Western Digital Stock Up 1.2 %

Shares of NASDAQ:WDC traded up $0.79 during trading on Friday, hitting $65.04. 7,160,490 shares of the company's stock traded hands, compared to its average volume of 4,729,860. The company has a current ratio of 1.47, a quick ratio of 0.91 and a debt-to-equity ratio of 0.49. The company has a 50-day moving average price of $65.43 and a 200-day moving average price of $66.39. Western Digital has a 52 week low of $52.76 and a 52 week high of $81.55. The company has a market cap of $22.48 billion, a price-to-earnings ratio of 38.26 and a beta of 1.43.

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

Insider Transactions at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 658 shares of the business's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $69.99, for a total transaction of $46,053.42. Following the sale, the senior vice president now owns 28,863 shares of the company's stock, valued at approximately $2,020,121.37. The trade was 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 the SEC website. Also, EVP Robert Soderbery sold 30,767 shares of the firm's stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $68.01, for a total value of $2,092,463.67. Following the sale, the executive vice president now directly owns 135,398 shares in the company, valued at approximately $9,208,417.98. This trade represents a 18.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 109,107 shares of company stock valued at $7,768,381. Corporate insiders own 0.30% of the company's stock.

Hedge Funds Weigh In On Western Digital

Hedge funds have recently modified their holdings of the business. Inspire Investing LLC increased its position in shares of Western Digital by 4.3% during the fourth quarter. Inspire Investing LLC now owns 4,324 shares of the data storage provider's stock worth $258,000 after buying an additional 177 shares during the period. Nisa Investment Advisors LLC grew its holdings in Western Digital by 0.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 88,252 shares of the data storage provider's stock worth $5,262,000 after acquiring an additional 285 shares during the period. Crossmark Global Holdings Inc. grew its holdings in Western Digital by 0.7% during the 4th quarter. Crossmark Global Holdings Inc. now owns 238,429 shares of the data storage provider's stock worth $14,218,000 after acquiring an additional 1,757 shares during the period. UMB Bank n.a. raised its position in shares of Western Digital by 9.6% in the 4th quarter. UMB Bank n.a. now owns 3,133 shares of the data storage provider's stock worth $187,000 after acquiring an additional 274 shares in the last quarter. Finally, HB Wealth Management LLC lifted its stake in shares of Western Digital by 17.1% in the 4th quarter. HB Wealth Management LLC now owns 7,388 shares of the data storage provider's stock valued at $441,000 after purchasing an additional 1,077 shares during the period. 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.