Cantor Fitzgerald Reiterates Overweight Rating for Western Digital (NASDAQ:WDC)

Cantor Fitzgerald reiterated their overweight rating on shares of Western Digital (NASDAQ:WDC - Free Report) in a research note issued to investors on Monday,Benzinga reports. They currently have a $95.00 price target on the data storage provider's stock.

Other analysts have also recently issued reports about the company. BNP Paribas reduced their price target on Western Digital from $95.00 to $90.00 in a report on Thursday, October 24th. Citigroup reduced their price target on Western Digital from $82.00 to $80.00 and set a "buy" rating on the stock in a report on Thursday, January 30th. Wedbush reiterated an "outperform" rating and issued a $95.00 target price on shares of Western Digital in a report on Thursday, January 30th. Robert W. Baird reduced their target price on Western Digital from $100.00 to $80.00 and set an "outperform" rating on the stock in a report on Thursday, January 30th. Finally, Mizuho reduced their target price on Western Digital from $90.00 to $82.00 and set an "outperform" rating on the stock in a report on Friday, January 3rd. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $84.42.

Western Digital Price Performance

NASDAQ WDC traded up $0.83 during trading on Monday, hitting $68.39. 5,673,098 shares of the company's stock were exchanged, compared to its average volume of 6,619,453. The company has a current ratio of 1.99, a quick ratio of 1.26 and a debt-to-equity ratio of 0.60. The company has a market cap of $23.79 billion, a PE ratio of 16.28 and a beta of 1.44. Western Digital has a fifty-two week low of $52.77 and a fifty-two week high of $81.55. The stock's 50 day moving average price is $64.55 and its two-hundred day moving average price is $65.21.

Western Digital (NASDAQ:WDC - Get Free Report) last issued its earnings results on Wednesday, January 29th. The data storage provider reported $1.55 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%. Research analysts expect that Western Digital will post 4.89 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Gene M. Zamiska sold 658 shares of the company's stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $69.99, for a total transaction of $46,053.42. Following the transaction, the senior vice president now directly owns 28,863 shares of the company's stock, valued at $2,020,121.37. This represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have sold 1,347 shares of company stock worth $93,027. Corporate insiders own 0.30% of the company's stock.

Hedge Funds Weigh In On Western Digital

Institutional investors have recently modified their holdings of the company. CWM LLC raised its position in Western Digital by 63.0% in the 3rd quarter. CWM LLC now owns 15,464 shares of the data storage provider's stock valued at $1,056,000 after buying an additional 5,974 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its position in Western Digital by 464.3% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 3,160 shares of the data storage provider's stock valued at $216,000 after buying an additional 2,600 shares during the last quarter. Inspire Investing LLC raised its position in Western Digital by 20.4% in the 3rd quarter. Inspire Investing LLC now owns 4,147 shares of the data storage provider's stock valued at $283,000 after buying an additional 704 shares during the last quarter. Exchange Traded Concepts LLC raised its position in Western Digital by 4,487.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 3,395 shares of the data storage provider's stock valued at $232,000 after buying an additional 3,321 shares during the last quarter. Finally, ORG Wealth Partners LLC purchased a new stake in Western Digital in the 3rd quarter valued at $112,000. 92.51% of the stock is 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.