Western Digital (NASDAQ:WDC) Given Overweight Rating at Cantor Fitzgerald

Western Digital (NASDAQ:WDC - Get Free Report)'s stock had its "overweight" rating reiterated by research analysts at Cantor Fitzgerald in a research report issued on Tuesday,Benzinga reports. They currently have a $95.00 price objective on the data storage provider's stock. Cantor Fitzgerald's target price points to a potential upside of 38.26% from the stock's current price.

A number of other equities research analysts have also commented on WDC. BNP Paribas decreased their price objective on Western Digital from $95.00 to $90.00 in a research report on Thursday, October 24th. Wedbush reiterated an "outperform" rating and set a $95.00 price target on shares of Western Digital in a report on Monday, February 10th. Robert W. Baird reduced their price target on Western Digital from $100.00 to $80.00 and set an "outperform" rating for the company in a report on Thursday, January 30th. Benchmark lowered Western Digital from a "buy" rating to a "hold" rating and set a $70.00 price target for the company. in a report on Thursday, December 19th. Finally, The Goldman Sachs Group lifted their price target on Western Digital from $70.00 to $80.00 and gave the company a "neutral" rating in a report on Friday, January 31st. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Western Digital has an average rating of "Moderate Buy" and a consensus target price of $84.42.

Western Digital Stock Down 3.6 %

NASDAQ WDC traded down $2.58 during trading on Tuesday, reaching $68.71. 9,049,641 shares of the company's stock were exchanged, compared to its average volume of 6,672,517. Western Digital has a fifty-two week low of $52.77 and a fifty-two week high of $81.55. The firm has a market capitalization of $23.90 billion, a PE ratio of 16.36 and a beta of 1.44. 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's fifty day simple moving average is $64.78 and its 200-day simple moving average is $65.54.

Western Digital (NASDAQ:WDC - Get Free Report) last announced its quarterly earnings data 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%. Sell-side analysts predict 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 business'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 sale, the senior vice president now directly owns 28,863 shares in the company, 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 document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.30% of the company's stock.

Institutional Trading of Western Digital

A number of institutional investors and hedge funds have recently modified their holdings of the company. Eastern Bank acquired a new stake in Western Digital in the 3rd quarter valued at $27,000. Versant Capital Management Inc boosted its stake in Western Digital by 278.9% in 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 in the last quarter. True Wealth Design LLC boosted its stake in 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 worth $30,000 after purchasing an additional 415 shares in the last quarter. Sierra Ocean LLC acquired a new position in Western Digital in the fourth quarter worth $29,000. Finally, Comprehensive Financial Planning Inc. PA acquired a new position in Western Digital in the fourth quarter worth $30,000. 92.51% of the stock is currently owned by institutional investors.

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.