StockNews.com Begins Coverage on Western Digital (NASDAQ:WDC)

StockNews.com initiated coverage on shares of Western Digital (NASDAQ:WDC - Get Free Report) in a report released on Thursday. The firm set a "hold" rating on the data storage provider's stock.

WDC has been the topic of a number of other reports. Wedbush reiterated an "underperform" rating on shares of Western Digital in a research report on Friday, April 11th. The Goldman Sachs Group raised their price objective on Western Digital from $70.00 to $80.00 and gave the stock a "neutral" rating in a research note on Friday, January 31st. Rosenblatt Securities lowered their price target on Western Digital from $115.00 to $95.00 and set a "buy" rating for the company in a report on Wednesday, January 29th. Barclays decreased their price objective on Western Digital from $90.00 to $80.00 and set an "overweight" rating for the company in a research report on Friday, January 17th. Finally, Cantor Fitzgerald reduced their price objective on Western Digital from $95.00 to $65.00 and set an "overweight" rating for the company in a research report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $73.68.

Western Digital Price Performance

WDC traded down $0.19 during midday trading on Thursday, hitting $40.59. The company had a trading volume of 3,060,186 shares, compared to its average volume of 6,285,024. Western Digital has a twelve month low of $28.83 and a twelve month high of $81.55. The firm's 50-day simple moving average is $42.37 and its 200-day simple moving average is $57.82. The company has a market capitalization of $14.12 billion, a PE ratio of 9.67 and a beta of 1.39. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26 and a current ratio of 1.99.

Western Digital (NASDAQ:WDC - Get Free Report) last issued its 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 net margin of 9.95% and a return on equity of 15.68%. Equities research analysts predict that Western Digital will post 4.89 EPS for the current fiscal year.

Insider Activity at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 1,659 shares of Western Digital stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $41.36, for a total value of $68,616.24. Following the transaction, the senior vice president now owns 43,776 shares in the company, 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 legal filing with the SEC, which is available at this link. 0.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Western Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Versant Capital Management Inc increased 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 buying an additional 304 shares in the last quarter. Sierra Ocean LLC bought a new stake in Western Digital during the 4th quarter worth approximately $29,000. Comprehensive Financial Planning Inc. PA bought a new position in shares of Western Digital during the fourth quarter valued at $30,000. OFI Invest Asset Management acquired a new stake in Western Digital in the fourth quarter valued at $36,000. Finally, Elequin Capital LP acquired a new position in Western Digital during the 4th quarter worth about $40,000. Institutional investors 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.