Cantor Fitzgerald Has Lowered Expectations for Western Digital (NASDAQ:WDC) Stock Price

Western Digital (NASDAQ:WDC - Get Free Report) had its price target reduced by analysts at Cantor Fitzgerald from $95.00 to $65.00 in a research note issued to investors on Friday, MarketBeat reports. The firm currently has an "overweight" rating on the data storage provider's stock. Cantor Fitzgerald's price objective would indicate a potential upside of 55.50% from the stock's previous close.

Several other equities research analysts have also recently commented on the company. UBS Group raised their target price on Western Digital from $70.00 to $74.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 12th. Robert W. Baird decreased their price target on shares of Western Digital from $100.00 to $80.00 and set an "outperform" rating for the company in a research note on Thursday, January 30th. Citigroup raised their target price on Western Digital from $60.45 to $64.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Wedbush reiterated an "outperform" rating and issued a $95.00 price target on shares of Western Digital in a report on Monday, February 10th. Finally, Wells Fargo & Company decreased their target price on Western Digital from $85.00 to $75.00 and set an "overweight" rating for the company in a research report on Tuesday, February 25th. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $81.47.

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Western Digital Price Performance

Shares of WDC stock traded up $1.26 during mid-day trading on Friday, reaching $41.80. The company's stock had a trading volume of 9,283,736 shares, compared to its average volume of 9,384,462. The firm's 50-day moving average is $60.91 and its two-hundred day moving average is $64.21. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26 and a current ratio of 1.99. The company has a market cap of $14.54 billion, a P/E ratio of 9.95 and a beta of 1.42. Western Digital has a 1-year low of $39.42 and a 1-year high of $61.16.

Western Digital (NASDAQ:WDC - Get Free Report) last issued its quarterly earnings data 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%. On average, research analysts predict that Western Digital will post 4.89 earnings per share for the current year.

Insider Activity at Western Digital

In related news, SVP Gene M. Zamiska sold 1,659 shares of the company's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $41.36, for a total transaction of $68,616.24. Following the sale, the senior vice president now directly owns 43,776 shares in the company, valued at approximately $1,810,575.36. This represents a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Western Digital

A number of hedge funds have recently added to or reduced their stakes in WDC. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Western Digital during the fourth quarter worth about $9,663,000. Public Employees Retirement System of Ohio increased its stake in shares of Western Digital by 1.4% during the 4th quarter. Public Employees Retirement System of Ohio now owns 151,296 shares of the data storage provider's stock worth $9,022,000 after purchasing an additional 2,053 shares in the last quarter. Elequin Capital LP acquired a new position in shares of Western Digital during the 4th quarter worth approximately $40,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Western Digital by 23.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,592,516 shares of the data storage provider's stock valued at $273,852,000 after buying an additional 881,088 shares in the last quarter. Finally, Woodline Partners LP grew its holdings in Western Digital by 158.6% during the 4th quarter. Woodline Partners LP now owns 100,610 shares of the data storage provider's stock valued at $5,999,000 after buying an additional 61,702 shares during the last quarter. 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.