Western Digital (NASDAQ:WDC) Rating Increased to Buy at Benchmark

Benchmark upgraded shares of Western Digital (NASDAQ:WDC - Free Report) from a hold rating to a buy rating in a report published on Thursday morning, Marketbeat.com reports. They currently have $55.00 price objective on the data storage provider's stock.

Other equities research analysts have also issued research reports about the stock. StockNews.com started coverage on shares of Western Digital in a research note on Tuesday, April 8th. They set a "hold" rating on the stock. Citigroup raised their price target on Western Digital from $60.45 to $64.00 and gave the company a "buy" rating in a report on Tuesday, February 25th. Susquehanna lowered their target price on Western Digital from $83.00 to $72.00 and set a "neutral" rating on the stock in a report on Thursday, January 30th. Cantor Fitzgerald decreased their target price on Western Digital from $95.00 to $65.00 and set an "overweight" rating on the stock in a report on Friday, March 7th. Finally, Wells Fargo & Company lowered their price objective on shares of Western Digital from $85.00 to $75.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $76.16.

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Western Digital Stock Up 0.3 %

NASDAQ WDC traded up $0.11 during trading hours on Thursday, reaching $35.93. 2,461,383 shares of the company traded hands, compared to its average volume of 9,303,008. The stock has a market capitalization of $12.50 billion, a PE ratio of 8.55 and a beta of 1.39. The company has a current ratio of 1.99, a quick ratio of 1.26 and a debt-to-equity ratio of 0.60. Western Digital has a 12 month low of $28.83 and a 12 month high of $61.16. The company has a 50 day moving average of $47.86 and a two-hundred day moving average of $59.63.

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%. As a group, equities analysts expect that Western Digital will post 4.89 earnings per share for the current year.

Insider Transactions at Western Digital

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

Institutional Trading of Western Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Versant Capital Management Inc boosted its holdings in shares of Western Digital by 278.9% in the 4th quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider's stock worth $25,000 after acquiring an additional 304 shares in the last quarter. Sierra Ocean LLC bought a new position in Western Digital in the fourth quarter valued at approximately $29,000. Comprehensive Financial Planning Inc. PA acquired a new position in Western Digital in the fourth quarter valued at about $30,000. OFI Invest Asset Management acquired a new position in Western Digital during the fourth quarter valued at approximately $36,000. Finally, Elequin Capital LP acquired a new stake in Western Digital during the 4th quarter worth $40,000. Institutional investors 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.