Western Digital (NASDAQ:WDC) Earns Overweight Rating from Cantor Fitzgerald

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

A number of other analysts have also weighed in on the company. Citigroup lowered their target price on Western Digital from $82.00 to $80.00 and set a "buy" rating for the company in a report on Thursday, January 30th. Mizuho decreased their price objective on Western Digital from $90.00 to $82.00 and set an "outperform" rating for the company in a research note on Friday, January 3rd. UBS Group cut their target price on Western Digital from $78.00 to $70.00 and set a "neutral" rating on the stock in a research note on Thursday, January 30th. Morgan Stanley reduced their target price on shares of Western Digital from $100.00 to $93.00 and set an "overweight" rating for the company in a report on Thursday, December 19th. Finally, Robert W. Baird lowered their price target on shares of Western Digital from $100.00 to $80.00 and set an "outperform" rating on the stock in a report on Thursday, January 30th. 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 an average price target of $84.42.

Western Digital Stock Up 1.1 %

Shares of WDC traded up $0.76 during midday trading on Monday, reaching $68.04. 3,686,225 shares of the stock were exchanged, compared to its average volume of 6,582,299. 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 50 day moving average is $64.69 and its two-hundred day moving average is $65.18. The company has a market capitalization of $23.66 billion, a P/E ratio of 16.17 and a beta of 1.44. Western Digital has a 52 week low of $52.77 and a 52 week high of $81.55.

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 return on equity of 15.68% and a net margin of 9.95%. On average, sell-side analysts anticipate that Western Digital will post 4.89 earnings per share for the current year.

Insider Activity

In other news, SVP Gene M. Zamiska sold 658 shares of the company's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $69.99, for a total value of $46,053.42. Following the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have sold 1,347 shares of company stock valued at $93,027. Company insiders own 0.30% of the company's stock.

Hedge Funds Weigh In On Western Digital

Several institutional investors and hedge funds have recently modified their holdings of WDC. First Horizon Advisors Inc. raised its position in Western Digital by 5.4% during the third quarter. First Horizon Advisors Inc. now owns 2,929 shares of the data storage provider's stock valued at $200,000 after acquiring an additional 149 shares in the last quarter. Mather Group LLC. increased its holdings in shares of Western Digital by 7.0% during the 4th quarter. Mather Group LLC. now owns 2,416 shares of the data storage provider's stock valued at $144,000 after purchasing an additional 159 shares in the last quarter. Vontobel Holding Ltd. lifted its stake in shares of Western Digital by 1.4% in the 4th quarter. Vontobel Holding Ltd. now owns 11,804 shares of the data storage provider's stock valued at $704,000 after purchasing an additional 164 shares during the period. Quarry LP boosted its holdings in Western Digital by 22.6% during the third quarter. Quarry LP now owns 932 shares of the data storage provider's stock worth $64,000 after buying an additional 172 shares in the last quarter. Finally, Inspire Investing LLC grew its position in Western Digital by 4.3% during the fourth quarter. Inspire Investing LLC now owns 4,324 shares of the data storage provider's stock valued at $258,000 after buying an additional 177 shares during the period. Institutional investors and hedge funds 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.