Western Digital (NASDAQ:WDC) Given New $90.00 Price Target at BNP Paribas

Western Digital (NASDAQ:WDC) had its target price dropped by analysts at BNP Paribas from $95.00 to $90.00 in a report released on Thursday. BNP Paribas’ target price would suggest a potential upside of 35.42% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. TD Cowen dropped their price target on shares of Western Digital from $95.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Rosenblatt Securities restated a “buy” rating and issued a $115.00 price target on shares of Western Digital in a research report on Thursday, August 1st. Evercore ISI reiterated an “outperform” rating and issued a $85.00 price objective on shares of Western Digital in a report on Thursday, August 15th. Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 target price on shares of Western Digital in a research note on Tuesday, September 10th. Finally, Citigroup decreased their target price on Western Digital from $95.00 to $85.00 and set a “buy” rating for the company in a research report on Tuesday, September 10th. Six equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, Western Digital currently has an average rating of “Moderate Buy” and a consensus price target of $83.95.

Western Digital Trading Down 0.2 %

WDC traded down $0.15 during mid-day trading on Thursday, reaching $66.46. The stock had a trading volume of 4,054,173 shares, compared to its average volume of 6,100,786. The firm’s fifty day simple moving average is $65.26 and its two-hundred day simple moving average is $69.75. The stock has a market capitalization of $22.97 billion, a P/E ratio of -36.52 and a beta of 1.39. Western Digital has a 52 week low of $35.62 and a 52 week high of $81.55. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.78 and a current ratio of 1.32.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.17. The business had revenue of $3.76 billion for the quarter, compared to analysts’ expectations of $3.77 billion. Western Digital had a negative return on equity of 2.63% and a negative net margin of 3.75%. On average, equities analysts predict that Western Digital will post 7.75 EPS for the current year.

Insider Buying and Selling at Western Digital

In related news, CEO David Goeckeler sold 75,000 shares of the stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $70.32, for a total transaction of $5,274,000.00. Following the completion of the transaction, the chief executive officer now owns 896,630 shares in the company, valued at approximately $63,051,021.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Western Digital news, EVP Robert Soderbery sold 12,154 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $57.09, for a total transaction of $693,871.86. Following the sale, the executive vice president now directly owns 128,413 shares of the company’s stock, valued at approximately $7,331,098.17. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO David Goeckeler sold 75,000 shares of Western Digital stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $70.32, for a total transaction of $5,274,000.00. Following the completion of the transaction, the chief executive officer now directly owns 896,630 shares of the company’s stock, valued at approximately $63,051,021.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 92,955 shares of company stock worth $6,327,560. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Western Digital

Several hedge funds have recently bought and sold shares of WDC. Eastern Bank bought a new position in Western Digital during the third quarter worth $27,000. Fairfield Financial Advisors LTD bought a new stake in shares of Western Digital during the 2nd quarter worth about $29,000. Fidelis Capital Partners LLC acquired a new position in shares of Western Digital in the first quarter valued at approximately $30,000. OFI Invest Asset Management bought a new stake in Western Digital in the 2nd quarter valued at $34,000. Finally, 1620 Investment Advisors Inc. acquired a new position in Western Digital in the 2nd quarter valued at $34,000. 92.51% of the stock is currently owned by institutional investors and hedge funds.

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.