Brokerages Set Western Digital Co. (NASDAQ:WDC) Price Target at $84.24

Shares of Western Digital Co. (NASDAQ:WDC) have earned a consensus rating of “Moderate Buy” from the twenty-two research firms that are presently covering the firm, MarketBeat.com reports. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $86.09.

Several analysts recently weighed in on the stock. StockNews.com raised shares of Western Digital from a “sell” rating to a “hold” rating in a report on Saturday, July 6th. Wedbush reissued an “outperform” rating and issued a $95.00 target price on shares of Western Digital in a report on Friday. Barclays lifted their price target on Western Digital from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday. TD Cowen dropped their price objective on Western Digital from $95.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Finally, Rosenblatt Securities restated a “buy” rating and set a $115.00 target price on shares of Western Digital in a research note on Friday.

Western Digital Stock Performance

Shares of WDC stock opened at $69.45 on Friday. Western Digital has a 52 week low of $35.62 and a 52 week high of $81.55. The firm has a 50 day moving average of $65.42 and a two-hundred day moving average of $69.70. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $22.68 billion, a PE ratio of -13.97 and a beta of 1.39.

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

Insider Activity

In other Western Digital news, CEO David Goeckeler sold 75,000 shares of the company’s 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Robert Soderbery sold 12,154 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $57.09, for a total transaction of $693,871.86. Following the transaction, the executive vice president now owns 128,413 shares of the company’s stock, valued at $7,331,098.17. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO David Goeckeler sold 75,000 shares of the business’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $70.32, for a total transaction of $5,274,000.00. Following the sale, the chief executive officer now owns 896,630 shares in the company, valued at $63,051,021.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 92,955 shares of company stock valued at $6,327,560. Company insiders own 0.28% of the company’s stock.

Institutional Trading of Western Digital

A number of institutional investors have recently added to or reduced their stakes in WDC. HighPoint Advisor Group LLC purchased a new stake in shares of Western Digital during the 4th quarter worth approximately $379,000. Los Angeles Capital Management LLC purchased a new position in shares of Western Digital in the first quarter valued at $273,000. GAMMA Investing LLC raised its stake in shares of Western Digital by 31.1% during the 1st quarter. GAMMA Investing LLC now owns 1,953 shares of the data storage provider’s stock worth $133,000 after buying an additional 463 shares during the last quarter. Mather Group LLC. purchased a new stake in shares of Western Digital in the 1st quarter worth about $136,000. Finally, Rise Advisors LLC purchased a new position in Western Digital during the 1st quarter valued at about $25,000. Hedge funds and other 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.