Susquehanna Issues Pessimistic Forecast for Western Digital (NASDAQ:WDC) Stock Price

Western Digital (NASDAQ:WDC) had its price target lowered by analysts at Susquehanna from $83.00 to $72.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the data storage provider’s stock. Susquehanna’s price objective suggests a potential upside of 12.06% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on WDC. Cantor Fitzgerald reiterated an “overweight” rating and issued a $95.00 price target on shares of Western Digital in a research note on Friday, January 17th. Rosenblatt Securities lowered their price objective on Western Digital from $115.00 to $95.00 and set a “buy” rating on the stock in a research report on Wednesday. Wedbush reaffirmed an “outperform” rating and set a $95.00 price objective on shares of Western Digital in a research report on Thursday. Wells Fargo & Company dropped their price target on shares of Western Digital from $95.00 to $85.00 and set an “overweight” rating on the stock in a report on Thursday, January 16th. Finally, BNP Paribas cut their target price on shares of Western Digital from $95.00 to $90.00 in a research report on Thursday, October 24th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $85.11.

Western Digital Stock Up 2.3 %

Shares of NASDAQ:WDC traded up $1.45 during trading on Thursday, hitting $64.25. The stock had a trading volume of 4,383,616 shares, compared to its average volume of 6,000,446. The company has a quick ratio of 0.91, a current ratio of 1.47 and a debt-to-equity ratio of 0.49. Western Digital has a 12 month low of $52.77 and a 12 month high of $81.55. The company has a market capitalization of $22.21 billion, a PE ratio of 38.14 and a beta of 1.43. The firm’s fifty day moving average is $65.70 and its 200 day moving average is $65.62.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.91 by ($0.36). Western Digital had a net margin of 4.81% and a return on equity of 8.57%. Analysts anticipate that Western Digital will post 5.54 EPS for the current fiscal year.

Insider Buying and Selling at Western Digital

In related news, SVP Gene M. Zamiska sold 658 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $69.99, for a total value of $46,053.42. Following the completion of the transaction, the senior vice president now owns 28,863 shares of the company’s stock, valued at approximately $2,020,121.37. This trade represents a 2.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 1,347 shares of company stock worth $93,027 in the last quarter. 0.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Western Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Eastern Bank bought a new position in Western Digital during the 3rd quarter valued at about $27,000. Versant Capital Management Inc boosted its position in shares of Western Digital by 278.9% during the fourth quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock valued at $25,000 after buying an additional 304 shares during the period. True Wealth Design LLC grew its stake in shares of Western Digital by 2,184.2% during the third quarter. True Wealth Design LLC now owns 434 shares of the data storage provider’s stock valued at $30,000 after buying an additional 415 shares during the last quarter. Comprehensive Financial Planning Inc. PA purchased a new stake in shares of Western Digital in the fourth quarter worth approximately $30,000. Finally, Capital Performance Advisors LLP bought a new stake in shares of Western Digital during the 3rd quarter worth approximately $41,000. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

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.