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

Western Digital (NASDAQ:WDC) had its target price upped by analysts at Barclays from $80.00 to $90.00 in a report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the data storage provider’s stock. Barclays‘s price target would suggest a potential upside of 26.81% from the stock’s previous close.

Several other research analysts also recently issued reports on WDC. TD Cowen dropped their target price on shares of Western Digital from $95.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Citigroup lowered their price objective on Western Digital from $95.00 to $85.00 and set a “buy” rating on the stock in a research report on Thursday. Susquehanna lifted their target price on Western Digital from $75.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday. Rosenblatt Securities reaffirmed a “buy” rating and set a $115.00 price target on shares of Western Digital in a report on Friday. Finally, Cantor Fitzgerald lifted their price objective on Western Digital from $80.00 to $95.00 and gave the stock an “overweight” rating in a report on Friday. Six investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, Western Digital presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.09.

Western Digital Stock Up 7.0 %

WDC traded up $4.65 during midday trading on Friday, reaching $70.97. The company’s stock had a trading volume of 11,200,122 shares, compared to its average volume of 6,148,362. Western Digital has a 1 year low of $35.62 and a 1 year high of $81.55. The stock’s 50-day moving average is $65.31 and its 200-day moving average is $69.73. The firm has a market capitalization of $24.53 billion, a price-to-earnings ratio of -38.99 and a beta of 1.39. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.53.

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 analysts’ consensus estimates of $1.08 by $0.17. The firm 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%. As a group, research analysts expect that Western Digital will post 7.75 EPS for the current year.

Insider Transactions at Western Digital

In related news, SVP Gene M. Zamiska sold 417 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $64.89, for a total value of $27,059.13. Following the transaction, the senior vice president now directly owns 28,870 shares of the company’s stock, valued at approximately $1,873,374.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO David Goeckeler sold 75,000 shares of Western Digital stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $70.32, for a total value of $5,274,000.00. Following the sale, the chief executive officer now directly owns 896,630 shares of the company’s stock, valued at approximately $63,051,021.60. The trade was 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. Also, SVP Gene M. Zamiska sold 417 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $64.89, for a total value of $27,059.13. Following the transaction, the senior vice president now directly owns 28,870 shares of the company’s stock, valued at approximately $1,873,374.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 92,955 shares of company stock valued at $6,327,560 over the last 90 days. Company insiders own 0.30% of the company’s stock.

Institutional Trading of Western Digital

Several hedge funds have recently modified their holdings of the company. Eastern Bank bought a new stake in Western Digital in the third quarter worth $27,000. Fairfield Financial Advisors LTD purchased a new position in shares of Western Digital in the 2nd quarter worth $29,000. Fidelis Capital Partners LLC bought a new stake in shares of Western Digital in the 1st quarter worth about $30,000. OFI Invest Asset Management purchased a new stake in shares of Western Digital during the 2nd quarter valued at about $34,000. Finally, 1620 Investment Advisors Inc. bought a new position in shares of Western Digital in the 2nd quarter valued at about $34,000. 92.51% of the stock is 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.