Western Digital (NASDAQ:WDC) Price Target Increased to $75.00 by Analysts at Cascend Securities

Western Digital (NASDAQ:WDC) had its target price boosted by equities researchers at Cascend Securities from $68.00 to $75.00 in a research note issued on Tuesday, Briefing.com Automated Import reports. The firm currently has a “buy” rating on the data storage provider’s stock. Cascend Securities’ price objective would suggest a potential upside of 25.65% from the stock’s current price.

Other analysts have also recently issued reports about the stock. BidaskClub cut shares of Western Digital from a “strong-buy” rating to a “buy” rating in a report on Saturday. KeyCorp reissued a “hold” rating on shares of Western Digital in a research note on Tuesday, September 10th. ValuEngine raised shares of Western Digital from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Goldman Sachs Group set a $54.00 price objective on shares of Western Digital and gave the stock a “hold” rating in a research note on Sunday, July 21st. Finally, Benchmark increased their price objective on shares of Western Digital from $40.00 to $46.00 and gave the stock a “sell” rating in a research note on Friday, September 6th. Four analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $59.58.

Western Digital stock traded down $1.30 during midday trading on Tuesday, reaching $59.69. 127,051 shares of the company traded hands, compared to its average volume of 4,018,229. The firm has a market capitalization of $17.96 billion, a price-to-earnings ratio of 15.63, a price-to-earnings-growth ratio of 16.73 and a beta of 1.84. The business has a 50 day moving average of $57.89 and a two-hundred day moving average of $50.16. Western Digital has a 12 month low of $33.83 and a 12 month high of $65.31. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.22 and a quick ratio of 1.36.



Western Digital (NASDAQ:WDC) last announced its earnings results on Wednesday, July 31st. The data storage provider reported $0.17 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.22. Western Digital had a negative net margin of 4.55% and a positive return on equity of 10.73%. The business had revenue of $3.63 billion during the quarter, compared to analysts’ expectations of $3.67 billion. During the same period in the prior year, the company earned $3.61 earnings per share. The firm’s revenue was down 29.0% on a year-over-year basis. As a group, equities analysts forecast that Western Digital will post 1.81 EPS for the current year.

In related news, EVP Lori S. Sundberg sold 3,442 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $56.82, for a total transaction of $195,574.44. Following the completion of the transaction, the executive vice president now directly owns 29,312 shares of the company’s stock, valued at $1,665,507.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael Charles Ray sold 87,053 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $59.96, for a total transaction of $5,219,697.88. Following the transaction, the executive vice president now directly owns 112,480 shares of the company’s stock, valued at $6,744,300.80. The disclosure for this sale can be found here. Company insiders own 0.36% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Arthur M. Cohen & Associates LLC lifted its position in Western Digital by 2.6% during the second quarter. Arthur M. Cohen & Associates LLC now owns 7,950 shares of the data storage provider’s stock valued at $378,000 after purchasing an additional 200 shares during the last quarter. Meeder Asset Management Inc. lifted its holdings in shares of Western Digital by 6.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 3,237 shares of the data storage provider’s stock worth $154,000 after acquiring an additional 210 shares during the last quarter. YorkBridge Wealth Partners LLC lifted its holdings in shares of Western Digital by 45.6% in the 1st quarter. YorkBridge Wealth Partners LLC now owns 887 shares of the data storage provider’s stock worth $43,000 after acquiring an additional 278 shares during the last quarter. Sumitomo Life Insurance Co. lifted its holdings in shares of Western Digital by 2.3% in the 2nd quarter. Sumitomo Life Insurance Co. now owns 13,075 shares of the data storage provider’s stock worth $622,000 after acquiring an additional 295 shares during the last quarter. Finally, Atlas Capital Advisors LLC lifted its holdings in shares of Western Digital by 5.3% in the 2nd quarter. Atlas Capital Advisors LLC now owns 5,906 shares of the data storage provider’s stock worth $281,000 after acquiring an additional 299 shares during the last quarter. 85.77% of the stock is owned by institutional investors.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.

Further Reading: When can a hold rating present a buying opportunity?

Analyst Recommendations for Western Digital (NASDAQ:WDC)

Receive News & Ratings for Western Digital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Digital and related companies with MarketBeat.com's FREE daily email newsletter.