Brokerages Set Western Digital Corp (NASDAQ:WDC) PT at $69.77

Western Digital Corp (NASDAQ:WDC) has been given an average rating of “Buy” by the thirty ratings firms that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, nine have given a hold recommendation and nineteen have issued a buy recommendation on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $69.77.

WDC has been the topic of a number of recent analyst reports. Stifel Nicolaus reduced their price target on Western Digital from $73.00 to $64.00 and set a “buy” rating on the stock in a research report on Tuesday, March 31st. Benchmark raised shares of Western Digital from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a report on Monday, June 22nd. Citigroup dropped their price objective on shares of Western Digital from $70.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, March 16th. Robert W. Baird raised shares of Western Digital from an “underperform” rating to an “outperform” rating and boosted their price objective for the company from $60.00 to $75.00 in a report on Monday, March 2nd. Finally, UBS Group dropped their price objective on shares of Western Digital from $70.00 to $45.00 and set a “neutral” rating on the stock in a report on Monday, May 4th.

In other news, EVP Lori S. Sundberg sold 1,300 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $45.66, for a total transaction of $59,358.00. Following the sale, the executive vice president now directly owns 44,322 shares of the company’s stock, valued at approximately $2,023,742.52. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.44% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Amundi Pioneer Asset Management Inc. raised its position in shares of Western Digital by 8.5% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 291,747 shares of the data storage provider’s stock worth $14,022,000 after purchasing an additional 22,751 shares during the last quarter. Acadian Asset Management LLC acquired a new position in shares of Western Digital during the 4th quarter worth about $56,000. Rockefeller Capital Management L.P. raised its position in shares of Western Digital by 15.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 2,824 shares of the data storage provider’s stock worth $179,000 after purchasing an additional 377 shares during the last quarter. Banque Cantonale Vaudoise acquired a new position in shares of Western Digital during the 4th quarter worth about $410,000. Finally, Foundry Partners LLC raised its position in shares of Western Digital by 0.8% during the 4th quarter. Foundry Partners LLC now owns 143,730 shares of the data storage provider’s stock worth $9,123,000 after purchasing an additional 1,100 shares during the last quarter. 79.70% of the stock is currently owned by institutional investors and hedge funds.

Shares of WDC stock traded up $1.94 during trading hours on Friday, reaching $43.93. 196,243 shares of the company’s stock were exchanged, compared to its average volume of 5,891,743. The stock’s 50 day moving average is $43.45 and its 200-day moving average is $51.90. The company has a market cap of $12.25 billion, a price-to-earnings ratio of -21.99 and a beta of 1.66. The company has a current ratio of 1.91, a quick ratio of 1.22 and a debt-to-equity ratio of 1.01. Western Digital has a fifty-two week low of $27.40 and a fifty-two week high of $72.00.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, April 30th. The data storage provider reported $0.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.07). The business had revenue of $4.18 billion for the quarter, compared to analyst estimates of $4.16 billion. Western Digital had a positive return on equity of 3.42% and a negative net margin of 3.70%. The business’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.17 earnings per share. Equities analysts anticipate that Western Digital will post 2.24 EPS for the current year.

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.

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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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