Western Digital (NASDAQ:WDC) Price Target Increased to $80.00 by Analysts at Benchmark

Western Digital (NASDAQ:WDC) had its target price upped by investment analysts at Benchmark from $75.00 to $80.00 in a report released on Monday, The Fly reports. The firm currently has a “buy” rating on the data storage provider’s stock. Benchmark’s price target would indicate a potential upside of 17.68% from the company’s current price.

Several other research firms have also recently weighed in on WDC. Wedbush increased their price target on shares of Western Digital from $68.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, March 12th. Cowen increased their price target on shares of Western Digital from $62.00 to $65.00 and gave the company an “outperform” rating in a research note on Friday, January 29th. Rosenblatt Securities increased their price target on shares of Western Digital from $55.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday, March 25th. Mizuho restated a “buy” rating and issued a $80.00 price objective (up from $65.00) on shares of Western Digital in a report on Thursday, February 25th. Finally, Royal Bank of Canada upped their price objective on shares of Western Digital from $54.00 to $65.00 and gave the stock an “outperform” rating in a report on Friday, January 29th. Five research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $74.24.

Shares of NASDAQ WDC opened at $67.98 on Monday. Western Digital has a 12-month low of $33.53 and a 12-month high of $74.66. The stock has a market cap of $20.81 billion, a PE ratio of -79.98 and a beta of 1.49. The company has a current ratio of 2.05, a quick ratio of 1.36 and a debt-to-equity ratio of 0.97. The company has a 50-day moving average of $69.19 and a 200 day moving average of $54.59.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Wednesday, January 27th. The data storage provider reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.15. Western Digital had a negative net margin of 1.49% and a positive return on equity of 6.72%. The company had revenue of $3.94 billion during the quarter, compared to analysts’ expectations of $3.89 billion. During the same quarter in the prior year, the company earned $0.62 EPS. Western Digital’s revenue was down 6.9% compared to the same quarter last year. On average, sell-side analysts forecast that Western Digital will post 1.69 EPS for the current fiscal year.

In related news, EVP Michael Charles Ray sold 22,735 shares of the stock in a transaction on Friday, January 29th. The shares were sold at an average price of $59.92, for a total value of $1,362,281.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.12% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Veriti Management LLC purchased a new position in Western Digital during the 4th quarter worth $27,000. Childress Capital Advisors LLC acquired a new stake in shares of Western Digital in the 4th quarter worth $29,000. Freedman Financial Associates Inc. acquired a new stake in shares of Western Digital in the 4th quarter worth $30,000. Capital Asset Advisory Services LLC acquired a new stake in shares of Western Digital in the 4th quarter worth $30,000. Finally, Carroll Financial Associates Inc. lifted its stake in shares of Western Digital by 226.1% in the 1st quarter. Carroll Financial Associates Inc. now owns 613 shares of the data storage provider’s stock worth $40,000 after acquiring an additional 425 shares during the period. 78.49% of the stock is currently owned by institutional investors.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook personal computers (PCs), smart video 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, Internet of Things, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and flash products.

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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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