Western Digital (NASDAQ:WDC – Free Report) had its target price increased by Susquehanna from $38.00 to $46.00 in a research report released on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the data storage provider’s stock.
WDC has been the topic of several other reports. Wedbush reissued an outperform rating and set a $60.00 price target on shares of Western Digital in a research note on Thursday, October 26th. BNP Paribas raised shares of Western Digital from a neutral rating to an outperform rating and set a $58.00 price target on the stock in a research note on Wednesday, September 20th. Bank of America raised their price objective on shares of Western Digital from $41.00 to $49.00 and gave the company a buy rating in a research note on Tuesday, August 1st. StockNews.com raised shares of Western Digital to a sell rating in a research note on Tuesday, October 24th. Finally, Rosenblatt Securities raised their price objective on shares of Western Digital from $38.00 to $42.00 and gave the company a neutral rating in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $48.07.
View Our Latest Stock Analysis on Western Digital
Western Digital Price Performance
Shares of Western Digital stock opened at $43.01 on Tuesday. Western Digital has a 1-year low of $29.73 and a 1-year high of $47.14. The company has a current ratio of 1.31, a quick ratio of 0.77 and a debt-to-equity ratio of 0.58. The firm’s 50-day moving average price is $43.88 and its two-hundred day moving average price is $40.27. The stock has a market capitalization of $13.94 billion, a price-to-earnings ratio of -5.61 and a beta of 1.59.
Western Digital (NASDAQ:WDC – Get Free Report) last released its quarterly earnings results on Monday, October 30th. The data storage provider reported ($1.76) EPS for the quarter, beating the consensus estimate of ($1.91) by $0.15. Western Digital had a negative net margin of 21.34% and a negative return on equity of 18.01%. The business had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.66 billion. During the same period in the prior year, the firm earned ($0.02) earnings per share. Western Digital’s revenue was down 26.4% compared to the same quarter last year. On average, equities analysts predict that Western Digital will post -5.42 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Western Digital news, SVP Gene M. Zamiska sold 2,169 shares of the stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $45.42, for a total value of $98,515.98. Following the sale, the senior vice president now directly owns 43,011 shares in the company, valued at $1,953,559.62. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.28% of the company’s stock.
Institutional Investors Weigh In On Western Digital
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its holdings in shares of Western Digital by 9.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 22,595,297 shares of the data storage provider’s stock worth $851,166,000 after acquiring an additional 1,931,325 shares during the period. Nomura Holdings Inc. raised its holdings in shares of Western Digital by 242.7% during the first quarter. Nomura Holdings Inc. now owns 10,606,474 shares of the data storage provider’s stock worth $399,546,000 after acquiring an additional 7,511,896 shares during the period. Geode Capital Management LLC grew its position in Western Digital by 3.1% in the second quarter. Geode Capital Management LLC now owns 7,042,429 shares of the data storage provider’s stock valued at $266,449,000 after purchasing an additional 212,758 shares in the last quarter. DnB Asset Management AS grew its position in Western Digital by 7.3% in the third quarter. DnB Asset Management AS now owns 5,143,795 shares of the data storage provider’s stock valued at $234,711,000 after purchasing an additional 351,916 shares in the last quarter. Finally, DNB Asset Management AS grew its position in Western Digital by 8.3% in the second quarter. DNB Asset Management AS now owns 4,791,879 shares of the data storage provider’s stock valued at $181,756,000 after purchasing an additional 365,964 shares in the last quarter. 83.38% of the stock is currently owned by institutional investors and hedge funds.
Western Digital Company Profile
(Get Free Report)
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.
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