Western Digital (NASDAQ:WDC) Price Target Lowered to $63.00 at Deutsche Bank Aktiengesellschaft

Western Digital (NASDAQ:WDCGet Rating) had its price target lowered by equities researchers at Deutsche Bank Aktiengesellschaft from $70.00 to $63.00 in a research note issued on Tuesday, The Fly reports. Deutsche Bank Aktiengesellschaft’s target price would suggest a potential upside of 33.25% from the stock’s current price.

Several other research firms also recently commented on WDC. Citigroup dropped their price objective on shares of Western Digital from $80.00 to $75.00 in a report on Friday, January 28th. TheStreet upgraded Western Digital from a “c+” rating to a “b” rating in a research report on Thursday, January 27th. Stifel Nicolaus lifted their price target on Western Digital from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, April 12th. Susquehanna lowered Western Digital from a “positive” rating to a “neutral” rating and dropped their price target for the stock from $80.00 to $50.00 in a research report on Thursday, April 14th. Finally, UBS Group dropped their price target on Western Digital from $62.00 to $58.00 in a research report on Thursday, February 10th. Eight equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $70.71.

WDC opened at $47.28 on Tuesday. The firm has a 50-day simple moving average of $50.01 and a two-hundred day simple moving average of $55.30. Western Digital has a 52 week low of $43.85 and a 52 week high of $78.19. The company has a market capitalization of $14.79 billion, a PE ratio of 7.48 and a beta of 1.59. The company has a quick ratio of 1.19, a current ratio of 1.93 and a debt-to-equity ratio of 0.59.

Western Digital (NASDAQ:WDCGet Rating) last released its quarterly earnings data on Thursday, January 27th. The data storage provider reported $2.03 EPS for the quarter, beating the consensus estimate of $1.92 by $0.11. Western Digital had a net margin of 10.52% and a return on equity of 20.03%. The business had revenue of $4.83 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the prior year, the firm earned $0.48 EPS. The business’s revenue was up 22.6% on a year-over-year basis. As a group, sell-side analysts expect that Western Digital will post 7.13 earnings per share for the current year.

In related news, insider Srinivasan Sivaram sold 11,380 shares of Western Digital stock in a transaction that occurred on Tuesday, February 15th. The shares were sold at an average price of $53.37, for a total transaction of $607,350.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paula A. Price sold 4,150 shares of Western Digital stock in a transaction that occurred on Monday, January 31st. The shares were sold at an average price of $51.82, for a total transaction of $215,053.00. The disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.

A number of hedge funds have recently modified their holdings of WDC. Amundi Pioneer Asset Management Inc. grew its holdings in Western Digital by 8.5% in the first 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. Vontobel Holding Ltd. grew its holdings in Western Digital by 26.4% in the third quarter. Vontobel Holding Ltd. now owns 14,417 shares of the data storage provider’s stock worth $813,000 after purchasing an additional 3,012 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in Western Digital by 0.6% in the third quarter. Janney Montgomery Scott LLC now owns 60,211 shares of the data storage provider’s stock worth $3,399,000 after purchasing an additional 388 shares during the last quarter. Twin Capital Management Inc. purchased a new position in Western Digital in the third quarter worth $393,000. Finally, Nordea Investment Management AB grew its holdings in Western Digital by 97.5% in the third quarter. Nordea Investment Management AB now owns 243,256 shares of the data storage provider’s stock worth $13,810,000 after purchasing an additional 120,111 shares during the last quarter. 79.27% of the stock is currently owned by institutional investors.

Western Digital Company Profile (Get Rating)

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 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; and flash-based memory wafers.

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