Western Digital (NASDAQ:WDC) PT Raised to $76.00 at The Goldman Sachs Group

Western Digital (NASDAQ:WDC) had its price objective boosted by investment analysts at The Goldman Sachs Group from $58.00 to $76.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “neutral” rating on the data storage provider’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 5.47% from the company’s current price.

Several other equities analysts also recently commented on WDC. Rosenblatt Securities upgraded Western Digital from a “neutral” rating to a “buy” rating in a research report on Friday, April 5th. Morgan Stanley raised their price objective on Western Digital from $52.00 to $73.00 and gave the stock an “overweight” rating in a research report on Monday, January 22nd. StockNews.com downgraded Western Digital from a “hold” rating to a “sell” rating in a research report on Tuesday, February 20th. Evercore ISI initiated coverage on Western Digital in a research report on Wednesday, March 27th. They set an “outperform” rating and a $80.00 price objective for the company. Finally, Barclays raised their price objective on Western Digital from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, January 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, Western Digital has an average rating of “Moderate Buy” and a consensus target price of $69.78.

Western Digital Stock Performance

NASDAQ:WDC opened at $72.06 on Friday. The stock’s 50-day simple moving average is $62.56 and its 200 day simple moving average is $53.36. The firm has a market capitalization of $23.48 billion, a PE ratio of -10.11 and a beta of 1.57. The company has a quick ratio of 0.98, a current ratio of 1.67 and a debt-to-equity ratio of 0.73. Western Digital has a twelve month low of $31.97 and a twelve month high of $76.92.

Western Digital (NASDAQ:WDC) last posted its earnings results on Monday, January 29th. The data storage provider reported ($0.69) EPS for the quarter, beating the consensus estimate of ($1.30) by $0.61. The firm had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $3 billion. Western Digital had a negative return on equity of 19.45% and a negative net margin of 19.90%. The business’s quarterly revenue was down 2.4% on a year-over-year basis. During the same period last year, the company earned ($0.69) earnings per share. On average, analysts anticipate that Western Digital will post -2.31 EPS for the current fiscal year.

Insider Buying and Selling at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 443 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $75.00, for a total value of $33,225.00. Following the completion of the sale, the senior vice president now owns 30,958 shares of the company’s stock, valued at $2,321,850. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Kimberly Alexy sold 2,648 shares of Western Digital stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $69.95, for a total transaction of $185,227.60. Following the transaction, the director now owns 20,509 shares of the company’s stock, valued at $1,434,604.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Gene M. Zamiska sold 443 shares of Western Digital stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $75.00, for a total value of $33,225.00. Following the transaction, the senior vice president now directly owns 30,958 shares in the company, valued at approximately $2,321,850. The disclosure for this sale can be found here. Insiders own 0.28% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Rise Advisors LLC purchased a new position in shares of Western Digital during the first quarter valued at approximately $25,000. ST Germain D J Co. Inc. purchased a new position in shares of Western Digital during the second quarter valued at approximately $26,000. Naples Money Management LLC purchased a new position in shares of Western Digital during the fourth quarter valued at approximately $26,000. Janiczek Wealth Management LLC purchased a new position in shares of Western Digital during the third quarter valued at approximately $28,000. Finally, CIBC Private Wealth Group LLC purchased a new position in shares of Western Digital during the fourth quarter valued at approximately $30,000. Hedge funds and other institutional investors own 92.51% of the company’s stock.

Western Digital Company Profile

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.