Western Digital (NASDAQ:WDC) Given New $85.00 Price Target at Bank of America

Western Digital (NASDAQ:WDC) had its target price raised by Bank of America from $75.00 to $85.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the data storage provider’s stock.

Other analysts have also recently issued reports about the company. Raymond James upped their price target on Western Digital from $60.00 to $65.00 and gave the company an outperform rating in a research note on Friday, January 26th. Rosenblatt Securities raised Western Digital from a neutral rating to a buy rating in a research note on Friday, April 5th. Deutsche Bank Aktiengesellschaft raised Western Digital from a hold rating to a buy rating and upped their price target for the company from $45.00 to $65.00 in a research note on Tuesday, January 16th. Morgan Stanley increased their target price on Western Digital from $52.00 to $73.00 and gave the stock an overweight rating in a research note on Monday, January 22nd. Finally, Evercore ISI started coverage on Western Digital in a research note on Wednesday, March 27th. They set an outperform rating and a $80.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, Western Digital has an average rating of Moderate Buy and an average price target of $72.61.

Western Digital Price Performance

Shares of NASDAQ:WDC opened at $70.17 on Wednesday. Western Digital has a 1-year low of $31.97 and a 1-year high of $76.92. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.67 and a quick ratio of 0.98. The business has a 50-day moving average price of $63.30 and a two-hundred day moving average price of $53.89.

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

Insiders Place Their Bets

In other Western Digital news, SVP Gene M. Zamiska sold 443 shares of the company’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 transaction of $33,225.00. Following the completion of the transaction, the senior vice president now owns 30,958 shares of the company’s stock, valued at approximately $2,321,850. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Kimberly Alexy sold 2,648 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $69.95, for a total value of $185,227.60. Following the completion of the sale, the director now owns 20,509 shares of the company’s stock, valued at approximately $1,434,604.55. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Gene M. Zamiska sold 443 shares of the 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 completion of the sale, the senior vice president now directly owns 30,958 shares of the company’s stock, 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 Investors Weigh In On Western Digital

Large investors have recently made changes to their positions in the stock. Rise Advisors LLC acquired a new stake in shares of Western Digital in the 1st quarter valued at approximately $25,000. Naples Money Management LLC bought a new stake in Western Digital in the 4th quarter valued at $26,000. Janiczek Wealth Management LLC bought a new stake in Western Digital in the 3rd quarter valued at $28,000. CIBC Private Wealth Group LLC bought a new stake in Western Digital in the 4th quarter valued at $30,000. Finally, SOA Wealth Advisors LLC. bought a new stake in Western Digital in the 1st quarter valued at $31,000. Institutional investors and hedge funds 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.