Weekly Investment Analysts’ Ratings Updates for Western Digital (WDC)

A number of firms have modified their ratings and price targets on shares of Western Digital (NASDAQ: WDC) recently:

• 4/22/2024 – Western Digital had its price target raised by analysts at Barclays PLC from $70.00 to $80.00. They now have an “overweight” rating on the stock.
• 4/22/2024 – Western Digital was downgraded by analysts at Raymond James from an “outperform” rating to a “market perform” rating.
• 4/18/2024 – Western Digital had its price target raised by analysts at Morgan Stanley from $73.00 to $83.00. They now have an “overweight” rating on the stock.
• 4/17/2024 – Western Digital had its price target raised by analysts at Bank of America Co. from $75.00 to $85.00. They now have a “buy” rating on the stock.
• 4/15/2024 – Western Digital had its price target raised by analysts at UBS Group AG from $65.00 to $80.00. They now have a “neutral” rating on the stock.
• 4/12/2024 – Western Digital had its price target raised by analysts at The Goldman Sachs Group, Inc. from $58.00 to $76.00. They now have a “neutral” rating on the stock.
• 4/10/2024 – Western Digital had its price target raised by analysts at Wells Fargo & Company from $72.00 to $95.00. They now have an “overweight” rating on the stock.
• 4/10/2024 – Western Digital had its price target raised by analysts at Susquehanna from $68.00 to $83.00. They now have a “neutral” rating on the stock.
• 4/9/2024 – Western Digital had its price target raised by analysts at Mizuho from $66.00 to $80.00. They now have a “buy” rating on the stock.
• 4/8/2024 – Western Digital had its price target raised by analysts at Cantor Fitzgerald from $70.00 to $100.00. They now have an “overweight” rating on the stock.
• 4/5/2024 – Western Digital was upgraded by analysts at Rosenblatt Securities from a “neutral” rating to a “buy” rating.
• 3/27/2024 – Western Digital is now covered by analysts at Evercore ISI. They set an “outperform” rating and a $80.00 price target on the stock.
• 3/6/2024 – Western Digital had its price target raised by analysts at UBS Group AG from $55.00 to $65.00. They now have a “neutral” rating on the stock.
• 3/6/2024 – Western Digital had its price target raised by analysts at Rosenblatt Securities from $60.00 to $65.00. They now have a “neutral” rating on the stock.

Western Digital Stock Performance

Western Digital stock opened at $69.44 on Friday. The company has a current ratio of 1.67, a quick ratio of 0.98 and a debt-to-equity ratio of 0.73. The firm has a 50-day moving average of $64.73 and a 200-day moving average of $54.78. The firm has a market cap of $22.63 billion, a P/E ratio of -9.74 and a beta of 1.57. Western Digital Co. has a 1-year low of $32.01 and a 1-year high of $76.92.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, April 25th. The data storage provider reported $0.63 EPS for the quarter, topping the consensus estimate of $0.21 by $0.42. Western Digital had a negative net margin of 19.90% and a negative return on equity of 19.45%. The business had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.37 billion. During the same period last year, the business posted ($1.57) earnings per share. Western Digital’s quarterly revenue was up 23.3% compared to the same quarter last year. Sell-side analysts expect that Western Digital Co. will post -2.21 EPS for the current year.

Insider Buying and Selling at Western Digital

In related news, Director Kimberly Alexy sold 2,648 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $69.95, for a total transaction of $185,227.60. Following the completion of the sale, 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 Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Kimberly Alexy sold 2,648 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $69.95, for a total transaction of $185,227.60. Following the completion of the sale, 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 Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Gene M. Zamiska sold 443 shares of Western Digital 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 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

A number of large investors have recently added to or reduced their stakes in the stock. Lindbrook Capital LLC boosted its stake in shares of Western Digital by 37.3% during the 1st quarter. Lindbrook Capital LLC now owns 843 shares of the data storage provider’s stock worth $58,000 after acquiring an additional 229 shares during the last quarter. Whalen Wealth Management Inc. purchased a new position in shares of Western Digital during the 1st quarter worth $538,000. Wolff Financial Management LLC purchased a new position in shares of Western Digital during the 1st quarter worth $220,000. V Square Quantitative Management LLC boosted its stake in shares of Western Digital by 14.5% during the 1st quarter. V Square Quantitative Management LLC now owns 10,167 shares of the data storage provider’s stock worth $694,000 after acquiring an additional 1,289 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Western Digital by 4.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 588,732 shares of the data storage provider’s stock worth $40,175,000 after acquiring an additional 23,355 shares during the last quarter. Institutional investors own 92.51% of the company’s stock.

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.