Western Digital (NASDAQ:WDC) PT Raised to $100.00

Western Digital (NASDAQ:WDC) had its target price lifted by investment analysts at Robert W. Baird from $65.00 to $100.00 in a report released on Friday, Benzinga reports. The firm currently has an “outperform” rating on the data storage provider’s stock. Robert W. Baird’s target price points to a potential upside of 40.13% from the stock’s previous close.

A number of other analysts have also weighed in on WDC. Benchmark upgraded Western Digital from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a research note on Friday. Raymond James downgraded Western Digital from an “outperform” rating to a “market perform” rating in a report on Monday, April 22nd. Mizuho lifted their target price on Western Digital from $66.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. Evercore ISI started coverage on Western Digital in a report on Wednesday, March 27th. They set an “outperform” rating and a $80.00 price objective for the company. Finally, StockNews.com lowered shares of Western Digital from a “hold” rating to a “sell” rating in a report on Tuesday, February 20th. One analyst has rated the stock with a sell rating, five have issued a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, Western Digital currently has a consensus rating of “Moderate Buy” and an average target price of $77.25.

Western Digital Price Performance

Shares of NASDAQ WDC opened at $71.36 on Friday. The firm has a market cap of $23.25 billion, a PE ratio of -14.36 and a beta of 1.57. Western Digital has a fifty-two week low of $32.01 and a fifty-two week high of $76.92. The company has a quick ratio of 0.98, a current ratio of 1.67 and a debt-to-equity ratio of 0.73. The business has a 50 day moving average price of $65.08 and a two-hundred day moving average price of $55.03.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Thursday, April 25th. The data storage provider reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.42. Western Digital had a negative return on equity of 13.67% and a negative net margin of 12.87%. The company had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.37 billion. During the same period in the previous year, the business earned ($1.57) earnings per share. The company’s quarterly revenue was up 23.3% on a year-over-year basis. Sell-side analysts expect that Western Digital will post -2.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Kimberly Alexy sold 2,648 shares of Western Digital stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $69.95, for a total value of $185,227.60. Following the sale, the director now directly owns 20,509 shares in the company, valued at $1,434,604.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Kimberly Alexy sold 2,648 shares of the stock in a transaction dated 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 transaction, the director now directly owns 20,509 shares in the company, valued at approximately $1,434,604.55. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Gene M. Zamiska sold 443 shares of Western Digital stock in a transaction dated 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 in the company, valued at approximately $2,321,850. The disclosure for this sale can be found here. Company insiders own 0.28% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of WDC. Highview Capital Management LLC DE bought a new stake in Western Digital in the first quarter valued at approximately $701,000. ZWJ Investment Counsel Inc. bought a new position in Western Digital during the first quarter worth $267,000. Lindbrook Capital LLC increased its holdings in shares of Western Digital by 37.3% in the first quarter. Lindbrook Capital LLC now owns 843 shares of the data storage provider’s stock valued at $58,000 after purchasing an additional 229 shares during the last quarter. Whalen Wealth Management Inc. acquired a new position in Western Digital in the 1st quarter valued at about $538,000. Finally, Wolff Financial Management LLC bought a new position in Western Digital in the 1st quarter valued at about $220,000. 92.51% of the stock is currently owned by institutional investors and hedge funds.

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.