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

Western Digital (NASDAQ: WDC) recently received a number of ratings updates from brokerages and research firms:

• 10/25/2024 – Western Digital had its price target raised by analysts at Barclays PLC from $80.00 to $90.00. They now have an “overweight” rating on the stock.
• 10/25/2024 – Western Digital had its price target raised by analysts at Cantor Fitzgerald from $80.00 to $95.00. They now have an “overweight” rating on the stock.
• 10/25/2024 – Western Digital had its price target raised by analysts at Morgan Stanley from $94.00 to $100.00. They now have an “overweight” rating on the stock.
• 10/25/2024 – Western Digital had its “outperform” rating reaffirmed by analysts at Wedbush. They now have a $95.00 price target on the stock.
• 10/25/2024 – Western Digital had its price target raised by analysts at Susquehanna from $75.00 to $83.00. They now have a “neutral” rating on the stock.
• 10/25/2024 – Western Digital had its “buy” rating reaffirmed by analysts at Benchmark Co.. They now have a $92.00 price target on the stock.
• 10/25/2024 – Western Digital had its “buy” rating reaffirmed by analysts at Rosenblatt Securities. They now have a $115.00 price target on the stock.
• 10/24/2024 – Western Digital had its price target lowered by analysts at The Goldman Sachs Group, Inc. from $79.00 to $72.00. They now have a “neutral” rating on the stock.
• 10/24/2024 – Western Digital had its price target lowered by analysts at UBS Group AG from $74.00 to $72.00. They now have a “neutral” rating on the stock.
• 10/24/2024 – Western Digital had its price target lowered by analysts at Citigroup Inc. from $95.00 to $85.00. They now have a “buy” rating on the stock.
• 10/24/2024 – Western Digital had its price target lowered by analysts at BNP Paribas from $95.00 to $90.00.
• 9/26/2024 – Western Digital had its “buy” rating reaffirmed by analysts at Benchmark Co.. They now have a $92.00 price target on the stock.
• 9/13/2024 – Western Digital had its price target lowered by analysts at TD Cowen from $95.00 to $80.00. They now have a “buy” rating on the stock.
• 9/10/2024 – Western Digital had its “overweight” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $80.00 price target on the stock.
• 9/10/2024 – Western Digital had its price target lowered by analysts at Citigroup Inc. from $95.00 to $85.00. They now have a “buy” rating on the stock.

Western Digital Trading Up 0.8 %

Shares of NASDAQ WDC opened at $70.44 on Friday. The company has a market cap of $24.35 billion, a price-to-earnings ratio of 41.44 and a beta of 1.40. Western Digital Co. has a 12-month low of $42.65 and a 12-month high of $81.55. The company has a current ratio of 1.47, a quick ratio of 0.91 and a debt-to-equity ratio of 0.49. The stock’s 50 day simple moving average is $66.12 and its 200 day simple moving average is $69.51.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, October 24th. The data storage provider reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.23. The business had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.12 billion. Western Digital had a return on equity of 8.57% and a net margin of 4.81%. The business’s revenue was up 48.9% on a year-over-year basis. During the same quarter last year, the business posted ($1.97) EPS. Equities research analysts expect that Western Digital Co. will post 6.56 EPS for the current year.

Insider Activity at Western Digital

In related news, EVP Robert Soderbery sold 30,767 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $68.01, for a total value of $2,092,463.67. Following the sale, the executive vice president now directly owns 135,398 shares in the company, valued at $9,208,417.98. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Robert Soderbery sold 30,767 shares of Western Digital stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $68.01, for a total transaction of $2,092,463.67. Following the transaction, the executive vice president now directly owns 135,398 shares in the company, valued at approximately $9,208,417.98. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Gene M. Zamiska sold 2,900 shares of Western Digital stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $61.48, for a total value of $178,292.00. Following the transaction, the senior vice president now owns 37,448 shares in the company, valued at approximately $2,302,303.04. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 188,561 shares of company stock worth $13,309,042 in the last three months. 0.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Western Digital

A number of hedge funds have recently modified their holdings of WDC. Oppenheimer & Co. Inc. acquired a new stake in shares of Western Digital in the first quarter worth $1,242,000. Bessemer Group Inc. boosted its position in shares of Western Digital by 28.6% in the first quarter. Bessemer Group Inc. now owns 2,619 shares of the data storage provider’s stock worth $179,000 after buying an additional 583 shares during the period. Ghisallo Capital Management LLC acquired a new stake in shares of Western Digital in the second quarter worth $13,260,000. State Board of Administration of Florida Retirement System boosted its position in shares of Western Digital by 6.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 382,071 shares of the data storage provider’s stock worth $26,073,000 after buying an additional 23,781 shares during the period. Finally, Canada Pension Plan Investment Board boosted its position in shares of Western Digital by 1,089.7% in the first quarter. Canada Pension Plan Investment Board now owns 1,071,600 shares of the data storage provider’s stock worth $73,126,000 after buying an additional 981,527 shares during the period. 92.51% of the stock is currently owned by institutional investors and hedge funds.

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.