Morgan Stanley Raises Western Digital (NASDAQ:WDC) Price Target to $73.00

Western Digital (NASDAQ:WDCFree Report) had its price objective hoisted by Morgan Stanley from $52.00 to $73.00 in a research report report published on Monday morning, Marketbeat.com reports. They currently have an overweight rating on the data storage provider’s stock.

A number of other research analysts also recently issued reports on WDC. Mizuho boosted their price objective on shares of Western Digital from $52.00 to $55.00 and gave the company a buy rating in a research report on Wednesday, December 6th. Susquehanna lifted their price objective on Western Digital from $38.00 to $46.00 and gave the stock a neutral rating in a report on Tuesday, October 31st. Summit Insights raised Western Digital from a hold rating to a buy rating in a report on Monday, October 30th. Raymond James lifted their price objective on shares of Western Digital from $48.00 to $60.00 and gave the company an outperform rating in a research report on Friday, January 19th. Finally, Fox Advisors upgraded shares of Western Digital from an equal weight rating to an overweight rating and set a $52.00 target price on the stock in a report on Tuesday, October 31st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $56.76.

Get Our Latest Analysis on WDC

Western Digital Stock Up 4.0 %

WDC opened at $60.33 on Monday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.31 and a quick ratio of 0.70. Western Digital has a one year low of $31.97 and a one year high of $60.55. The firm has a market capitalization of $19.42 billion, a P/E ratio of -7.88 and a beta of 1.61. The company has a fifty day moving average price of $50.51 and a 200-day moving average price of $45.42.

Western Digital (NASDAQ:WDCGet Free Report) last posted its quarterly earnings data on Thursday, January 25th. The data storage provider reported ($0.69) earnings per share for the quarter, beating the consensus estimate of ($1.33) by $0.64. The firm had revenue of $3.03 billion for the quarter, compared to analysts’ expectations of $3 billion. Western Digital had a negative net margin of 21.34% and a negative return on equity of 18.01%. The business’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the company posted ($0.69) EPS. Equities research analysts expect that Western Digital will post -2.98 earnings per share for the current fiscal year.

Insider Activity at Western Digital

In other Western Digital news, EVP Robert Soderbery sold 20,000 shares of Western Digital stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $42.49, for a total transaction of $849,800.00. Following the sale, the executive vice president now owns 221,158 shares of the company’s stock, valued at approximately $9,397,003.42. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.28% of the stock is owned by corporate insiders.

Institutional Trading of Western Digital

Hedge funds and other institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its stake in shares of Western Digital by 9.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 22,595,297 shares of the data storage provider’s stock valued at $851,166,000 after purchasing an additional 1,931,325 shares during the period. Nomura Holdings Inc. increased its stake in Western Digital by 7.0% in the third quarter. Nomura Holdings Inc. now owns 13,361,999 shares of the data storage provider’s stock valued at $609,708,000 after purchasing an additional 870,971 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Western Digital by 3.1% during the 2nd quarter. Geode Capital Management LLC now owns 7,042,429 shares of the data storage provider’s stock worth $266,449,000 after buying an additional 212,758 shares during the last quarter. DNB Asset Management AS boosted its holdings in shares of Western Digital by 8.6% in the 4th quarter. DNB Asset Management AS now owns 5,587,698 shares of the data storage provider’s stock valued at $292,628,000 after buying an additional 443,903 shares in the last quarter. Finally, DnB Asset Management AS grew its position in shares of Western Digital by 7.3% in the 3rd quarter. DnB Asset Management AS now owns 5,143,795 shares of the data storage provider’s stock valued at $234,711,000 after buying an additional 351,916 shares during the last quarter. 83.38% of the stock is owned by institutional investors and hedge funds.

About Western Digital

(Get Free Report)

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.

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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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