Western Digital (NASDAQ:WDC) PT Raised to $70.00 at Barclays

Western Digital (NASDAQ:WDCGet Free Report) had its price objective increased by stock analysts at Barclays from $65.00 to $70.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the data storage provider’s stock. Barclays‘s price objective would indicate a potential upside of 19.47% from the stock’s previous close.

Several other research analysts have also recently commented on WDC. Wedbush reiterated an “outperform” rating and issued a $60.00 price target on shares of Western Digital in a research note on Thursday, October 26th. Mizuho boosted their price objective on shares of Western Digital from $62.00 to $66.00 and gave the stock a “buy” rating in a research note on Friday. Susquehanna raised their price target on shares of Western Digital from $38.00 to $46.00 and gave the company a “neutral” rating in a research note on Tuesday, October 31st. Deutsche Bank Aktiengesellschaft upgraded shares of Western Digital from a “hold” rating to a “buy” rating and boosted their target price for the company from $45.00 to $65.00 in a research note on Tuesday, January 16th. Finally, Cantor Fitzgerald started coverage on shares of Western Digital in a report on Tuesday. They issued an “overweight” rating and a $70.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $58.78.

Read Our Latest Report on Western Digital

Western Digital Trading Down 2.9 %

WDC stock traded down $1.74 during mid-day trading on Friday, reaching $58.59. The company’s stock had a trading volume of 16,699,744 shares, compared to its average volume of 7,866,686. The company has a current ratio of 1.31, a quick ratio of 0.70 and a debt-to-equity ratio of 0.58. Western Digital has a 12 month low of $31.97 and a 12 month high of $60.55. The company has a market cap of $18.86 billion, a price-to-earnings ratio of -7.67 and a beta of 1.61. The business’s 50 day moving average price is $50.51 and its 200 day moving average price is $45.42.

Western Digital (NASDAQ:WDCGet Free Report) last issued its earnings results on Thursday, January 25th. The data storage provider reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.30) by $0.61. The firm had revenue of $3.03 billion for the quarter, compared to analysts’ expectations of $3 billion. Western Digital had a negative return on equity of 18.01% and a negative net margin of 21.34%. The business’s revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.69) earnings per share. On average, equities research analysts predict that Western Digital will post -2.98 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Robert Soderbery sold 20,000 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $42.49, for a total transaction of $849,800.00. Following the transaction, the executive vice president now directly owns 221,158 shares of the company’s stock, valued at $9,397,003.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.28% of the company’s stock.

Institutional Trading of Western Digital

Hedge funds and other institutional investors have recently made changes to their positions in the business. American Century Companies Inc. lifted its position in shares of Western Digital by 292.1% during the first quarter. American Century Companies Inc. now owns 30,302 shares of the data storage provider’s stock worth $1,504,000 after purchasing an additional 22,573 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Western Digital during the 1st quarter valued at about $57,000. Acadian Asset Management LLC boosted its stake in Western Digital by 1,535.0% in the 1st quarter. Acadian Asset Management LLC now owns 8,649 shares of the data storage provider’s stock valued at $426,000 after purchasing an additional 8,120 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Western Digital by 7.0% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 41,869 shares of the data storage provider’s stock worth $2,079,000 after acquiring an additional 2,755 shares during the last quarter. Finally, Great West Life Assurance Co. Can lifted its holdings in Western Digital by 1.9% during the first quarter. Great West Life Assurance Co. Can now owns 197,219 shares of the data storage provider’s stock worth $10,331,000 after acquiring an additional 3,642 shares during the period. Institutional investors and hedge funds own 83.38% of the company’s stock.

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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