Cantor Fitzgerald initiated coverage on shares of Western Digital (NASDAQ:WDC – Free Report) in a research report released on Tuesday morning, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $70.00 price objective on the data storage provider’s stock.
Other equities research analysts have also recently issued research reports about the company. Morgan Stanley raised their price objective on Western Digital from $52.00 to $73.00 and gave the stock an overweight rating in a report on Monday. Deutsche Bank Aktiengesellschaft raised shares of Western Digital from a hold rating to a buy rating and upped their price target for the company from $45.00 to $65.00 in a report on Tuesday, January 16th. Fox Advisors raised 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. Susquehanna increased their target price on Western Digital from $38.00 to $46.00 and gave the stock a neutral rating in a research report on Tuesday, October 31st. Finally, Mizuho raised their price target on Western Digital from $52.00 to $55.00 and gave the company a buy rating in a report on Wednesday, December 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $58.78.
Western Digital Stock Down 3.5 %
Western Digital (NASDAQ:WDC – Get Free Report) last issued its quarterly earnings results on Thursday, January 25th. The data storage provider reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($1.30) by $0.61. Western Digital had a negative return on equity of 18.01% and a negative net margin of 21.34%. The firm had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $3 billion. During the same period last year, the company earned ($0.69) earnings per share. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, equities analysts forecast that Western Digital will post -2.98 earnings per share for the current year.
Insider Transactions at Western Digital
In related news, EVP Robert Soderbery sold 20,000 shares of the company’s 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 completion of the sale, the executive vice president now directly owns 221,158 shares in the company, valued at approximately $9,397,003.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.28% of the company’s stock.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its stake in shares of Western Digital by 9.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 22,595,297 shares of the data storage provider’s stock worth $851,166,000 after acquiring an additional 1,931,325 shares during the last quarter. Nomura Holdings Inc. boosted its stake in shares of Western Digital by 7.0% during 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 period. Geode Capital Management LLC grew its holdings in shares of Western Digital by 3.1% in the second quarter. Geode Capital Management LLC now owns 7,042,429 shares of the data storage provider’s stock worth $266,449,000 after purchasing an additional 212,758 shares during the last quarter. DNB Asset Management AS increased its stake in 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 worth $292,628,000 after buying an additional 443,903 shares during the period. Finally, DnB Asset Management AS lifted its holdings in Western Digital by 7.3% during 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 in the last quarter. Hedge funds and other institutional investors own 83.38% of the company’s stock.
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.
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