Rosenblatt Securities Lowers Western Digital (NASDAQ:WDC) Price Target to $95.00

Western Digital (NASDAQ:WDC) had its price objective decreased by investment analysts at Rosenblatt Securities from $115.00 to $95.00 in a report issued on Wednesday. The brokerage currently has a “buy” rating on the data storage provider’s stock. Rosenblatt Securities’ price objective would suggest a potential upside of 50.84% from the stock’s current price.

A number of other equities research analysts also recently weighed in on WDC. Susquehanna boosted their price target on Western Digital from $75.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, October 25th. BNP Paribas lowered their price target on Western Digital from $95.00 to $90.00 in a report on Thursday, October 24th. Benchmark downgraded Western Digital from a “buy” rating to a “hold” rating and set a $70.00 price target for the company. in a report on Thursday, December 19th. Morgan Stanley lowered their price target on Western Digital from $100.00 to $93.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Finally, Wells Fargo & Company lowered their price objective on Western Digital from $95.00 to $85.00 and set an “overweight” rating for the company in a research note on Thursday, January 16th. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $85.68.

Western Digital Stock Up 0.2 %

WDC stock traded up $0.11 during midday trading on Wednesday, hitting $62.98. 3,355,278 shares of the company’s stock were exchanged, compared to its average volume of 5,731,275. The company has a current ratio of 1.47, a quick ratio of 0.91 and a debt-to-equity ratio of 0.49. Western Digital has a 12-month low of $52.77 and a 12-month high of $81.55. The firm has a 50 day moving average price of $65.72 and a 200-day moving average price of $65.64. The stock has a market capitalization of $21.77 billion, a price-to-earnings ratio of 37.08 and a beta of 1.43.

Insider Transactions at Western Digital

In related news, SVP Gene M. Zamiska sold 658 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $69.99, for a total transaction of $46,053.42. Following the completion of the sale, the senior vice president now owns 28,863 shares in the company, valued at $2,020,121.37. This represents a 2.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders sold 1,347 shares of company stock worth $93,027. 0.30% of the stock is owned by corporate insiders.

Institutional Trading of Western Digital

Hedge funds have recently added to or reduced their stakes in the business. Versant Capital Management Inc raised its holdings in shares of Western Digital by 278.9% in the 4th quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock worth $25,000 after buying an additional 304 shares in the last quarter. Eastern Bank acquired a new position in shares of Western Digital in the 3rd quarter worth approximately $27,000. True Wealth Design LLC increased its holdings in Western Digital by 2,184.2% during the 3rd quarter. True Wealth Design LLC now owns 434 shares of the data storage provider’s stock valued at $30,000 after purchasing an additional 415 shares in the last quarter. Comprehensive Financial Planning Inc. PA acquired a new stake in Western Digital during the 4th quarter valued at $30,000. Finally, Capital Performance Advisors LLP acquired a new stake in Western Digital during the 3rd quarter valued at $41,000. Institutional investors own 92.51% 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.