UBS Group Cuts Western Digital (NASDAQ:WDC) Price Target to $70.00

Western Digital (NASDAQ:WDC) had its price objective cut by analysts at UBS Group from $78.00 to $70.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the data storage provider’s stock. UBS Group’s price objective suggests a potential upside of 6.42% from the company’s previous close.

WDC has been the subject of a number of other reports. The Goldman Sachs Group reduced their price objective on shares of Western Digital from $81.00 to $70.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. BNP Paribas decreased their price target on Western Digital from $95.00 to $90.00 in a report on Thursday, October 24th. Barclays decreased their price objective on Western Digital from $90.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, January 17th. Mizuho decreased their price objective on Western Digital from $90.00 to $82.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. Finally, Robert W. Baird cut their target price on Western Digital from $100.00 to $80.00 and set an “outperform” rating on the stock in a research report on Thursday. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $83.68.

Western Digital Trading Up 4.7 %

WDC traded up $2.98 during trading on Thursday, reaching $65.78. The company had a trading volume of 16,553,190 shares, compared to its average volume of 6,702,572. The firm’s 50-day simple moving average is $65.70 and its 200 day simple moving average is $65.62. The company has a market cap of $22.74 billion, a price-to-earnings ratio of 38.69 and a beta of 1.43. Western Digital has a 12-month low of $52.77 and a 12-month high of $81.55. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.91 and a current ratio of 1.47.

Western Digital (NASDAQ:WDC) last posted its earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share for the quarter, missing the consensus estimate of $1.91 by ($0.36). Western Digital had a return on equity of 8.57% and a net margin of 4.81%. Equities research analysts anticipate that Western Digital will post 5.54 earnings per share for the current year.

Insider Activity

In other news, SVP Gene M. Zamiska sold 658 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $69.99, for a total transaction of $46,053.42. Following the transaction, the senior vice president now directly owns 28,863 shares in the company, valued at $2,020,121.37. The trade was a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders sold 1,347 shares of company stock valued at $93,027. Insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Eastern Bank acquired a new position in Western Digital during the third quarter worth about $27,000. Versant Capital Management Inc grew its position in shares of Western Digital by 278.9% in the fourth quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock valued at $25,000 after purchasing an additional 304 shares during the last quarter. True Wealth Design LLC grew its position in shares of Western Digital by 2,184.2% in the third 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 during the last quarter. Comprehensive Financial Planning Inc. PA acquired a new stake in shares of Western Digital in the fourth quarter valued at approximately $30,000. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Western Digital in the third quarter valued at approximately $41,000. 92.51% of the stock is currently owned by institutional investors and hedge funds.

About Western Digital

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.