StockNews.com Initiates Coverage on Western Digital (NASDAQ:WDC)

Equities researchers at StockNews.com initiated coverage on shares of Western Digital (NASDAQ:WDC) in a research report issued to clients and investors on Tuesday. The firm set a “hold” rating on the data storage provider’s stock.

A number of other research analysts have also recently weighed in on WDC. Citigroup lowered their target price on shares of Western Digital from $82.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Wedbush reaffirmed an “outperform” rating and issued a $95.00 price objective on shares of Western Digital in a research note on Monday, February 10th. Bank of America decreased their target price on Western Digital from $89.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. Rosenblatt Securities dropped their price target on Western Digital from $115.00 to $95.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. Finally, The Goldman Sachs Group increased their price objective on shares of Western Digital from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Seven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $84.42.

Western Digital Price Performance

Shares of Western Digital stock opened at $71.50 on Tuesday. The stock’s fifty day moving average is $64.60 and its 200 day moving average is $65.41. Western Digital has a one year low of $52.77 and a one year high of $81.55. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26 and a current ratio of 1.99. The stock has a market cap of $24.87 billion, a P/E ratio of 17.02 and a beta of 1.44.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Wednesday, January 29th. The data storage provider reported $1.55 EPS for the quarter, missing the consensus estimate of $1.91 by ($0.36). Western Digital had a return on equity of 15.68% and a net margin of 9.95%. Sell-side analysts anticipate that Western Digital will post 4.89 earnings per share for the current year.

Insider Activity

In related news, SVP Gene M. Zamiska sold 658 shares of Western Digital 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 completion of the transaction, the senior vice president now directly owns 28,863 shares of the company’s stock, valued at approximately $2,020,121.37. The trade was a 2.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Institutional Trading of Western Digital

Several institutional investors have recently added to or reduced their stakes in WDC. Eastern Bank purchased a new stake in shares of Western Digital during the third quarter valued at $27,000. Versant Capital Management Inc boosted its position in Western Digital by 278.9% in the 4th quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock valued at $25,000 after buying an additional 304 shares during the period. True Wealth Design LLC grew its stake in Western Digital by 2,184.2% in the 3rd quarter. True Wealth Design LLC now owns 434 shares of the data storage provider’s stock worth $30,000 after acquiring an additional 415 shares in the last quarter. Sierra Ocean LLC purchased a new position in shares of Western Digital during the fourth quarter worth approximately $29,000. Finally, Comprehensive Financial Planning Inc. PA purchased a new stake in shares of Western Digital in the fourth quarter valued at approximately $30,000. Institutional investors own 92.51% of the company’s stock.

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.