Brokerages Set Western Digital Co. (NASDAQ:WDC) Target Price at $84.42

Shares of Western Digital Co. (NASDAQ:WDC) have received a consensus recommendation of “Moderate Buy” from the twenty research firms that are presently covering the stock, MarketBeat.com reports. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $83.05.

A number of analysts have issued reports on WDC shares. Barclays cut their target price on Western Digital from $90.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, January 17th. Wedbush restated an “outperform” rating and set a $95.00 price target on shares of Western Digital in a research note on Monday, February 10th. Robert W. Baird decreased their target price on Western Digital from $100.00 to $80.00 and set an “outperform” rating on the stock in a research note on Thursday, January 30th. Bank of America lowered their price objective on Western Digital from $89.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Finally, Benchmark lowered Western Digital from a “buy” rating to a “hold” rating and set a $70.00 target price on the stock. in a report on Thursday, December 19th.

Western Digital Trading Up 0.1 %

WDC stock opened at $49.07 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.99 and a debt-to-equity ratio of 0.60. Western Digital has a 52-week low of $39.58 and a 52-week high of $61.16. The company’s 50-day simple moving average is $64.14 and its 200-day simple moving average is $65.51. The firm has a market cap of $17.07 billion, a P/E ratio of 11.68 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 analysts’ consensus estimates of $1.91 by ($0.36). Western Digital had a net margin of 9.95% and a return on equity of 15.68%. As a group, equities analysts forecast that Western Digital will post 4.89 EPS for the current fiscal year.

Institutional Trading of Western Digital

Several hedge funds and other institutional investors have recently modified their holdings of WDC. Eastern Bank acquired a new position in Western Digital during the third quarter valued at approximately $27,000. Versant Capital Management Inc boosted its holdings in Western Digital by 278.9% during the fourth quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock valued at $25,000 after acquiring an additional 304 shares during the period. 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. Sierra Ocean LLC acquired a new position in shares of Western Digital during the 4th quarter worth about $29,000. Finally, Comprehensive Financial Planning Inc. PA bought a new stake in Western Digital during the 4th quarter valued at approximately $30,000. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

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.