Rosenblatt Securities Has Lowered Expectations for Western Digital (NASDAQ:WDC) Stock Price

Western Digital (NASDAQ:WDC) had its target price cut by investment analysts at Rosenblatt Securities from $76.00 to $50.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the data storage provider’s stock. Rosenblatt Securities’ price target would suggest a potential upside of 22.22% from the company’s previous close.

A number of other analysts also recently issued reports on WDC. Barclays cut their price objective on Western Digital from $90.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, January 17th. Mizuho decreased their price objective on shares of Western Digital from $82.00 to $68.00 and set an “outperform” rating for the company in a research note on Thursday, April 10th. Benchmark upgraded shares of Western Digital from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research note on Thursday, April 10th. Wedbush reaffirmed an “underperform” rating on shares of Western Digital in a report on Friday, April 11th. Finally, Robert W. Baird lowered their price objective on Western Digital from $100.00 to $80.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $71.32.

Western Digital Stock Performance

NASDAQ WDC opened at $40.91 on Tuesday. Western Digital has a 1-year low of $28.83 and a 1-year high of $81.55. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.99 and a quick ratio of 1.26. The stock’s 50 day simple moving average is $41.76 and its 200-day simple moving average is $57.65. The company has a market cap of $14.23 billion, a PE ratio of 9.74 and a beta of 1.39.

Insider Buying and Selling at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 1,659 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $41.36, for a total transaction of $68,616.24. Following the sale, the senior vice president now directly owns 43,776 shares of the company’s stock, valued at $1,810,575.36. The trade was a 3.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Western Digital

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Western Digital by 3.5% in the 4th quarter. Vanguard Group Inc. now owns 42,459,767 shares of the data storage provider’s stock valued at $2,531,876,000 after acquiring an additional 1,439,149 shares in the last quarter. Geode Capital Management LLC grew its holdings in Western Digital by 10.4% during the 4th quarter. Geode Capital Management LLC now owns 8,745,264 shares of the data storage provider’s stock worth $520,450,000 after acquiring an additional 823,656 shares during the last quarter. Norges Bank acquired a new stake in Western Digital in the fourth quarter valued at $352,572,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Western Digital by 23.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,592,516 shares of the data storage provider’s stock valued at $273,852,000 after buying an additional 881,088 shares during the period. Finally, Northern Trust Corp raised its holdings in Western Digital by 16.4% during the 4th quarter. Northern Trust Corp now owns 3,397,671 shares of the data storage provider’s stock worth $202,603,000 after purchasing an additional 478,269 shares during the last quarter. 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.