Western Digital’s (WDC) “Overweight” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Western Digital (NASDAQ:WDC) in a research note published on Thursday, Benzinga reports. The brokerage currently has a $100.00 price objective on the data storage provider’s stock.

A number of other research analysts have also weighed in on the company. Barclays increased their price objective on Western Digital from $70.00 to $80.00 and gave the company an overweight rating in a report on Monday, April 22nd. StockNews.com upgraded shares of Western Digital from a sell rating to a hold rating in a research note on Saturday, July 6th. Summit Insights downgraded shares of Western Digital from a buy rating to a hold rating in a research report on Thursday. Argus lifted their target price on shares of Western Digital from $68.00 to $88.00 and gave the company a buy rating in a report on Monday, April 29th. Finally, The Goldman Sachs Group boosted their price objective on shares of Western Digital from $58.00 to $76.00 and gave the company a neutral rating in a research note on Friday, April 12th. Six equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat.com, Western Digital presently has an average rating of Moderate Buy and an average price target of $84.41.

Western Digital Stock Performance

Western Digital stock opened at $57.23 on Thursday. The stock has a market cap of $18.69 billion, a price-to-earnings ratio of -11.52 and a beta of 1.37. Western Digital has a fifty-two week low of $35.62 and a fifty-two week high of $81.55. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.07 and a current ratio of 1.41. The stock’s 50 day simple moving average is $74.68 and its two-hundred day simple moving average is $68.26.

Insider Buying and Selling

In related news, SVP Gene M. Zamiska sold 416 shares of Western Digital stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $71.88, for a total value of $29,902.08. Following the sale, the senior vice president now owns 30,321 shares of the company’s stock, valued at approximately $2,179,473.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, SVP Gene M. Zamiska sold 416 shares of the stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $71.88, for a total value of $29,902.08. Following the completion of the sale, the senior vice president now owns 30,321 shares of the company’s stock, valued at $2,179,473.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Robert Soderbery sold 26,853 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $73.48, for a total value of $1,973,158.44. Following the completion of the transaction, the executive vice president now owns 144,623 shares in the company, valued at approximately $10,626,898.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,488 shares of company stock valued at $2,020,143. 0.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Western Digital

A number of large investors have recently made changes to their positions in the company. Rise Advisors LLC purchased a new stake in Western Digital in the first quarter valued at $25,000. Naples Money Management LLC purchased a new stake in Western Digital in the 4th quarter valued at approximately $26,000. Fidelis Capital Partners LLC acquired a new position in Western Digital in the 1st quarter valued at about $30,000. SOA Wealth Advisors LLC. acquired a new position in shares of Western Digital during the 1st quarter valued at about $31,000. Finally, Lindbrook Capital LLC boosted its holdings in Western Digital by 121.7% in the 4th quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider’s stock worth $32,000 after acquiring an additional 337 shares during the period. 92.51% of the stock is owned by hedge funds and other institutional investors.

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.