Western Digital (NASDAQ:WDC) Price Target Cut to $80.00

Western Digital (NASDAQ:WDC) had its price target trimmed by TD Cowen from $95.00 to $80.00 in a report issued on Friday, Marketbeat.com reports. The firm currently has a buy rating on the data storage provider’s stock.

Several other equities research analysts have also recently weighed in on the stock. Susquehanna lowered their price target on shares of Western Digital from $88.00 to $75.00 and set a neutral rating for the company in a research report on Friday, August 2nd. Cantor Fitzgerald reaffirmed an overweight rating and issued a $80.00 price target on shares of Western Digital in a research report on Tuesday, September 10th. Summit Insights cut shares of Western Digital from a buy rating to a hold rating in a research report on Thursday, August 1st. Evercore ISI reaffirmed an outperform rating and issued a $85.00 price target on shares of Western Digital in a research report on Thursday, August 15th. Finally, Loop Capital boosted their price objective on shares of Western Digital from $90.00 to $100.00 and gave the stock a buy rating in a research note on Tuesday, June 4th. Six investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $83.05.

Western Digital Stock Performance

Shares of NASDAQ:WDC opened at $64.09 on Friday. The company has a market capitalization of $20.93 billion, a price-to-earnings ratio of -12.90 and a beta of 1.39. Western Digital has a 12 month low of $35.62 and a 12 month high of $81.55. The firm’s 50-day moving average is $65.72 and its 200 day moving average is $69.48. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.53.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.17. The company had revenue of $3.76 billion during the quarter, compared to analysts’ expectations of $3.77 billion. Western Digital had a negative net margin of 3.75% and a negative return on equity of 2.63%. Research analysts predict that Western Digital will post 7.75 EPS for the current year.

Insider Buying and Selling at Western Digital

In other news, EVP Robert Soderbery sold 12,154 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $57.09, for a total value of $693,871.86. Following the sale, the executive vice president now owns 128,413 shares in the company, valued at $7,331,098.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Robert Soderbery sold 12,154 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $57.09, for a total transaction of $693,871.86. Following the sale, the executive vice president now directly owns 128,413 shares of the company’s stock, valued at $7,331,098.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Gene M. Zamiska sold 2,169 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $61.96, for a total transaction of $134,391.24. Following the sale, the senior vice president now directly owns 32,601 shares in the company, valued at $2,019,957.96. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,955 shares of company stock worth $1,053,560. 0.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Western Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WDC. Kodai Capital Management LP acquired a new stake in Western Digital during the fourth quarter worth about $212,900,000. Norges Bank purchased a new position in Western Digital in the fourth quarter worth approximately $150,958,000. AGF Management Ltd. lifted its stake in Western Digital by 28,925.8% in the second quarter. AGF Management Ltd. now owns 2,202,190 shares of the data storage provider’s stock worth $166,860,000 after acquiring an additional 2,194,603 shares during the last quarter. 1832 Asset Management L.P. lifted its position in shares of Western Digital by 247.0% during the 2nd quarter. 1832 Asset Management L.P. now owns 1,446,509 shares of the data storage provider’s stock worth $109,602,000 after buying an additional 1,029,658 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in shares of Western Digital by 1,089.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,071,600 shares of the data storage provider’s stock worth $73,126,000 after buying an additional 981,527 shares during the last quarter. 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.