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

Cantor Fitzgerald reiterated their overweight rating on shares of Western Digital (NASDAQ:WDC) in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a $95.00 target price on the data storage provider’s stock.

Other equities research analysts have also recently issued research reports about the stock. Benchmark cut shares of Western Digital from a “buy” rating to a “hold” rating and set a $70.00 price objective on the stock. in a report on Thursday, December 19th. Barclays cut their price objective on shares of Western Digital from $90.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Mizuho cut their price objective on shares of Western Digital from $90.00 to $82.00 and set an “outperform” rating on the stock in a report on Friday, January 3rd. Bank of America cut their price objective on shares of Western Digital from $89.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. Finally, Rosenblatt Securities dropped their target price on shares of Western Digital from $115.00 to $95.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $84.42.

Western Digital Trading Down 0.3 %

Shares of WDC opened at $71.29 on Tuesday. The firm’s 50-day moving average price is $64.70 and its 200-day moving average price is $65.45. The firm has a market capitalization of $24.80 billion, a price-to-earnings ratio of 16.97 and a beta of 1.44. The company has a current ratio of 1.99, a quick ratio of 1.26 and a debt-to-equity ratio of 0.60. Western Digital has a 1-year low of $52.77 and a 1-year high of $81.55.

Western Digital (NASDAQ:WDC) last announced its earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share 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%. Sell-side analysts anticipate that Western Digital will post 4.89 EPS for the current year.

Insider Transactions at Western Digital

In other news, SVP Gene M. Zamiska sold 658 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $69.99, for a total value of $46,053.42. Following the completion of the sale, the senior vice president now directly owns 28,863 shares of the company’s stock, valued at $2,020,121.37. This represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Western Digital

Several institutional investors have recently bought and sold shares of the stock. First Horizon Advisors Inc. grew its stake in Western Digital by 5.4% during the third quarter. First Horizon Advisors Inc. now owns 2,929 shares of the data storage provider’s stock valued at $200,000 after acquiring an additional 149 shares in the last quarter. Mather Group LLC. lifted its position in Western Digital by 7.0% during the fourth quarter. Mather Group LLC. now owns 2,416 shares of the data storage provider’s stock valued at $144,000 after purchasing an additional 159 shares during the last quarter. Vontobel Holding Ltd. lifted its position in Western Digital by 1.4% during the fourth quarter. Vontobel Holding Ltd. now owns 11,804 shares of the data storage provider’s stock valued at $704,000 after purchasing an additional 164 shares during the last quarter. BNP Paribas lifted its position in Western Digital by 0.6% during the fourth quarter. BNP Paribas now owns 26,415 shares of the data storage provider’s stock valued at $1,575,000 after purchasing an additional 166 shares during the last quarter. Finally, Quarry LP lifted its position in Western Digital by 22.6% during the third quarter. Quarry LP now owns 932 shares of the data storage provider’s stock valued at $64,000 after purchasing an additional 172 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.