Wells Fargo & Company Cuts Western Digital (NASDAQ:WDC) Price Target to $75.00

Western Digital (NASDAQ:WDC) had its price objective decreased by Wells Fargo & Company from $85.00 to $75.00 in a report published on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the data storage provider’s stock.

Other research analysts also recently issued reports about the stock. StockNews.com assumed coverage on shares of Western Digital in a research note on Tuesday, February 18th. They set a “hold” rating on the stock. Citigroup increased their price target on Western Digital from $60.45 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday. Morgan Stanley dropped their price target on shares of Western Digital from $100.00 to $93.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. UBS Group raised their target price on shares of Western Digital from $70.00 to $74.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. Finally, Susquehanna dropped their price objective on shares of Western Digital from $83.00 to $72.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, Western Digital currently has a consensus rating of “Moderate Buy” and an average target price of $83.05.

Western Digital Stock Down 3.9 %

WDC opened at $48.20 on Tuesday. The business’s fifty day simple moving average is $63.64 and its 200 day simple moving average is $65.29. The company has a quick ratio of 1.26, a current ratio of 1.99 and a debt-to-equity ratio of 0.60. The firm has a market cap of $16.77 billion, a P/E ratio of 11.48 and a beta of 1.44. Western Digital has a 52 week low of $39.58 and a 52 week high of $61.16.

Western Digital (NASDAQ:WDC) last announced its quarterly 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%. As a group, equities research analysts anticipate that Western Digital will post 4.89 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Western Digital by 32.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,131 shares of the data storage provider’s stock valued at $2,691,000 after buying an additional 11,013 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Western Digital by 6.3% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 841,700 shares of the data storage provider’s stock worth $50,191,000 after acquiring an additional 50,188 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Western Digital by 4.0% during the fourth quarter. Principal Financial Group Inc. now owns 390,826 shares of the data storage provider’s stock worth $23,305,000 after acquiring an additional 15,189 shares during the period. Aigen Investment Management LP lifted its holdings in shares of Western Digital by 124.2% in the third quarter. Aigen Investment Management LP now owns 21,412 shares of the data storage provider’s stock valued at $1,462,000 after purchasing an additional 11,860 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its stake in Western Digital by 53.3% in the 4th quarter. Handelsbanken Fonder AB now owns 99,444 shares of the data storage provider’s stock valued at $5,930,000 after acquiring an additional 34,579 shares in the last quarter. 92.51% of the stock is owned by 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.