Western Digital (NASDAQ:WDC) Price Target Cut to $65.00 by Analysts at Cantor Fitzgerald

Western Digital (NASDAQ:WDC) had its target price reduced by Cantor Fitzgerald from $95.00 to $65.00 in a report published on Friday morning,Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the data storage provider’s stock.

A number of other analysts also recently issued reports on WDC. Mizuho dropped their price target on Western Digital from $90.00 to $82.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. StockNews.com began coverage on Western Digital in a report on Wednesday, February 26th. They set a “buy” rating on the stock. Wells Fargo & Company decreased their price objective on Western Digital from $85.00 to $75.00 and set an “overweight” rating on the stock in a report on Tuesday, February 25th. Rosenblatt Securities decreased their price objective on Western Digital from $115.00 to $95.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Finally, Citigroup raised their price objective on Western Digital from $60.45 to $64.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $81.47.

Western Digital Stock Performance

Shares of WDC opened at $41.70 on Friday. The company has a market cap of $14.50 billion, a PE ratio of 9.93 and a beta of 1.42. The company has a current ratio of 1.99, a quick ratio of 1.26 and a debt-to-equity ratio of 0.60. The stock has a 50-day moving average price of $62.03 and a 200-day moving average price of $64.70. Western Digital has a 12-month low of $39.58 and a 12-month high of $61.16.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share (EPS) 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 analysts forecast that Western Digital will post 4.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Western Digital

Several hedge funds have recently made changes to their positions in WDC. Janney Montgomery Scott LLC increased its stake in shares of Western Digital by 137.9% during the third quarter. Janney Montgomery Scott LLC now owns 43,575 shares of the data storage provider’s stock valued at $2,976,000 after buying an additional 25,262 shares during the period. Van ECK Associates Corp increased its stake in shares of Western Digital by 6.0% during the third quarter. Van ECK Associates Corp now owns 4,696 shares of the data storage provider’s stock valued at $313,000 after buying an additional 267 shares during the period. Asset Management One Co. Ltd. increased its stake in shares of Western Digital by 5.4% during the third quarter. Asset Management One Co. Ltd. now owns 132,201 shares of the data storage provider’s stock valued at $9,028,000 after buying an additional 6,762 shares during the period. Radnor Capital Management LLC purchased a new position in shares of Western Digital during the third quarter valued at approximately $246,000. Finally, M&G PLC increased its stake in shares of Western Digital by 9.2% during the third quarter. M&G PLC now owns 182,067 shares of the data storage provider’s stock valued at $12,381,000 after buying an additional 15,299 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.