UBS Group Boosts Western Digital (NASDAQ:WDC) Price Target to $80.00

Western Digital (NASDAQ:WDCGet Free Report) had its target price upped by investment analysts at UBS Group from $65.00 to $80.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the data storage provider’s stock. UBS Group’s target price indicates a potential upside of 10.88% from the stock’s current price.

Several other equities research analysts have also weighed in on WDC. TD Cowen increased their price objective on shares of Western Digital from $50.00 to $75.00 and gave the stock an “outperform” rating in a research note on Friday, January 26th. The Goldman Sachs Group increased their price objective on shares of Western Digital from $58.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday. Deutsche Bank Aktiengesellschaft upgraded shares of Western Digital from a “hold” rating to a “buy” rating and raised their price target for the company from $45.00 to $65.00 in a research note on Tuesday, January 16th. StockNews.com lowered shares of Western Digital from a “hold” rating to a “sell” rating in a research note on Tuesday, February 20th. Finally, Morgan Stanley increased their price objective on shares of Western Digital from $52.00 to $73.00 and gave the company an “overweight” rating in a report on Monday, January 22nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, Western Digital currently has an average rating of “Moderate Buy” and an average price target of $70.61.

Check Out Our Latest Analysis on Western Digital

Western Digital Stock Up 0.1 %

Shares of Western Digital stock traded up $0.09 during trading on Monday, reaching $72.15. The company had a trading volume of 2,303,668 shares, compared to its average volume of 7,010,502. The company has a market cap of $23.51 billion, a price-to-earnings ratio of -10.15 and a beta of 1.56. The firm’s fifty day moving average is $62.56 and its 200-day moving average is $53.42. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.98 and a current ratio of 1.67. Western Digital has a fifty-two week low of $31.97 and a fifty-two week high of $76.92.

Western Digital (NASDAQ:WDCGet Free Report) last issued its earnings results on Monday, January 29th. The data storage provider reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.30) by $0.61. The business had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3 billion. Western Digital had a negative net margin of 19.90% and a negative return on equity of 19.45%. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.69) EPS. On average, analysts anticipate that Western Digital will post -2.31 EPS for the current year.

Insider Buying and Selling at Western Digital

In related news, SVP Gene M. Zamiska sold 443 shares of the stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $75.00, for a total transaction of $33,225.00. Following the sale, the senior vice president now directly owns 30,958 shares in the company, valued at approximately $2,321,850. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Western Digital news, SVP Gene M. Zamiska sold 443 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $75.00, for a total value of $33,225.00. Following the transaction, the senior vice president now directly owns 30,958 shares in the company, valued at approximately $2,321,850. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kimberly Alexy sold 2,648 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $69.95, for a total value of $185,227.60. Following the completion of the transaction, the director now owns 20,509 shares in the company, valued at $1,434,604.55. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Western Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of WDC. American Century Companies Inc. boosted its holdings in shares of Western Digital by 292.1% during the first quarter. American Century Companies Inc. now owns 30,302 shares of the data storage provider’s stock worth $1,504,000 after acquiring an additional 22,573 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Western Digital during the first quarter worth approximately $57,000. Acadian Asset Management LLC raised its position in shares of Western Digital by 1,535.0% in the first quarter. Acadian Asset Management LLC now owns 8,649 shares of the data storage provider’s stock valued at $426,000 after buying an additional 8,120 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Western Digital by 7.0% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 41,869 shares of the data storage provider’s stock valued at $2,079,000 after buying an additional 2,755 shares in the last quarter. Finally, Great West Life Assurance Co. Can raised its position in shares of Western Digital by 1.9% in the first quarter. Great West Life Assurance Co. Can now owns 197,219 shares of the data storage provider’s stock valued at $10,331,000 after buying an additional 3,642 shares in the last quarter. Institutional investors own 92.51% of the company’s stock.

About Western Digital

(Get Free Report)

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.

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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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