Western Digital (WDC) Price Target Cut to $100.00

Western Digital (NASDAQ:WDC) had its price objective lowered by equities researchers at Evercore ISI from $130.00 to $100.00 in a report released on Tuesday. The brokerage currently has an “outperform” rating on the data storage provider’s stock. Evercore ISI’s target price suggests a potential upside of 26.94% from the stock’s current price.

WDC has been the topic of a number of other reports. BidaskClub lowered shares of Western Digital from a “strong-buy” rating to a “buy” rating in a research report on Thursday, April 26th. Benchmark restated a “buy” rating and issued a $130.00 price target on shares of Western Digital in a research report on Friday, April 27th. BTIG Research reaffirmed a “buy” rating on shares of Western Digital in a research note on Sunday, April 29th. Stifel Nicolaus boosted their target price on shares of Western Digital from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, April 27th. Finally, Morgan Stanley boosted their target price on shares of Western Digital from $92.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Friday, April 27th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-two have assigned a buy rating to the company. Western Digital has a consensus rating of “Buy” and a consensus price target of $109.41.

Western Digital opened at $78.78 on Tuesday, Marketbeat.com reports. The stock has a market capitalization of $23.47 billion, a price-to-earnings ratio of 9.97, a PEG ratio of 0.33 and a beta of 1.02. Western Digital has a 12 month low of $75.96 and a 12 month high of $106.96. The company has a current ratio of 2.39, a quick ratio of 1.76 and a debt-to-equity ratio of 0.98.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Thursday, April 26th. The data storage provider reported $3.63 EPS for the quarter, beating the Zacks’ consensus estimate of $3.31 by $0.32. The firm had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.93 billion. Western Digital had a net margin of 0.98% and a return on equity of 34.22%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.39 earnings per share. research analysts predict that Western Digital will post 13.4 earnings per share for the current fiscal year.

In related news, EVP Srinivasan Sivaram sold 63,879 shares of the business’s stock in a transaction that occurred on Tuesday, May 29th. The shares were sold at an average price of $86.36, for a total transaction of $5,516,590.44. Following the completion of the sale, the executive vice president now directly owns 110,910 shares of the company’s stock, valued at $9,578,187.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Stephen D. Milligan sold 16,510 shares of the business’s stock in a transaction that occurred on Monday, May 14th. The stock was sold at an average price of $80.94, for a total transaction of $1,336,319.40. Following the sale, the chief executive officer now directly owns 84,624 shares of the company’s stock, valued at $6,849,466.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 107,830 shares of company stock valued at $9,174,733. 0.31% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of WDC. NuWave Investment Management LLC raised its stake in shares of Western Digital by 10,140.0% during the first quarter. NuWave Investment Management LLC now owns 1,536 shares of the data storage provider’s stock worth $140,000 after buying an additional 1,521 shares during the last quarter. Financial Gravity Wealth Inc. bought a new stake in shares of Western Digital during the first quarter worth approximately $145,000. Assetmark Inc. raised its stake in shares of Western Digital by 437.9% during the first quarter. Assetmark Inc. now owns 1,673 shares of the data storage provider’s stock worth $154,000 after buying an additional 1,362 shares during the last quarter. Legacy Financial Advisors Inc. raised its stake in shares of Western Digital by 32,283.3% during the second quarter. Legacy Financial Advisors Inc. now owns 1,943 shares of the data storage provider’s stock worth $155,000 after buying an additional 1,937 shares during the last quarter. Finally, Signaturefd LLC bought a new stake in shares of Western Digital during the first quarter worth approximately $178,000. 84.30% of the stock is owned by institutional investors and hedge funds.

Western Digital Company Profile

Western Digital Corporation, together with its subsidiaries, develops, manufactures, and sells data storage devices and solutions worldwide. It offers performance hard disk drives (HDDs) that are used in enterprise servers, data analysis, and other enterprise applications; capacity HDDs and drive configurations for use in data storage systems and tiered storage models; and enterprise solid state drives (SSDs), including NAND-flash SSDs and software solutions that are designed to enhance the performance in various enterprise workload environments.

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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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