Western Digital (NASDAQ:WDC) Reaches New 1-Year High at $67.92

Western Digital Co. (NASDAQ:WDC)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $67.92 and last traded at $67.78, with a volume of 937103 shares. The stock had previously closed at $64.98.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on WDC. Rosenblatt Securities upped their price target on Western Digital from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, March 6th. StockNews.com cut Western Digital from a “hold” rating to a “sell” rating in a report on Tuesday, February 20th. The Goldman Sachs Group upped their price objective on Western Digital from $48.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, January 29th. Mizuho upped their price objective on Western Digital from $62.00 to $66.00 and gave the company a “buy” rating in a report on Friday, January 26th. Finally, Cantor Fitzgerald initiated coverage on Western Digital in a report on Tuesday, January 23rd. They issued an “overweight” rating and a $70.00 price objective on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $63.00.

Western Digital Stock Performance

The firm has a fifty day moving average of $59.26 and a 200 day moving average of $51.06. The company has a quick ratio of 0.98, a current ratio of 1.67 and a debt-to-equity ratio of 0.73.

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

Hedge Funds Weigh In On Western Digital

Several large investors have recently bought and sold shares of the business. ST Germain D J Co. Inc. purchased a new position in shares of Western Digital during the second quarter worth about $26,000. Naples Money Management LLC purchased a new position in shares of Western Digital during the fourth quarter worth about $26,000. Janiczek Wealth Management LLC purchased a new position in shares of Western Digital during the third quarter worth about $28,000. CIBC Private Wealth Group LLC purchased a new position in shares of Western Digital during the fourth quarter worth about $30,000. Finally, Lindbrook Capital LLC grew its holdings in shares of Western Digital by 121.7% during the fourth quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider’s stock worth $32,000 after buying an additional 337 shares during the last quarter. Hedge funds and other institutional investors own 92.51% of the company’s stock.

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.