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

Western Digital (NASDAQ:WDC) had its target price boosted by UBS Group from $65.00 to $80.00 in a research report report published on Monday morning, Benzinga reports. They currently have a neutral rating on the data storage provider’s stock.

Several other equities analysts have also issued reports on WDC. Evercore ISI initiated coverage on Western Digital in a research note on Wednesday, March 27th. They issued an outperform rating and a $80.00 price target on the stock. StockNews.com lowered Western Digital from a hold rating to a sell rating in a research report on Tuesday, February 20th. Cantor Fitzgerald raised their target price on Western Digital from $70.00 to $100.00 and gave the company an overweight rating in a research report on Monday, April 8th. Raymond James lifted their price objective on Western Digital from $60.00 to $65.00 and gave the stock an outperform rating in a report on Friday, January 26th. Finally, Mizuho lifted their price objective on Western Digital from $66.00 to $80.00 and gave the stock a buy rating in a report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $72.61.

Western Digital Stock Performance

NASDAQ:WDC opened at $70.17 on Monday. The stock has a market cap of $22.87 billion, a P/E ratio of -9.84 and a beta of 1.57. The company has a current ratio of 1.67, a quick ratio of 0.98 and a debt-to-equity ratio of 0.73. The stock’s 50-day moving average is $63.30 and its 200-day moving average is $53.89. Western Digital has a 1-year low of $31.97 and a 1-year high of $76.92.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Monday, January 29th. The data storage provider reported ($0.69) EPS for the quarter, topping analysts’ consensus estimates of ($1.30) by $0.61. The company 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%. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.69) earnings per share. Equities research analysts anticipate that Western Digital will post -2.31 earnings per share for the current year.

Insider Activity

In related news, SVP Gene M. Zamiska sold 443 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the senior vice president now owns 30,958 shares in the company, valued at approximately $2,321,850. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Western Digital news, Director Kimberly Alexy sold 2,648 shares of Western Digital stock in a transaction that occurred 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 transaction, the director now directly owns 20,509 shares of the company’s stock, valued at approximately $1,434,604.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Gene M. Zamiska sold 443 shares of Western Digital stock in a transaction that occurred 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 completion of the transaction, the senior vice president now directly owns 30,958 shares in the company, valued at $2,321,850. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Western Digital

Hedge funds have recently made changes to their positions in the business. Rise Advisors LLC bought a new stake in shares of Western Digital during the first quarter valued at approximately $25,000. ST Germain D J Co. Inc. purchased a new stake in Western Digital during the second quarter valued at $26,000. Naples Money Management LLC purchased a new stake in Western Digital during the fourth quarter valued at $26,000. Janiczek Wealth Management LLC purchased a new stake in Western Digital during the third quarter valued at $28,000. Finally, CIBC Private Wealth Group LLC purchased a new stake in Western Digital in the fourth quarter worth about $30,000. 92.51% of the stock is owned by hedge funds and other institutional investors.

About Western Digital

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.