Western Digital (NASDAQ:WDC) Given New $85.00 Price Target at Bank of America

Western Digital (NASDAQ:WDC) had its price target raised by Bank of America from $75.00 to $85.00 in a report published on Wednesday morning, Benzinga reports. Bank of America currently has a buy rating on the data storage provider’s stock.

A number of other research analysts have also issued reports on WDC. UBS Group lifted their target price on Western Digital from $65.00 to $80.00 and gave the stock a neutral rating in a report on Monday. Evercore ISI assumed coverage on Western Digital in a report on Wednesday, March 27th. They set an outperform rating and a $80.00 target price on the stock. Susquehanna lifted their target price on Western Digital from $68.00 to $83.00 and gave the stock a neutral rating in a report on Wednesday, April 10th. Rosenblatt Securities upgraded Western Digital from a neutral rating to a buy rating in a research report on Friday, April 5th. Finally, TD Cowen increased their price target on Western Digital from $50.00 to $75.00 and gave the company an outperform rating in a research report on Friday, January 26th. One equities research 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $72.61.

Western Digital Price Performance

NASDAQ:WDC opened at $70.17 on Wednesday. The business’s 50-day moving average price is $63.30 and its 200 day moving average price is $53.89. Western Digital has a 52-week low of $31.97 and a 52-week high of $76.92. 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 released its earnings results on Monday, January 29th. The data storage provider reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 was down 2.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.69) earnings per share. As a group, sell-side analysts predict that Western Digital will post -2.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other Western Digital news, SVP Gene M. Zamiska sold 443 shares of the firm’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $75.00, for a total transaction of $33,225.00. Following the completion of the sale, 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 is available at this hyperlink. In other Western Digital news, SVP Gene M. Zamiska sold 443 shares of Western Digital stock in a transaction that occurred on Monday, April 8th. The shares were 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 directly owns 30,958 shares in the company, valued at $2,321,850. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kimberly Alexy sold 2,648 shares of Western Digital stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $69.95, for a total transaction of $185,227.60. Following the completion of the sale, the director now owns 20,509 shares of the company’s stock, valued at $1,434,604.55. The disclosure for this sale can be found here. Corporate insiders own 0.28% of the company’s stock.

Institutional Trading of Western Digital

Institutional investors have recently added to or reduced their stakes in the business. Rise Advisors LLC acquired a new stake in Western Digital in the first quarter valued at approximately $25,000. SOA Wealth Advisors LLC. acquired a new stake in Western Digital in the first quarter valued at approximately $31,000. Naples Money Management LLC bought a new position in shares of Western Digital in the fourth quarter valued at approximately $26,000. Sunbelt Securities Inc. bought a new position in shares of Western Digital in the first quarter valued at approximately $36,000. Finally, Lindbrook Capital LLC raised its position in shares of Western Digital by 121.7% in the fourth quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider’s stock valued at $32,000 after purchasing an additional 337 shares during the period. 92.51% of the stock is currently owned by institutional investors and hedge funds.

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.