Robert W. Baird Cuts Western Digital (NASDAQ:WDC) Price Target to $80.00

Western Digital (NASDAQ:WDC) had its target price dropped by equities research analysts at Robert W. Baird from $100.00 to $80.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the data storage provider’s stock. Robert W. Baird’s target price indicates a potential upside of 21.90% from the company’s current price.

Other equities research analysts have also issued research reports about the company. Mizuho dropped their target price on Western Digital from $90.00 to $82.00 and set an “outperform” rating on the stock in a research report on Friday, January 3rd. Bank of America decreased their price objective on Western Digital from $89.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. Barclays reduced their price target on shares of Western Digital from $90.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, January 17th. Wedbush restated an “outperform” rating and set a $95.00 target price on shares of Western Digital in a report on Thursday. Finally, The Goldman Sachs Group lowered their price objective on shares of Western Digital from $81.00 to $70.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $84.05.

Western Digital Trading Up 4.5 %

NASDAQ WDC traded up $2.83 on Thursday, hitting $65.63. The company’s stock had a trading volume of 9,281,790 shares, compared to its average volume of 6,284,368. Western Digital has a 52-week low of $52.77 and a 52-week high of $81.55. The firm has a market cap of $22.69 billion, a P/E ratio of 38.61 and a beta of 1.43. The company’s 50-day simple moving average is $65.70 and its 200 day simple moving average is $65.62. The company has a current ratio of 1.47, a quick ratio of 0.91 and a debt-to-equity ratio of 0.49.

Western Digital (NASDAQ:WDC) last announced its earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.91 by ($0.36). Western Digital had a net margin of 4.81% and a return on equity of 8.57%. Research analysts predict that Western Digital will post 5.54 EPS for the current fiscal year.

Insider Activity at Western Digital

In related news, SVP Gene M. Zamiska sold 658 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $69.99, for a total transaction of $46,053.42. Following the completion of the transaction, the senior vice president now directly owns 28,863 shares in the company, valued at $2,020,121.37. This represents a 2.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders sold 1,347 shares of company stock valued at $93,027. Insiders own 0.30% of the company’s stock.

Institutional Trading of Western Digital

Hedge funds and other institutional investors have recently modified their holdings of the stock. Aigen Investment Management LP grew its holdings in Western Digital by 124.2% during the third quarter. Aigen Investment Management LP now owns 21,412 shares of the data storage provider’s stock valued at $1,462,000 after purchasing an additional 11,860 shares during the period. Avala Global LP raised its stake in Western Digital by 49.0% during the 3rd quarter. Avala Global LP now owns 1,147,700 shares of the data storage provider’s stock worth $78,376,000 after buying an additional 377,500 shares during the period. Swedbank AB lifted its holdings in Western Digital by 19.7% during the third quarter. Swedbank AB now owns 291,777 shares of the data storage provider’s stock worth $19,925,000 after acquiring an additional 47,965 shares in the last quarter. KBC Group NV grew its stake in Western Digital by 11.2% in the third quarter. KBC Group NV now owns 277,010 shares of the data storage provider’s stock valued at $18,917,000 after acquiring an additional 27,849 shares during the period. Finally, Janney Montgomery Scott LLC raised its position in shares of Western Digital by 137.9% during the third quarter. Janney Montgomery Scott LLC now owns 43,575 shares of the data storage provider’s stock worth $2,976,000 after purchasing an additional 25,262 shares during the period. Institutional investors and hedge funds own 92.51% of the company’s stock.

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.