Western Digital (NASDAQ:WDC) Price Target Cut to $50.00 by Analysts at UBS Group

Western Digital (NASDAQ:WDC) had its target price cut by UBS Group from $74.00 to $50.00 in a research report report published on Monday morning,Benzinga reports. They currently have a neutral rating on the data storage provider’s stock.

Other research analysts have also recently issued research reports about the stock. Cantor Fitzgerald decreased their price target on shares of Western Digital from $95.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, March 7th. Rosenblatt Securities decreased their target price on Western Digital from $115.00 to $95.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. Morgan Stanley dropped their price target on Western Digital from $100.00 to $93.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Wedbush reissued an “outperform” rating and set a $95.00 price objective on shares of Western Digital in a report on Monday, February 10th. Finally, The Goldman Sachs Group boosted their price target on shares of Western Digital from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Western Digital currently has an average rating of “Moderate Buy” and a consensus target price of $80.21.

Western Digital Price Performance

Shares of NASDAQ WDC opened at $44.75 on Monday. The company has a current ratio of 1.99, a quick ratio of 1.26 and a debt-to-equity ratio of 0.60. The stock has a fifty day simple moving average of $59.37 and a two-hundred day simple moving average of $63.67. Western Digital has a 1-year low of $39.42 and a 1-year high of $81.55. The firm has a market cap of $15.57 billion, a price-to-earnings ratio of 10.65 and a beta of 1.42.

Western Digital (NASDAQ:WDC) last posted its quarterly 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 9.95% and a return on equity of 15.68%. Analysts anticipate that Western Digital will post 4.89 earnings per share for the current year.

Insider Activity at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 1,659 shares of the business’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $41.36, for a total value of $68,616.24. Following the sale, the senior vice president now directly owns 43,776 shares of the company’s stock, valued at approximately $1,810,575.36. The trade was a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Western Digital

Several hedge funds have recently added to or reduced their stakes in WDC. Versant Capital Management Inc raised its stake in shares of Western Digital by 278.9% in the fourth quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock worth $25,000 after purchasing an additional 304 shares during the last quarter. True Wealth Design LLC raised its stake in shares of Western Digital by 2,184.2% in the third quarter. True Wealth Design LLC now owns 434 shares of the data storage provider’s stock worth $30,000 after purchasing an additional 415 shares during the last quarter. Sierra Ocean LLC purchased a new position in shares of Western Digital in the fourth quarter worth $29,000. Comprehensive Financial Planning Inc. PA purchased a new position in shares of Western Digital in the fourth quarter worth $30,000. Finally, OFI Invest Asset Management purchased a new position in shares of Western Digital in the fourth quarter worth $36,000. 92.51% of the stock is owned by institutional investors.

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.