Analysts Set Western Digital Co. (NASDAQ:WDC) PT at $84.24

Western Digital Co. (NASDAQ:WDC) has been given a consensus rating of “Moderate Buy” by the twenty-two analysts that are covering the firm, Marketbeat reports. Five analysts have rated the stock with a hold recommendation and seventeen have given a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $84.24.

A number of research analysts have weighed in on WDC shares. Mizuho boosted their price objective on shares of Western Digital from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, May 31st. StockNews.com raised shares of Western Digital from a “sell” rating to a “hold” rating in a research note on Saturday, July 6th. Loop Capital upped their target price on Western Digital from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, June 4th. Cantor Fitzgerald restated an “overweight” rating and set a $80.00 price objective on shares of Western Digital in a report on Tuesday, September 10th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $115.00 target price on shares of Western Digital in a research note on Thursday, August 1st.

Western Digital Trading Up 6.8 %

Shares of WDC stock opened at $70.46 on Tuesday. The stock has a market capitalization of $24.20 billion, a P/E ratio of -14.18 and a beta of 1.39. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.53. The firm’s 50 day moving average is $64.10 and its 200 day moving average is $69.55. Western Digital has a 12-month low of $35.62 and a 12-month high of $81.55.

Western Digital (NASDAQ:WDC) last announced its earnings results on Wednesday, July 31st. The data storage provider reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.17. Western Digital had a negative return on equity of 2.63% and a negative net margin of 3.75%. The company had revenue of $3.76 billion for the quarter, compared to analysts’ expectations of $3.77 billion. Research analysts expect that Western Digital will post 7.75 earnings per share for the current year.

Insider Buying and Selling at Western Digital

In related news, SVP Gene M. Zamiska sold 2,169 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $61.96, for a total value of $134,391.24. Following the completion of the sale, the senior vice president now directly owns 32,601 shares of the company’s stock, valued at approximately $2,019,957.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Western Digital news, SVP Gene M. Zamiska sold 2,169 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $61.96, for a total value of $134,391.24. Following the completion of the sale, the senior vice president now directly owns 32,601 shares of the company’s stock, valued at $2,019,957.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Gene M. Zamiska sold 417 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $64.89, for a total transaction of $27,059.13. Following the completion of the sale, the senior vice president now owns 28,870 shares of the company’s stock, valued at $1,873,374.30. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,955 shares of company stock valued at $1,053,560. Corporate insiders own 0.28% of the company’s stock.

Institutional Investors Weigh In On Western Digital

Several institutional investors and hedge funds have recently bought and sold shares of WDC. Oppenheimer & Co. Inc. acquired a new stake in shares of Western Digital during the first quarter worth approximately $1,242,000. Bessemer Group Inc. boosted its stake in Western Digital by 28.6% in the first quarter. Bessemer Group Inc. now owns 2,619 shares of the data storage provider’s stock worth $179,000 after purchasing an additional 583 shares in the last quarter. Gerber LLC bought a new stake in shares of Western Digital during the fourth quarter worth $567,000. State Board of Administration of Florida Retirement System increased its stake in shares of Western Digital by 6.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 382,071 shares of the data storage provider’s stock valued at $26,073,000 after buying an additional 23,781 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in shares of Western Digital by 1,089.7% in the first quarter. Canada Pension Plan Investment Board now owns 1,071,600 shares of the data storage provider’s stock valued at $73,126,000 after buying an additional 981,527 shares during the last quarter. 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.