Western Digital (NASDAQ:WDC – Get Free Report) had its target price lowered by stock analysts at Mizuho from $90.00 to $82.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the data storage provider’s stock. Mizuho’s price target points to a potential upside of 32.54% from the stock’s previous close.
Several other equities analysts have also issued reports on WDC. BNP Paribas cut their price target on shares of Western Digital from $95.00 to $90.00 in a report on Thursday, October 24th. Rosenblatt Securities restated a “buy” rating and issued a $115.00 target price on shares of Western Digital in a research note on Friday, October 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $95.00 price target on shares of Western Digital in a report on Tuesday, November 26th. Barclays lifted their target price on shares of Western Digital from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Morgan Stanley lowered their target price on shares of Western Digital from $100.00 to $93.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Seven investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $85.95.
View Our Latest Stock Report on Western Digital
Western Digital Stock Up 3.8 %
Western Digital (NASDAQ:WDC – Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The data storage provider reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.23. The company had revenue of $4.10 billion during the quarter, compared to analysts’ expectations of $4.12 billion. Western Digital had a net margin of 4.81% and a return on equity of 8.57%. The firm’s quarterly revenue was up 48.9% on a year-over-year basis. During the same period in the previous year, the company earned ($1.97) EPS. Research analysts anticipate that Western Digital will post 6.56 earnings per share for the current year.
Insider Buying and Selling at Western Digital
In other news, SVP Gene M. Zamiska sold 658 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $2,020,121.37. This trade represents a 2.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO David Goeckeler sold 75,000 shares of the stock in a transaction on Friday, October 25th. The shares were sold at an average price of $72.58, for a total value of $5,443,500.00. Following the sale, the chief executive officer now owns 821,630 shares in the company, valued at approximately $59,633,905.40. This trade represents a 8.36 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 109,107 shares of company stock valued at $7,768,381. 0.30% of the stock is owned by company insiders.
Institutional Investors Weigh In On Western Digital
Several hedge funds have recently made changes to their positions in the business. State Street Corp increased its stake in Western Digital by 3.2% during the third quarter. State Street Corp now owns 13,572,686 shares of the data storage provider’s stock worth $926,879,000 after acquiring an additional 423,651 shares during the last quarter. Geode Capital Management LLC lifted its position in Western Digital by 1.0% during the third quarter. Geode Capital Management LLC now owns 7,921,608 shares of the data storage provider’s stock valued at $539,355,000 after buying an additional 76,781 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Western Digital by 24.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,711,428 shares of the data storage provider’s stock worth $253,453,000 after purchasing an additional 732,344 shares during the period. Maple Rock Capital Partners Inc. grew its stake in shares of Western Digital by 13.2% in the third quarter. Maple Rock Capital Partners Inc. now owns 3,287,400 shares of the data storage provider’s stock valued at $224,497,000 after buying an additional 383,390 shares in the last quarter. Finally, Holocene Advisors LP raised its stake in shares of Western Digital by 25.7% during the third quarter. Holocene Advisors LP now owns 3,192,762 shares of the data storage provider’s stock valued at $218,034,000 after purchasing an additional 651,847 shares during the period. Institutional investors and hedge funds 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.
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