Western Digital (NASDAQ:WDC) Given New $70.00 Price Target at The Goldman Sachs Group

Western Digital (NASDAQ:WDC) had its target price cut by The Goldman Sachs Group from $81.00 to $70.00 in a research note issued to investors on Friday,Benzinga reports. They currently have a neutral rating on the data storage provider’s stock.

Several other research firms also recently weighed in on WDC. Benchmark downgraded Western Digital from a “buy” rating to a “hold” rating and set a $70.00 target price on the stock. in a research report on Thursday, December 19th. Mizuho cut their price objective on shares of Western Digital from $90.00 to $82.00 and set an “outperform” rating on the stock in a report on Friday, January 3rd. UBS Group lowered their target price on shares of Western Digital from $74.00 to $72.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. TD Cowen cut their price target on shares of Western Digital from $95.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $115.00 price objective on shares of Western Digital in a research note on Friday, October 25th. Seven 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 a consensus rating of “Moderate Buy” and a consensus price target of $85.86.

Western Digital Stock Performance

Shares of NASDAQ WDC opened at $62.82 on Friday. The company has a 50-day simple moving average of $65.89 and a 200-day simple moving average of $66.69. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.91. The company has a market cap of $21.72 billion, a PE ratio of 36.95 and a beta of 1.43. Western Digital has a 12 month low of $49.68 and a 12 month high of $81.55.

Western Digital (NASDAQ:WDC) last released its earnings results on Thursday, October 24th. The data storage provider reported $1.78 EPS for the quarter, topping the consensus estimate of $1.55 by $0.23. Western Digital had a net margin of 4.81% and a return on equity of 8.57%. The firm had revenue of $4.10 billion during the quarter, compared to analysts’ expectations of $4.12 billion. During the same period in the previous year, the company earned ($1.97) EPS. Western Digital’s revenue for the quarter was up 48.9% on a year-over-year basis. On average, equities analysts anticipate that Western Digital will post 6.56 earnings per share for the current year.

Insider Activity

In related news, CEO David Goeckeler sold 75,000 shares of the stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $72.58, for a total value of $5,443,500.00. Following the completion of the transaction, the chief executive officer now owns 821,630 shares of the company’s stock, valued at approximately $59,633,905.40. This represents a 8.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Robert Soderbery sold 30,767 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $68.01, for a total value of $2,092,463.67. Following the sale, the executive vice president now owns 135,398 shares of the company’s stock, valued at approximately $9,208,417.98. This trade represents a 18.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 109,107 shares of company stock worth $7,768,381 over the last 90 days. Company insiders own 0.30% of the company’s stock.

Institutional Trading of Western Digital

Several institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC raised its stake in Western Digital by 14.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 16,652 shares of the data storage provider’s stock valued at $993,000 after buying an additional 2,112 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of Western Digital by 3.8% in the 4th quarter. Nordea Investment Management AB now owns 27,666 shares of the data storage provider’s stock valued at $1,669,000 after acquiring an additional 1,025 shares during the last quarter. Everence Capital Management Inc. acquired a new stake in shares of Western Digital during the 4th quarter valued at approximately $385,000. GAMMA Investing LLC raised its position in shares of Western Digital by 7.7% during the 4th quarter. GAMMA Investing LLC now owns 7,095 shares of the data storage provider’s stock valued at $423,000 after acquiring an additional 509 shares in the last quarter. Finally, Versant Capital Management Inc lifted its stake in Western Digital by 278.9% during 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. 92.51% of the stock is 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.