Rosenblatt Securities Cuts Western Digital (NASDAQ:WDC) Price Target to $95.00

Western Digital (NASDAQ:WDC) had its price objective lowered by Rosenblatt Securities from $115.00 to $95.00 in a report published on Wednesday morning, MarketBeat reports. The brokerage currently has a buy rating on the data storage provider’s stock.

WDC has been the topic of a number of other research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $95.00 price target on shares of Western Digital in a research report on Friday, January 17th. Susquehanna lifted their price target on shares of Western Digital from $75.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. BNP Paribas lowered their price target on shares of Western Digital from $95.00 to $90.00 in a report on Thursday, October 24th. Citigroup reduced their price objective on shares of Western Digital from $87.00 to $85.00 and set a “buy” rating on the stock in a report on Tuesday, December 3rd. Finally, Wedbush reiterated an “outperform” rating and set a $95.00 target price on shares of Western Digital in a research note on Friday, November 29th. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.21.

Western Digital Trading Down 1.0 %

Shares of WDC stock opened at $65.13 on Wednesday. The stock has a market capitalization of $22.52 billion, a P/E ratio of 15.51 and a beta of 1.43. Western Digital has a fifty-two week low of $52.77 and a fifty-two week high of $81.55. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.91 and a current ratio of 1.47. The company has a 50 day moving average price of $65.67 and a 200 day moving average price of $65.52.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 EPS for the quarter, missing the consensus estimate of $1.91 by ($0.36). Western Digital had a return on equity of 16.13% and a net margin of 9.95%. Equities research analysts predict that Western Digital will post 5.37 EPS for the current fiscal year.

Insider Transactions at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 658 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $69.99, for a total transaction of $46,053.42. Following the completion of the sale, the senior vice president now directly owns 28,863 shares of the company’s stock, valued at approximately $2,020,121.37. This trade represents a 2.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders have sold 1,347 shares of company stock worth $93,027. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Western Digital

Several large investors have recently modified their holdings of WDC. State Street Corp increased its stake in Western Digital by 3.2% in the 3rd quarter. State Street Corp now owns 13,572,686 shares of the data storage provider’s stock valued at $926,879,000 after buying an additional 423,651 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Western Digital by 1.0% in 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 acquiring an additional 76,781 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Western Digital by 24.6% during the third 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 acquiring an additional 732,344 shares during the period. Maple Rock Capital Partners Inc. raised its holdings in Western Digital by 13.2% during the third quarter. Maple Rock Capital Partners Inc. now owns 3,287,400 shares of the data storage provider’s stock worth $224,497,000 after purchasing an additional 383,390 shares in the last quarter. Finally, Holocene Advisors LP lifted its position in Western Digital by 25.7% in 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. Hedge funds and other institutional investors 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.