Wedbush Raises Western Digital (NASDAQ:WDC) Price Target to $95.00

Western Digital (NASDAQ:WDC) had its target price lifted by Wedbush from $85.00 to $95.00 in a report released on Monday morning, Benzinga reports. Wedbush currently has an outperform rating on the data storage provider’s stock. Wedbush also issued estimates for Western Digital’s Q4 2024 earnings at $1.46 EPS, FY2024 earnings at ($0.86) EPS, Q1 2025 earnings at $2.10 EPS, Q2 2025 earnings at $3.34 EPS, Q3 2025 earnings at $3.48 EPS, Q4 2025 earnings at $3.83 EPS and FY2025 earnings at $12.76 EPS.

Several other equities research analysts have also recently issued reports on the stock. Raymond James cut shares of Western Digital from an outperform rating to a market perform rating in a research report on Monday, April 22nd. Robert W. Baird boosted their price target on shares of Western Digital from $65.00 to $100.00 and gave the stock an outperform rating in a research note on Friday, April 26th. Argus raised their price objective on Western Digital from $68.00 to $88.00 and gave the company a buy rating in a research report on Monday, April 29th. The Goldman Sachs Group boosted their target price on Western Digital from $58.00 to $76.00 and gave the stock a neutral rating in a research report on Friday, April 12th. Finally, StockNews.com raised Western Digital from a sell rating to a hold rating in a research note on Saturday, July 6th. Six investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $82.96.

Western Digital Trading Down 7.7 %

Shares of WDC stock opened at $66.49 on Monday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.07 and a current ratio of 1.86. The stock has a fifty day simple moving average of $75.86 and a two-hundred day simple moving average of $67.47. The firm has a market capitalization of $21.71 billion, a PE ratio of -13.38 and a beta of 1.37. Western Digital has a 52-week low of $35.62 and a 52-week high of $81.55.

Western Digital (NASDAQ:WDC) last released its earnings results on Thursday, April 25th. The data storage provider reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.42. Western Digital had a negative return on equity of 13.75% and a negative net margin of 12.87%. The firm had revenue of $3.46 billion during the quarter, compared to analysts’ expectations of $3.37 billion. During the same quarter last year, the business posted ($1.57) earnings per share. The firm’s revenue was up 23.3% on a year-over-year basis. On average, analysts predict that Western Digital will post -1.45 EPS for the current fiscal year.

Insider Buying and Selling

In other news, SVP Gene M. Zamiska sold 416 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $71.88, for a total transaction of $29,902.08. Following the completion of the sale, the senior vice president now directly owns 30,321 shares of the company’s stock, valued at $2,179,473.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Robert Soderbery sold 26,853 shares of the stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $73.48, for a total value of $1,973,158.44. Following the transaction, the executive vice president now owns 144,623 shares of the company’s stock, valued at $10,626,898.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Gene M. Zamiska sold 416 shares of Western Digital stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $71.88, for a total value of $29,902.08. Following the sale, the senior vice president now directly owns 30,321 shares of the company’s stock, valued at $2,179,473.48. The disclosure for this sale can be found here. In the last three months, insiders sold 27,488 shares of company stock valued at $2,020,143. Insiders own 0.28% of the company’s stock.

Hedge Funds Weigh In On Western Digital

Institutional investors have recently made changes to their positions in the company. Massmutual Trust Co. FSB ADV increased its holdings in Western Digital by 15.6% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,527 shares of the data storage provider’s stock valued at $116,000 after buying an additional 206 shares during the period. Mather Group LLC. raised its position in shares of Western Digital by 10.7% in the 2nd quarter. Mather Group LLC. now owns 2,203 shares of the data storage provider’s stock worth $167,000 after acquiring an additional 213 shares in the last quarter. Lindbrook Capital LLC lifted its stake in shares of Western Digital by 37.3% during the 1st quarter. Lindbrook Capital LLC now owns 843 shares of the data storage provider’s stock worth $58,000 after purchasing an additional 229 shares during the last quarter. Signaturefd LLC boosted its position in Western Digital by 10.9% during the fourth quarter. Signaturefd LLC now owns 2,577 shares of the data storage provider’s stock valued at $135,000 after purchasing an additional 254 shares in the last quarter. Finally, Czech National Bank boosted its position in Western Digital by 0.5% during the first quarter. Czech National Bank now owns 57,050 shares of the data storage provider’s stock valued at $3,893,000 after purchasing an additional 261 shares in the last quarter. Hedge funds and other 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.