Western Digital (NASDAQ:WDC) Price Target Raised to $95.00 at Cantor Fitzgerald

Western Digital (NASDAQ:WDC) had its target price raised by investment analysts at Cantor Fitzgerald from $80.00 to $95.00 in a report issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the data storage provider’s stock. Cantor Fitzgerald’s price objective points to a potential upside of 32.53% from the company’s current price.

Other analysts have also recently issued reports about the stock. Citigroup lowered their target price on shares of Western Digital from $95.00 to $85.00 and set a “buy” rating for the company in a research note on Thursday. TD Cowen lowered their target price on shares of Western Digital from $95.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Morgan Stanley lifted their target price on shares of Western Digital from $94.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday. BNP Paribas lowered their target price on shares of Western Digital from $95.00 to $90.00 in a research note on Thursday. Finally, Wedbush reaffirmed an “outperform” rating and issued a $95.00 target price on shares of Western Digital in a research note on Friday. Six analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat, Western Digital currently has a consensus rating of “Moderate Buy” and an average price target of $85.64.

Western Digital Price Performance

Shares of WDC traded up $5.36 during mid-day trading on Friday, reaching $71.68. 9,967,534 shares of the company’s stock were exchanged, compared to its average volume of 6,142,408. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.53. The company has a 50-day simple moving average of $65.31 and a two-hundred day simple moving average of $69.73. Western Digital has a 52-week low of $35.62 and a 52-week high of $81.55. The company has a market cap of $24.78 billion, a price-to-earnings ratio of -39.38 and a beta of 1.39.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.17. Western Digital had a negative net margin of 3.75% and a negative return on equity of 2.63%. The business had revenue of $3.76 billion during the quarter, compared to analysts’ expectations of $3.77 billion. On average, sell-side analysts predict that Western Digital will post 7.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other Western Digital news, CEO David Goeckeler sold 75,000 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $70.32, for a total value of $5,274,000.00. Following the transaction, the chief executive officer now owns 896,630 shares in the company, valued at $63,051,021.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Gene M. Zamiska sold 417 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $64.89, for a total value of $27,059.13. Following the sale, the senior vice president now owns 28,870 shares in the company, valued at approximately $1,873,374.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO David Goeckeler sold 75,000 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $70.32, for a total transaction of $5,274,000.00. Following the completion of the sale, the chief executive officer now owns 896,630 shares in the company, valued at approximately $63,051,021.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 92,955 shares of company stock worth $6,327,560 in the last quarter. 0.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Western Digital

A number of institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC raised its stake in shares of Western Digital by 1.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 15,962 shares of the data storage provider’s stock valued at $1,209,000 after purchasing an additional 203 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its position in shares of Western Digital by 15.6% during the 2nd 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 last quarter. Mather Group LLC. grew its position in shares of Western Digital by 10.7% during the 2nd quarter. Mather Group LLC. now owns 2,203 shares of the data storage provider’s stock valued at $167,000 after buying an additional 213 shares during the last quarter. Hanseatic Management Services Inc. grew its position in shares of Western Digital by 2.3% during the 2nd quarter. Hanseatic Management Services Inc. now owns 10,344 shares of the data storage provider’s stock valued at $784,000 after buying an additional 236 shares during the last quarter. Finally, Blue Trust Inc. grew its position in shares of Western Digital by 51.2% during the 3rd quarter. Blue Trust Inc. now owns 818 shares of the data storage provider’s stock valued at $62,000 after buying an additional 277 shares during the last quarter. Institutional investors and hedge funds 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.