Western Digital’s (WDC) “Overweight” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Western Digital (NASDAQ:WDC) in a report published on Monday morning,Benzinga reports. The firm currently has a $95.00 price objective on the data storage provider’s stock.

Several other analysts have also commented on the stock. Susquehanna lowered their price target on shares of Western Digital from $83.00 to $72.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Benchmark cut Western Digital from a “buy” rating to a “hold” rating and set a $70.00 target price on the stock. in a report on Thursday, December 19th. UBS Group cut their price target on Western Digital from $78.00 to $70.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Citigroup decreased their price objective on Western Digital from $82.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Finally, Robert W. Baird cut their target price on shares of Western Digital from $100.00 to $80.00 and set an “outperform” rating for the company in a research note on Thursday, January 30th. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.21.

Western Digital Stock Performance

Shares of WDC stock opened at $69.04 on Monday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26 and a current ratio of 1.99. The stock has a market cap of $24.01 billion, a PE ratio of 16.44 and a beta of 1.44. Western Digital has a 1 year low of $52.77 and a 1 year high of $81.55. The stock has a fifty day moving average price of $64.85 and a 200 day moving average price of $65.16.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.91 by ($0.36). Western Digital had a return on equity of 15.68% and a net margin of 9.95%. Sell-side analysts forecast that Western Digital will post 4.89 earnings per share for the current fiscal year.

Insider Transactions at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 658 shares of Western Digital 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 transaction, the senior vice president now directly owns 28,863 shares of the company’s stock, valued at $2,020,121.37. The trade was a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 1,347 shares of company stock worth $93,027 in the last ninety days. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Western Digital

Hedge funds have recently made changes to their positions in the business. CWM LLC raised its holdings in shares of Western Digital by 63.0% during the 3rd quarter. CWM LLC now owns 15,464 shares of the data storage provider’s stock valued at $1,056,000 after buying an additional 5,974 shares during the period. Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of Western Digital by 464.3% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 3,160 shares of the data storage provider’s stock valued at $216,000 after purchasing an additional 2,600 shares during the period. Inspire Investing LLC lifted its position in shares of Western Digital by 20.4% during the third quarter. Inspire Investing LLC now owns 4,147 shares of the data storage provider’s stock worth $283,000 after purchasing an additional 704 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Western Digital by 4,487.8% during the third quarter. Exchange Traded Concepts LLC now owns 3,395 shares of the data storage provider’s stock worth $232,000 after purchasing an additional 3,321 shares in the last quarter. Finally, ORG Wealth Partners LLC purchased a new position in shares of Western Digital in the third quarter valued at $112,000. 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.