Western Digital (NASDAQ:WDC) Price Target Cut to $75.00 by Analysts at Wells Fargo & Company

Western Digital (NASDAQ:WDC) had its target price trimmed by Wells Fargo & Company from $85.00 to $75.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the data storage provider’s stock.

A number of other analysts have also recently commented on WDC. StockNews.com began coverage on shares of Western Digital in a research report on Tuesday, February 18th. They set a “hold” rating on the stock. Wedbush reaffirmed an “outperform” rating and set a $95.00 price target on shares of Western Digital in a research note on Monday, February 10th. Morgan Stanley reduced their price objective on Western Digital from $100.00 to $93.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Robert W. Baird lowered their target price on Western Digital from $100.00 to $80.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $95.00 price target on shares of Western Digital in a research report on Tuesday, February 18th. Six research analysts have rated the stock with a hold rating and fifteen 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 $83.05.

Western Digital Price Performance

Shares of WDC stock opened at $48.20 on Tuesday. The business has a fifty day simple moving average of $63.64 and a 200 day simple moving average of $65.29. The company has a market cap of $16.77 billion, a P/E ratio of 11.48 and a beta of 1.44. The company has a quick ratio of 1.26, a current ratio of 1.99 and a debt-to-equity ratio of 0.60. Western Digital has a twelve month low of $39.58 and a twelve month high of $61.16.

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

Institutional Investors Weigh In On Western Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in WDC. Blue Trust Inc. increased its position in shares of Western Digital by 51.2% during the third quarter. Blue Trust Inc. now owns 818 shares of the data storage provider’s stock valued at $62,000 after acquiring an additional 277 shares during the last quarter. Raymond James & Associates increased its position in shares of Western Digital by 59.2% during the 3rd quarter. Raymond James & Associates now owns 54,078 shares of the data storage provider’s stock valued at $3,693,000 after purchasing an additional 20,117 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Western Digital by 14.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 18,268 shares of the data storage provider’s stock valued at $1,248,000 after purchasing an additional 2,306 shares during the last quarter. Private Advisor Group LLC raised its stake in shares of Western Digital by 27.7% during the 3rd quarter. Private Advisor Group LLC now owns 4,317 shares of the data storage provider’s stock worth $295,000 after purchasing an additional 936 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in shares of Western Digital by 3,705.1% in the 3rd quarter. International Assets Investment Management LLC now owns 38,584 shares of the data storage provider’s stock worth $2,635,000 after buying an additional 37,570 shares during 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.