Western Digital (NASDAQ:WDC) Given New $80.00 Price Target at Citigroup

Western Digital (NASDAQ:WDC) had its price target cut by research analysts at Citigroup from $82.00 to $80.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the data storage provider’s stock. Citigroup’s price target would suggest a potential upside of 22.83% from the stock’s previous close.

Several other research analysts have also commented on the company. Robert W. Baird cut their price target on Western Digital from $100.00 to $80.00 and set an “outperform” rating on the stock in a research report on Thursday. Bank of America cut their target price on shares of Western Digital from $89.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. Mizuho decreased their price target on shares of Western Digital from $90.00 to $82.00 and set an “outperform” rating for the company in a research note on Friday, January 3rd. BNP Paribas dropped their price objective on shares of Western Digital from $95.00 to $90.00 in a research note on Thursday, October 24th. Finally, UBS Group decreased their target price on shares of Western Digital from $74.00 to $72.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $84.21.

Western Digital Trading Down 1.0 %

Shares of Western Digital stock opened at $65.13 on Thursday. The company has a fifty day simple moving average of $65.67 and a 200-day simple moving average of $65.52. Western Digital has a 12-month low of $52.77 and a 12-month high of $81.55. The company has a current ratio of 1.47, a quick ratio of 0.91 and a debt-to-equity ratio of 0.49. The stock has a market cap of $22.52 billion, a price-to-earnings ratio of 15.51 and a beta of 1.43.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data 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 net margin of 9.95% and a return on equity of 16.13%. On average, equities analysts forecast that Western Digital will post 5.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other 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 completion of the sale, the senior vice president now directly owns 28,863 shares in the company, 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 is accessible through the SEC website. In the last ninety days, insiders have sold 1,347 shares of company stock worth $93,027. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Western Digital

A number of institutional investors and hedge funds have recently modified their holdings of WDC. Versant Capital Management Inc raised its position in Western Digital by 278.9% during the fourth quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock worth $25,000 after acquiring an additional 304 shares during the last quarter. Eastern Bank purchased a new position in shares of Western Digital during the 3rd quarter worth approximately $27,000. Sierra Ocean LLC purchased a new position in shares of Western Digital during the 4th quarter worth approximately $29,000. True Wealth Design LLC raised its position in shares of Western Digital by 2,184.2% during the 3rd quarter. True Wealth Design LLC now owns 434 shares of the data storage provider’s stock worth $30,000 after purchasing an additional 415 shares during the last quarter. Finally, Comprehensive Financial Planning Inc. PA purchased a new stake in Western Digital in the 4th quarter valued at approximately $30,000. Institutional investors and hedge funds 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.