Susquehanna Cuts Western Digital (NASDAQ:WDC) Price Target to $72.00

Western Digital (NASDAQ:WDC) had its target price cut by Susquehanna from $83.00 to $72.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a neutral rating on the data storage provider’s stock.

A number of other research firms have also recently issued reports on WDC. BNP Paribas dropped their price target on shares of Western Digital from $95.00 to $90.00 in a research note on Thursday, October 24th. Wells Fargo & Company dropped their target price on shares of Western Digital from $95.00 to $85.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th. The Goldman Sachs Group reduced their price target on shares of Western Digital from $81.00 to $70.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Wedbush reiterated an “outperform” rating and set a $95.00 price objective on shares of Western Digital in a research note on Thursday. Finally, Bank of America decreased their target price on Western Digital from $89.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $84.21.

Western Digital Stock Down 1.0 %

WDC opened at $65.13 on Thursday. The company has a fifty day moving average of $65.67 and a two-hundred day moving average of $65.44. The stock has a market capitalization of $22.52 billion, a price-to-earnings ratio of 15.51 and a beta of 1.43. Western Digital has a fifty-two week low of $52.77 and a fifty-two week high of $81.55. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.91 and a current ratio of 1.47.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share 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, research analysts expect that Western Digital will post 5.37 earnings per share for the current year.

Insider Transactions at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 658 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $69.99, for a total value of $46,053.42. Following the sale, the senior vice president now 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 document filed with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders sold 1,347 shares of company stock worth $93,027. 0.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Western Digital

A number of institutional investors have recently modified their holdings of the company. Public Sector Pension Investment Board increased its stake in Western Digital by 76.0% during the second quarter. Public Sector Pension Investment Board now owns 12,610 shares of the data storage provider’s stock worth $955,000 after purchasing an additional 5,445 shares during the period. AQR Capital Management LLC lifted its holdings in Western Digital by 276.2% during the 2nd quarter. AQR Capital Management LLC now owns 83,255 shares of the data storage provider’s stock worth $6,308,000 after buying an additional 61,127 shares in the last quarter. Creative Planning raised its stake in shares of Western Digital by 21.0% in the second quarter. Creative Planning now owns 40,573 shares of the data storage provider’s stock valued at $3,074,000 after acquiring an additional 7,037 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Western Digital by 10.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,265 shares of the data storage provider’s stock valued at $247,000 after purchasing an additional 310 shares during the period. Finally, Quarry LP grew its stake in Western Digital by 154.2% during the 2nd quarter. Quarry LP now owns 760 shares of the data storage provider’s stock worth $58,000 after purchasing an additional 461 shares in the last quarter. 92.51% of the stock is owned by institutional investors and hedge funds.

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.