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Western Digital Corp. (NYSE:WDC)‘s stock had its “overweight” rating reiterated by equities research analysts at Morgan Stanley in a research note issued to investors on Thursday, Analyst Ratings.Net reports. They currently have a $100.00 price objective on the stock, down from their previous price objective of $106.00. Morgan Stanley’s price target points to a potential upside of 21.54% from the stock’s previous close.

The analysts wrote, “In-line March and seasonally weak June quarter guidance doesn’t impact our view that accelerating cloud demand, stabilizing PC shipments, and potential $1.50/share cost savings post a favorable MOFCOM ruling could drive better EPS growth in FY15. Our $100 price target (down from $106) assumes a 12x P/E multiple on our FY15e EPS of $8.35.”

In other Western Digital Corp. news, VP Michael Charles Ray sold 6,016 shares of the company’s stock on the open market in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $89.20, for a total value of $536,627.20. Following the sale, the vice president now directly owns 33,883 shares in the company, valued at approximately $3,022,364. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Separately, analysts at Zacks downgraded shares of Western Digital Corp. from an “outperform” rating to a “neutral” rating in a research note on Friday, February 28th. They now have a $93.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $95.19.

Western Digital Corp. (NYSE:WDC) traded down 6.58% on Thursday, hitting $82.28. The stock had a trading volume of 5,061,989 shares. Western Digital Corp. has a 52-week low of $55.03 and a 52-week high of $95.00. The stock has a 50-day moving average of $89.00 and a 200-day moving average of $82.58. The company has a market cap of $19.440 billion and a P/E ratio of 20.37. Western Digital Corp. also was the recipient of some unusual options trading activity on Thursday. Stock investors acquired 7,501 put options on the company. This is an increase of 349% compared to the typical daily volume of 1,670 put options.

Western Digital Corp. (NYSE:WDC) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $1.94 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.87 by $0.07. The company had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.73 billion. Analysts expect that Western Digital Corp. will post $8.11 EPS for the current fiscal year.

Western Digital Corporation (NYSE:WDC) is a provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video.

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