Western Digital (NASDAQ:WDC) PT Raised to $86.00 at Morgan Stanley

Western Digital (NASDAQ:WDC) had its price objective increased by Morgan Stanley from $83.00 to $86.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the data storage provider’s stock. Morgan Stanley’s price target would indicate a potential upside of 20.52% from the stock’s previous close.

WDC has been the topic of several other research reports. TD Cowen raised their price objective on Western Digital from $50.00 to $75.00 and gave the stock an “outperform” rating in a report on Friday, January 26th. UBS Group increased their target price on Western Digital from $65.00 to $80.00 and gave the stock a “neutral” rating in a research report on Monday, April 15th. Evercore ISI started coverage on Western Digital in a research report on Wednesday, March 27th. They issued an “outperform” rating and a $80.00 target price on the stock. The Goldman Sachs Group raised their price objective on Western Digital from $58.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, April 12th. Finally, Deutsche Bank Aktiengesellschaft raised Western Digital from a “hold” rating to a “buy” rating and raised their price objective for the company from $45.00 to $65.00 in a research report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, Western Digital currently has a consensus rating of “Moderate Buy” and an average target price of $77.25.

Western Digital Price Performance

Shares of NASDAQ:WDC opened at $71.36 on Friday. The business’s fifty day moving average price is $65.08 and its two-hundred day moving average price is $55.03. The stock has a market cap of $23.25 billion, a PE ratio of -14.36 and a beta of 1.57. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.98 and a current ratio of 1.67. Western Digital has a one year low of $32.01 and a one year high of $76.92.

Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, April 25th. The data storage provider reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.42. The firm had revenue of $3.46 billion for the quarter, compared to analysts’ expectations of $3.37 billion. Western Digital had a negative return on equity of 13.67% and a negative net margin of 12.87%. Western Digital’s quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.57) EPS. On average, analysts forecast that Western Digital will post -2.21 EPS for the current fiscal year.

Insider Activity

In related news, SVP Gene M. Zamiska sold 443 shares of the stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $75.00, for a total value of $33,225.00. Following the completion of the transaction, the senior vice president now directly owns 30,958 shares of the company’s stock, valued at approximately $2,321,850. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Gene M. Zamiska sold 443 shares of the stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $75.00, for a total value of $33,225.00. Following the completion of the transaction, the senior vice president now directly owns 30,958 shares of the company’s stock, valued at approximately $2,321,850. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kimberly Alexy sold 2,648 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $69.95, for a total value of $185,227.60. Following the completion of the transaction, the director now directly owns 20,509 shares of the company’s stock, valued at $1,434,604.55. The disclosure for this sale can be found here. Corporate insiders own 0.28% of the company’s stock.

Institutional Investors Weigh In On Western Digital

A number of institutional investors have recently added to or reduced their stakes in WDC. Rise Advisors LLC acquired a new stake in Western Digital in the first quarter worth approximately $25,000. Naples Money Management LLC acquired a new stake in shares of Western Digital during the 4th quarter valued at $26,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Western Digital during the 1st quarter valued at $31,000. Lindbrook Capital LLC lifted its position in shares of Western Digital by 121.7% during the 4th quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider’s stock valued at $32,000 after acquiring an additional 337 shares during the last quarter. Finally, Parkside Financial Bank & Trust lifted its position in shares of Western Digital by 79.1% during the 3rd quarter. Parkside Financial Bank & Trust now owns 747 shares of the data storage provider’s stock valued at $34,000 after acquiring an additional 330 shares during the last quarter. 92.51% of the stock is currently 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.