Susquehanna Boosts Western Digital (NASDAQ:WDC) Price Target to $88.00

Western Digital (NASDAQ:WDCGet Free Report) had its target price increased by equities research analysts at Susquehanna from $80.00 to $88.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the data storage provider’s stock. Susquehanna’s price objective indicates a potential upside of 14.14% from the company’s previous close.

Several other analysts also recently issued reports on the company. Rosenblatt Securities restated a “buy” rating and issued a $115.00 price objective on shares of Western Digital in a research report on Tuesday. StockNews.com upgraded shares of Western Digital from a “sell” rating to a “hold” rating in a report on Tuesday, June 4th. Wedbush reaffirmed an “outperform” rating and set a $85.00 price target on shares of Western Digital in a research note on Friday, April 26th. Robert W. Baird boosted their price objective on shares of Western Digital from $65.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, April 26th. Finally, Mizuho raised their target price on shares of Western Digital from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Six research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Western Digital currently has an average rating of “Moderate Buy” and an average target price of $82.09.

Check Out Our Latest Research Report on WDC

Western Digital Trading Up 2.8 %

Shares of WDC stock opened at $77.10 on Tuesday. Western Digital has a 1-year low of $35.62 and a 1-year high of $77.66. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.86 and a quick ratio of 1.07. The business’s fifty day moving average price is $72.30 and its 200 day moving average price is $61.35. The firm has a market capitalization of $25.17 billion, a PE ratio of -15.51 and a beta of 1.45.

Western Digital (NASDAQ:WDCGet Free Report) last posted its quarterly earnings results on Thursday, April 25th. The data storage provider reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.42. Western Digital had a negative net margin of 12.87% and a negative return on equity of 13.75%. The business had revenue of $3.46 billion for the quarter, compared to analysts’ expectations of $3.37 billion. During the same period in the prior year, the company posted ($1.57) EPS. The business’s revenue for the quarter was up 23.3% on a year-over-year basis. As a group, sell-side analysts forecast that Western Digital will post -1.68 EPS for the current fiscal year.

Insider Transactions at Western Digital

In other news, Director Kimberly Alexy sold 2,648 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $69.95, for a total value of $185,227.60. Following the completion of the sale, the director now owns 20,509 shares of the company’s stock, valued at $1,434,604.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Western Digital news, Director Kimberly Alexy sold 2,648 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $69.95, for a total transaction of $185,227.60. Following the transaction, the director now owns 20,509 shares in the company, valued at $1,434,604.55. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Robert Soderbery sold 26,853 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $73.48, for a total value of $1,973,158.44. Following the completion of the sale, the executive vice president now directly owns 144,623 shares of the company’s stock, valued at approximately $10,626,898.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,360 shares of company stock worth $2,221,513. 0.25% of the stock is currently owned by company insiders.

Institutional Trading of Western Digital

Several large investors have recently bought and sold shares of WDC. John G Ullman & Associates Inc. increased its position in shares of Western Digital by 30.3% during the fourth quarter. John G Ullman & Associates Inc. now owns 103,750 shares of the data storage provider’s stock worth $5,433,000 after acquiring an additional 24,100 shares during the last quarter. Numerai GP LLC purchased a new stake in Western Digital during the 3rd quarter worth approximately $884,000. Atria Wealth Solutions Inc. raised its position in shares of Western Digital by 2.9% in the 4th quarter. Atria Wealth Solutions Inc. now owns 14,113 shares of the data storage provider’s stock valued at $739,000 after purchasing an additional 404 shares in the last quarter. AGF Management Ltd. purchased a new position in shares of Western Digital during the 4th quarter valued at approximately $480,000. Finally, CoreCap Advisors LLC acquired a new stake in shares of Western Digital during the fourth quarter worth approximately $1,415,000. Institutional investors and hedge funds own 92.51% of the company’s stock.

About Western Digital

(Get Free Report)

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.

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