Western Digital (NASDAQ:WDC) Given Buy Rating at Rosenblatt Securities

Western Digital (NASDAQ:WDCGet Free Report)‘s stock had its “buy” rating reiterated by research analysts at Rosenblatt Securities in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $115.00 price target on the data storage provider’s stock. Rosenblatt Securities’ target price suggests a potential upside of 49.16% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Evercore ISI lifted their price target on shares of Western Digital from $80.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, April 26th. The Goldman Sachs Group lifted their price target on shares of Western Digital from $58.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, April 12th. Citigroup assumed coverage on shares of Western Digital in a report on Tuesday, May 14th. They set a “buy” rating and a $90.00 price target on the stock. UBS Group lifted their price target on shares of Western Digital from $65.00 to $80.00 and gave the company a “neutral” rating in a report on Monday, April 15th. Finally, Wedbush reaffirmed an “outperform” rating and set a $85.00 price target on shares of Western Digital in a report on Friday, April 26th. Six analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $81.87.

Read Our Latest Stock Report on WDC

Western Digital Trading Up 2.8 %

Shares of Western Digital stock opened at $77.10 on Tuesday. The company has a market capitalization of $25.17 billion, a price-to-earnings ratio of -15.51 and a beta of 1.45. The company has a quick ratio of 1.07, a current ratio of 1.86 and a debt-to-equity ratio of 0.72. Western Digital has a 12-month low of $35.62 and a 12-month high of $77.66. The firm’s 50-day moving average price is $72.30 and its two-hundred day moving average price is $61.35.

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

Insider Transactions at Western Digital

In other news, EVP Robert Soderbery sold 26,853 shares of the company’s stock in a transaction on Tuesday, June 4th. The shares were 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 owns 144,623 shares in the company, valued at approximately $10,626,898.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, SVP Gene M. Zamiska sold 443 shares of the stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $75.00, for a total transaction of $33,225.00. Following the completion of the transaction, the senior vice president now owns 30,958 shares in the company, valued at $2,321,850. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Robert Soderbery sold 26,853 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $73.48, for a total transaction of $1,973,158.44. Following the transaction, the executive vice president now 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. Insiders sold a total of 30,360 shares of company stock worth $2,221,513 in the last quarter. 0.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Western Digital

Several institutional investors have recently added to or reduced their stakes in the business. John G Ullman & Associates Inc. lifted its holdings in shares of Western Digital by 30.3% in 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 buying an additional 24,100 shares in the last quarter. Numerai GP LLC purchased a new stake in Western Digital in the third quarter valued at approximately $884,000. Atria Wealth Solutions Inc. raised its stake in Western Digital by 2.9% in the fourth 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 stake in Western Digital in the fourth quarter valued at approximately $480,000. Finally, CoreCap Advisors LLC purchased a new stake in Western Digital in the fourth quarter valued at approximately $1,415,000. 92.51% of the stock is owned by hedge funds and other institutional investors.

Western Digital Company Profile

(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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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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