Western Digital (NASDAQ:WDC) Given Overweight Rating at Cantor Fitzgerald

Western Digital (NASDAQ:WDC)‘s stock had its “overweight” rating restated by equities researchers at Cantor Fitzgerald in a research note issued to investors on Thursday, Benzinga reports. They currently have a $100.00 target price on the data storage provider’s stock. Cantor Fitzgerald’s price objective suggests a potential upside of 68.92% from the stock’s current price.

Several other equities research analysts have also issued reports on the company. Morgan Stanley lifted their price target on Western Digital from $83.00 to $86.00 and gave the company an “overweight” rating in a report on Friday, April 26th. Rosenblatt Securities restated a “buy” rating and issued a $115.00 target price on shares of Western Digital in a report on Thursday. Benchmark upgraded Western Digital from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a report on Friday, April 26th. Wells Fargo & Company boosted their target price on Western Digital from $72.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday, April 10th. Finally, Wedbush boosted their target price on Western Digital from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Seven equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, Western Digital currently has an average rating of “Moderate Buy” and a consensus price target of $82.96.

Western Digital Stock Down 11.7 %

Shares of Western Digital stock traded down $7.85 during trading on Thursday, hitting $59.20. 18,466,545 shares of the stock traded hands, compared to its average volume of 6,497,249. The stock has a market cap of $19.33 billion, a P/E ratio of -11.91 and a beta of 1.37. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.07 and a current ratio of 1.86. Western Digital has a twelve month low of $35.62 and a twelve month high of $81.55. The company has a fifty day moving average price of $75.31 and a two-hundred day moving average price of $68.04.

Insider Activity

In other news, EVP Robert Soderbery sold 26,853 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $73.48, for a total transaction of $1,973,158.44. Following the sale, the executive vice president now directly owns 144,623 shares in the company, valued at $10,626,898.04. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, SVP Gene M. Zamiska sold 416 shares of the business’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $71.88, for a total value of $29,902.08. Following the sale, the senior vice president now owns 30,321 shares of the company’s stock, valued at approximately $2,179,473.48. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Robert Soderbery sold 26,853 shares of the business’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 directly owns 144,623 shares in the company, valued at approximately $10,626,898.04. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,488 shares of company stock worth $2,020,143. Company insiders own 0.28% of the company’s stock.

Hedge Funds Weigh In On Western Digital

A number of institutional investors and hedge funds have recently bought and sold shares of WDC. Rise Advisors LLC acquired a new position in Western Digital in the first quarter worth $25,000. Naples Money Management LLC acquired a new position in Western Digital in the fourth quarter worth $26,000. Fidelis Capital Partners LLC acquired a new position in Western Digital in the first quarter worth $30,000. SOA Wealth Advisors LLC. acquired a new position in Western Digital in the first quarter worth $31,000. Finally, Lindbrook Capital LLC lifted its stake in shares of Western Digital by 121.7% during the fourth 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 period. Institutional investors and hedge funds own 92.51% of the company’s stock.

Western Digital Company Profile

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.