Western Digital (NASDAQ:WDC) Price Target Lowered to $75.00 at Susquehanna

Western Digital (NASDAQ:WDC) had its price objective lowered by Susquehanna from $88.00 to $75.00 in a report published on Friday, Benzinga reports. Susquehanna currently has a neutral rating on the data storage provider’s stock.

Several other research firms have also recently commented on WDC. Benchmark boosted their target price on Western Digital from $85.00 to $92.00 and gave the company a buy rating in a research note on Thursday, August 1st. Summit Insights downgraded shares of Western Digital from a buy rating to a hold rating in a research report on Thursday, August 1st. Wells Fargo & Company boosted their price target on shares of Western Digital from $72.00 to $95.00 and gave the stock an overweight rating in a research report on Wednesday, April 10th. Barclays raised their price objective on Western Digital from $70.00 to $80.00 and gave the company an overweight rating in a report on Monday, April 22nd. Finally, Loop Capital increased their price target on Western Digital from $90.00 to $100.00 and gave the company a buy rating in a research report on Tuesday, June 4th. Six equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $84.41.

Western Digital Stock Performance

WDC stock opened at $56.99 on Friday. Western Digital has a 1-year low of $35.62 and a 1-year high of $81.55. The business’s 50-day moving average price is $74.33 and its two-hundred day moving average price is $68.29. The firm has a market cap of $18.61 billion, a PE ratio of -11.47 and a beta of 1.37. The company has a current ratio of 1.41, a quick ratio of 1.07 and a debt-to-equity ratio of 0.51.

Insiders Place Their Bets

In related news, SVP Gene M. Zamiska sold 416 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the senior vice president now directly owns 30,321 shares in the company, valued at $2,179,473.48. The sale was disclosed in a filing with the SEC, which is available at this link. In other Western Digital news, SVP Gene M. Zamiska sold 416 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $71.88, for a total transaction of $29,902.08. Following the sale, the senior vice president now directly owns 30,321 shares in the company, valued at $2,179,473.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Robert Soderbery sold 26,853 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 144,623 shares of the company’s stock, valued at $10,626,898.04. The disclosure for this sale can be found here. Insiders sold 27,488 shares of company stock worth $2,020,143 in the last quarter. 0.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Western Digital

Hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC increased its stake in shares of Western Digital by 1.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 15,962 shares of the data storage provider’s stock valued at $1,209,000 after buying an additional 203 shares during the period. Massmutual Trust Co. FSB ADV raised its stake in shares of Western Digital by 15.6% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,527 shares of the data storage provider’s stock valued at $116,000 after acquiring an additional 206 shares during the last quarter. Mather Group LLC. lifted its holdings in shares of Western Digital by 10.7% during the second quarter. Mather Group LLC. now owns 2,203 shares of the data storage provider’s stock worth $167,000 after purchasing an additional 213 shares during the period. Lindbrook Capital LLC grew its stake in shares of Western Digital by 37.3% in the first quarter. Lindbrook Capital LLC now owns 843 shares of the data storage provider’s stock worth $58,000 after purchasing an additional 229 shares during the last quarter. Finally, Hanseatic Management Services Inc. increased its holdings in Western Digital by 2.3% in the second quarter. Hanseatic Management Services Inc. now owns 10,344 shares of the data storage provider’s stock valued at $784,000 after purchasing an additional 236 shares during the period. 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.