Western Digital (NASDAQ:WDC) Given New $80.00 Price Target at TD Cowen

Western Digital (NASDAQ:WDC) had its target price lowered by TD Cowen from $95.00 to $80.00 in a report released on Friday morning, Marketbeat.com reports. TD Cowen currently has a buy rating on the data storage provider’s stock.

Several other analysts have also issued reports on WDC. Rosenblatt Securities restated a buy rating and issued a $115.00 target price on shares of Western Digital in a research note on Thursday, August 1st. Loop Capital boosted their price objective on Western Digital from $90.00 to $100.00 and gave the company a buy rating in a research note on Tuesday, June 4th. Summit Insights lowered shares of Western Digital from a buy rating to a hold rating in a research report on Thursday, August 1st. Citigroup lowered their price target on shares of Western Digital from $95.00 to $85.00 and set a buy rating on the stock in a research report on Tuesday. Finally, Susquehanna cut their price objective on shares of Western Digital from $88.00 to $75.00 and set a neutral rating for the company in a report on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $83.05.

Western Digital Trading Up 2.8 %

WDC stock opened at $65.02 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.32 and a quick ratio of 0.78. The stock’s fifty day simple moving average is $66.01 and its two-hundred day simple moving average is $69.28. Western Digital has a 1-year low of $35.62 and a 1-year high of $81.55.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.17. The company had revenue of $3.76 billion for the quarter, compared to the consensus estimate of $3.77 billion. Western Digital had a negative net margin of 3.75% and a negative return on equity of 2.63%. On average, equities analysts expect that Western Digital will post 7.75 EPS for the current year.

Insider Activity

In other Western Digital news, SVP Gene M. Zamiska sold 2,169 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $61.96, for a total transaction of $134,391.24. Following the completion of the sale, the senior vice president now directly owns 32,601 shares of the company’s stock, valued at $2,019,957.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, SVP Gene M. Zamiska sold 2,169 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $61.96, for a total value of $134,391.24. Following the completion of the sale, the senior vice president now directly owns 32,601 shares of the company’s stock, valued at approximately $2,019,957.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Gene M. Zamiska sold 417 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $64.89, for a total transaction of $27,059.13. Following the completion of the sale, the senior vice president now directly owns 28,870 shares of the company’s stock, valued at $1,873,374.30. The disclosure for this sale can be found here. Insiders have sold 18,174 shares of company stock valued at $1,070,642 in the last ninety days. 0.28% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Western Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WDC. Vanguard Group Inc. lifted its stake in shares of Western Digital by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 38,579,938 shares of the data storage provider’s stock valued at $2,020,431,000 after purchasing an additional 215,207 shares during the last quarter. DNB Asset Management AS lifted its position in Western Digital by 2.7% in the second quarter. DNB Asset Management AS now owns 7,857,586 shares of the data storage provider’s stock worth $595,369,000 after buying an additional 206,756 shares during the last quarter. Kodai Capital Management LP purchased a new position in Western Digital during the fourth quarter worth $212,900,000. Norges Bank bought a new position in Western Digital during the fourth quarter valued at $150,958,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Western Digital by 5.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,881,847 shares of the data storage provider’s stock valued at $218,400,000 after acquiring an additional 143,074 shares during the period. 92.51% of the stock is owned by institutional investors.

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.