UBS Group Forecasts Strong Price Appreciation for Western Digital (NASDAQ:WDC) Stock

Western Digital (NASDAQ:WDC) had its price objective raised by research analysts at UBS Group from $70.00 to $74.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the data storage provider’s stock. UBS Group’s price target suggests a potential upside of 10.15% from the company’s current price.

Other analysts also recently issued research reports about the company. Bank of America reduced their price objective on Western Digital from $89.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Susquehanna lowered their price target on shares of Western Digital from $83.00 to $72.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Robert W. Baird decreased their price objective on Western Digital from $100.00 to $80.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. BNP Paribas dropped their target price on Western Digital from $95.00 to $90.00 in a report on Thursday, October 24th. Finally, Morgan Stanley decreased their price target on Western Digital from $100.00 to $93.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Western Digital presently has an average rating of “Moderate Buy” and a consensus target price of $84.42.

Western Digital Stock Performance

WDC stock traded down $1.74 on Wednesday, reaching $67.18. The company’s stock had a trading volume of 4,324,696 shares, compared to its average volume of 6,540,480. The firm has a fifty day moving average of $64.80 and a two-hundred day moving average of $65.16. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.99 and a quick ratio of 1.26. The company has a market capitalization of $23.37 billion, a P/E ratio of 15.99 and a beta of 1.44. Western Digital has a 52 week low of $52.77 and a 52 week high of $81.55.

Western Digital (NASDAQ:WDC) last released its earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.91 by ($0.36). Western Digital had a net margin of 9.95% and a return on equity of 15.68%. As a group, analysts predict that Western Digital will post 4.89 EPS for the current fiscal year.

Insiders Place Their Bets

In other Western Digital news, SVP Gene M. Zamiska sold 658 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $69.99, for a total transaction of $46,053.42. Following the completion of the transaction, the senior vice president now owns 28,863 shares in the company, valued at $2,020,121.37. This trade represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders have sold 1,347 shares of company stock worth $93,027. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Western Digital

A number of institutional investors and hedge funds have recently modified their holdings of WDC. Versant Capital Management Inc raised its stake in Western Digital by 278.9% in the fourth quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock valued at $25,000 after purchasing an additional 304 shares in the last quarter. Eastern Bank purchased a new stake in Western Digital in the third quarter valued at approximately $27,000. Sierra Ocean LLC purchased a new stake in Western Digital in the fourth quarter valued at approximately $29,000. True Wealth Design LLC raised its stake in shares of Western Digital by 2,184.2% during the third quarter. True Wealth Design LLC now owns 434 shares of the data storage provider’s stock worth $30,000 after acquiring an additional 415 shares in the last quarter. Finally, Comprehensive Financial Planning Inc. PA purchased a new position in shares of Western Digital during the fourth quarter worth approximately $30,000. 92.51% of the stock is owned by hedge funds and other 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.