Western Digital (NASDAQ:WDC) Price Target Raised to $64.00

Western Digital (NASDAQ:WDC) had its price target raised by Citigroup from $60.45 to $64.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the data storage provider’s stock.

A number of other equities analysts have also weighed in on the stock. Benchmark lowered shares of Western Digital from a “buy” rating to a “hold” rating and set a $70.00 target price for the company. in a research report on Thursday, December 19th. Susquehanna dropped their price objective on shares of Western Digital from $83.00 to $72.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Robert W. Baird reduced their target price on Western Digital from $100.00 to $80.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. Morgan Stanley dropped their price target on Western Digital from $100.00 to $93.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Finally, UBS Group lifted their price objective on Western Digital from $70.00 to $74.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $83.05.

Western Digital Price Performance

Shares of Western Digital stock opened at $48.20 on Tuesday. The company has a market capitalization of $16.77 billion, a price-to-earnings ratio of 11.48 and a beta of 1.44. The company has a quick ratio of 1.26, a current ratio of 1.99 and a debt-to-equity ratio of 0.60. The stock’s 50-day simple moving average is $63.64 and its 200-day simple moving average is $65.29. Western Digital has a 52 week low of $39.58 and a 52 week high of $61.16.

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

Hedge Funds Weigh In On Western Digital

A number of large investors have recently made changes to their positions in WDC. Versant Capital Management Inc lifted 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 worth $25,000 after purchasing an additional 304 shares during the last quarter. Sierra Ocean LLC purchased a new stake in shares of Western Digital in the fourth quarter worth approximately $29,000. True Wealth Design LLC lifted its stake in shares of Western Digital by 2,184.2% during the 3rd 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 during the last quarter. Comprehensive Financial Planning Inc. PA purchased a new position in Western Digital during the 4th quarter valued at $30,000. Finally, OFI Invest Asset Management bought a new position in Western Digital in the 4th quarter valued at $36,000. 92.51% of the stock is owned by hedge funds and other institutional investors.

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.