Western Digital (NASDAQ:WDC) Price Target Increased to $95.00 by Analysts at Cantor Fitzgerald

by · The Cerbat Gem

Western Digital (NASDAQ:WDC – Free Report) had its target price boosted by Cantor Fitzgerald from $80.00 to $95.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has an overweight rating on the data storage provider’s stock.

WDC has been the topic of a number of other research reports. Evercore ISI reiterated an “outperform” rating and issued a $85.00 price objective on shares of Western Digital in a research report on Thursday, August 15th. TD Cowen reduced their target price on Western Digital from $95.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Morgan Stanley increased their target price on Western Digital from $94.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday. Summit Insights cut Western Digital from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Citigroup reduced their target price on Western Digital from $95.00 to $85.00 and set a “buy” rating on the stock in a research note on Thursday. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, Western Digital has an average rating of “Moderate Buy” and a consensus price target of $86.09.

Read Our Latest Stock Report on WDC

Western Digital Price Performance

Shares of WDC stock traded up $3.13 on Friday, reaching $69.45. The company’s stock had a trading volume of 17,644,446 shares, compared to its average volume of 6,179,462. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.53. Western Digital has a 12-month low of $35.62 and a 12-month high of $81.55. The company has a market capitalization of $22.68 billion, a P/E ratio of -13.97 and a beta of 1.39. The stock’s 50 day simple moving average is $65.42 and its 200-day simple moving average is $69.70.

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

Insider Transactions at Western Digital

In other news, CEO David Goeckeler sold 75,000 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $70.32, for a total transaction of $5,274,000.00. Following the completion of the sale, the chief executive officer now directly owns 896,630 shares in the company, valued at approximately $63,051,021.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Western Digital news, EVP Robert Soderbery sold 12,154 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $57.09, for a total value of $693,871.86. Following the completion of the sale, the executive vice president now directly owns 128,413 shares in the company, valued at $7,331,098.17. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO David Goeckeler sold 75,000 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $70.32, for a total transaction of $5,274,000.00. Following the completion of the sale, the chief executive officer now owns 896,630 shares of the company’s stock, valued at $63,051,021.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 92,955 shares of company stock worth $6,327,560. Company insiders own 0.28% of the company’s stock.

Institutional Trading of Western Digital

Several institutional investors and hedge funds have recently bought and sold shares of WDC. Park Avenue Securities LLC purchased a new stake in Western Digital in the first quarter worth about $437,000. Sunbelt Securities Inc. purchased a new stake in Western Digital in the first quarter worth about $36,000. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Western Digital by 8.6% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 822,281 shares of the data storage provider’s stock valued at $56,112,000 after purchasing an additional 64,980 shares during the last quarter. First Trust Direct Indexing L.P. lifted its holdings in shares of Western Digital by 14.9% during the first quarter. First Trust Direct Indexing L.P. now owns 5,688 shares of the data storage provider’s stock valued at $388,000 after purchasing an additional 737 shares during the last quarter. Finally, Fountainhead AM LLC purchased a new position in shares of Western Digital during the first quarter valued at approximately $239,000. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

Western Digital Company Profile

(Get Free Report)

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.

Featured Articles