Western Digital (NASDAQ:WDC) Given “Overweight” Rating at Cantor Fitzgerald

Western Digital (NASDAQ:WDC)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Cantor Fitzgerald in a report released on Tuesday,Benzinga reports. They presently have a $95.00 price objective on the data storage provider’s stock. Cantor Fitzgerald’s target price indicates a potential upside of 38.91% from the company’s current price.

Several other equities analysts also recently commented on WDC. Rosenblatt Securities decreased their target price on Western Digital from $115.00 to $95.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Barclays decreased their target price on Western Digital from $90.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, January 17th. Susquehanna decreased their target price on Western Digital from $83.00 to $72.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. BNP Paribas reduced their price target on Western Digital from $95.00 to $90.00 in a research report on Thursday, October 24th. Finally, StockNews.com initiated coverage on Western Digital in a research report on Tuesday. They set a “hold” rating on the stock. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Western Digital currently has a consensus rating of “Moderate Buy” and an average target price of $84.42.

Western Digital Stock Performance

Shares of Western Digital stock opened at $68.39 on Tuesday. Western Digital has a one year low of $52.77 and a one year high of $81.55. The firm has a market cap of $23.79 billion, a price-to-earnings ratio of 16.28 and a beta of 1.44. 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 stock’s 50-day moving average is $64.50 and its 200-day moving average is $65.27.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share 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%. Equities analysts predict that Western Digital will post 4.89 earnings per share for the current fiscal year.

Insider Activity

In other Western Digital news, SVP Gene M. Zamiska sold 658 shares of the stock in a transaction that occurred on 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 sale, the senior vice president now owns 28,863 shares of the company’s stock, valued at approximately $2,020,121.37. This represents a 2.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 1,347 shares of company stock worth $93,027. Insiders own 0.30% of the company’s stock.

Institutional Trading of Western Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Eastern Bank acquired a new stake in Western Digital during the 3rd quarter valued at approximately $27,000. Versant Capital Management Inc increased its position in Western Digital by 278.9% during the 4th 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 during the period. True Wealth Design LLC increased its position in 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 valued at $30,000 after purchasing an additional 415 shares during the period. Sierra Ocean LLC bought a new position in shares of Western Digital during the 4th quarter worth approximately $29,000. Finally, Comprehensive Financial Planning Inc. PA bought a new position in shares of Western Digital during the 4th quarter worth approximately $30,000. Institutional investors and hedge funds own 92.51% of the company’s stock.

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.