Western Digital (NASDAQ:WDC) Earns Hold Rating from Analysts at StockNews.com

StockNews.com began coverage on shares of Western Digital (NASDAQ:WDC) in a report published on Thursday morning. The firm issued a hold rating on the data storage provider’s stock.

WDC has been the topic of several other reports. Cantor Fitzgerald cut their price target on Western Digital from $95.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. Barclays dropped their target price on Western Digital from $90.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Mizuho decreased their price target on Western Digital from $82.00 to $68.00 and set an “outperform” rating for the company in a report on Thursday, April 10th. UBS Group dropped their price objective on shares of Western Digital from $74.00 to $50.00 and set a “neutral” rating on the stock in a research note on Monday, March 17th. Finally, Wells Fargo & Company reiterated a “neutral” rating on shares of Western Digital in a research note on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $73.68.

Western Digital Trading Up 6.6 %

Shares of NASDAQ:WDC opened at $40.17 on Thursday. The business has a 50-day moving average price of $42.99 and a 200-day moving average price of $58.08. The stock has a market cap of $13.97 billion, a price-to-earnings ratio of 9.56 and a beta of 1.39. Western Digital has a 52-week low of $28.83 and a 52-week high of $81.55. The company has a quick ratio of 1.26, a current ratio of 1.99 and a debt-to-equity ratio of 0.60.

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

Insider Buying and Selling at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 1,659 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $41.36, for a total value of $68,616.24. Following the completion of the sale, the senior vice president now owns 43,776 shares in the company, valued at approximately $1,810,575.36. This represents a 3.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Western Digital

A number of large investors have recently made changes to their positions in WDC. Versant Capital Management Inc boosted its stake in Western Digital by 278.9% during the fourth quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock worth $25,000 after buying an additional 304 shares during the last quarter. Sierra Ocean LLC purchased a new position in shares of Western Digital during the 4th quarter worth $29,000. Comprehensive Financial Planning Inc. PA purchased a new stake in shares of Western Digital in the fourth quarter valued at about $30,000. OFI Invest Asset Management acquired a new stake in Western Digital during the fourth quarter worth about $36,000. Finally, Elequin Capital LP purchased a new position in Western Digital during the fourth quarter worth about $40,000. 92.51% of the stock is currently 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.