Western Digital (NASDAQ:WDC) Price Target Lowered to $80.00 at Citigroup

Western Digital (NASDAQ:WDC) had its target price lowered by Citigroup from $82.00 to $80.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has a buy rating on the data storage provider’s stock.

A number of other research analysts also recently issued reports on the company. Morgan Stanley cut their price objective 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. Susquehanna reduced their price objective on shares of Western Digital from $83.00 to $72.00 and set a “neutral” rating for the company in a research note on Thursday. Robert W. Baird decreased their price objective on shares of Western Digital from $100.00 to $80.00 and set an “outperform” rating on the stock in a research report on Thursday. BNP Paribas dropped their target price on shares of Western Digital from $95.00 to $90.00 in a report on Thursday, October 24th. Finally, Mizuho decreased their price target on Western Digital from $90.00 to $82.00 and set an “outperform” rating on the stock in a report on Friday, January 3rd. Seven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $83.68.

Western Digital Stock Up 4.7 %

Shares of WDC stock opened at $65.78 on Thursday. The company has a current ratio of 1.47, a quick ratio of 0.91 and a debt-to-equity ratio of 0.49. Western Digital has a 12 month low of $52.77 and a 12 month high of $81.55. The stock has a market cap of $22.74 billion, a P/E ratio of 15.66 and a beta of 1.43. The company has a 50 day simple moving average of $65.70 and a two-hundred day simple moving average of $65.62.

Western Digital (NASDAQ:WDC) last posted 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 return on equity of 16.13% and a net margin of 9.95%. On average, research analysts expect that Western Digital will post 5.37 earnings per share for the current year.

Insider Activity

In other news, SVP Gene M. Zamiska sold 658 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $69.99, for a total transaction of $46,053.42. Following the transaction, the senior vice president now owns 28,863 shares of the company’s stock, valued at approximately $2,020,121.37. The trade was a 2.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last three months, insiders have sold 1,347 shares of company stock worth $93,027. 0.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Public Sector Pension Investment Board boosted its stake in shares of Western Digital by 76.0% during the 2nd quarter. Public Sector Pension Investment Board now owns 12,610 shares of the data storage provider’s stock worth $955,000 after purchasing an additional 5,445 shares during the period. AQR Capital Management LLC lifted its stake in Western Digital by 276.2% in the second quarter. AQR Capital Management LLC now owns 83,255 shares of the data storage provider’s stock worth $6,308,000 after purchasing an additional 61,127 shares during the last quarter. Creative Planning boosted its position in shares of Western Digital by 21.0% during the second quarter. Creative Planning now owns 40,573 shares of the data storage provider’s stock valued at $3,074,000 after buying an additional 7,037 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in shares of Western Digital by 10.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,265 shares of the data storage provider’s stock valued at $247,000 after buying an additional 310 shares during the last quarter. Finally, Quarry LP raised its holdings in shares of Western Digital by 154.2% in the second quarter. Quarry LP now owns 760 shares of the data storage provider’s stock worth $58,000 after buying an additional 461 shares during the period. Institutional investors own 92.51% of the company’s stock.

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.