Western Digital (NASDAQ:WDC) Research Coverage Started at StockNews.com

StockNews.com assumed coverage on shares of Western Digital (NASDAQ:WDC) in a research note published on Wednesday morning. The firm issued a buy rating on the data storage provider’s stock.

Other equities analysts have also issued research reports about the company. Wedbush restated an “outperform” rating and issued a $95.00 target price on shares of Western Digital in a research note on Monday, February 10th. Cantor Fitzgerald restated an “overweight” rating and issued a $95.00 target price on shares of Western Digital in a research note on Tuesday, February 18th. Bank of America reduced their target price on Western Digital from $89.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Benchmark lowered Western Digital from a “buy” rating to a “hold” rating and set a $70.00 target price for the company. in a research note on Thursday, December 19th. Finally, Citigroup raised their target price on Western Digital from $60.45 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $83.05.

Western Digital Stock Performance

Shares of WDC opened at $48.93 on Wednesday. Western Digital has a 12 month low of $39.58 and a 12 month high of $61.16. The stock has a fifty day moving average price of $63.42 and a 200-day moving average price of $65.21. The company has a current ratio of 1.99, a quick ratio of 1.26 and a debt-to-equity ratio of 0.60. The firm has a market cap of $17.02 billion, a PE ratio of 11.65 and a beta of 1.44.

Western Digital (NASDAQ:WDC) last issued 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 research analysts predict that Western Digital will post 4.89 earnings per share for the current fiscal year.

Institutional Trading of Western Digital

Institutional investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc increased its holdings in Western Digital by 278.9% in 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 last quarter. Sierra Ocean LLC acquired a new stake in Western Digital in the 4th quarter valued at approximately $29,000. True Wealth Design LLC increased its holdings in Western Digital by 2,184.2% in 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 last quarter. Comprehensive Financial Planning Inc. PA acquired a new position in shares of Western Digital in the fourth quarter worth $30,000. Finally, OFI Invest Asset Management acquired a new position in shares of Western Digital in the fourth quarter worth $36,000. 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.