Western Digital (NASDAQ:WDC) Shares Up 6% – Should You Buy?

Western Digital Co. (NASDAQ:WDC) shares traded up 6% during trading on Monday . The stock traded as high as $68.05 and last traded at $68.36. 1,621,025 shares were traded during mid-day trading, a decline of 74% from the average session volume of 6,190,959 shares. The stock had previously closed at $64.46.

Analysts Set New Price Targets

A number of brokerages have commented on WDC. Morgan Stanley reduced their target price on shares of Western Digital from $100.00 to $93.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Citigroup dropped their price target on Western Digital from $82.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $95.00 price objective on shares of Western Digital in a research note on Monday. BNP Paribas reduced their price target on Western Digital from $95.00 to $90.00 in a research report on Thursday, October 24th. Finally, Bank of America decreased their price objective on shares of Western Digital from $89.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Western Digital has an average rating of “Moderate Buy” and a consensus price target of $84.21.

Western Digital Trading Down 0.2 %

The company has a quick ratio of 1.26, a current ratio of 1.99 and a debt-to-equity ratio of 0.60. The business’s fifty day simple moving average is $64.80 and its two-hundred day simple moving average is $65.16. The company has a market cap of $23.97 billion, a price-to-earnings ratio of 16.41 and a beta of 1.44.

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

Insider Activity at Western Digital

In related news, SVP Gene M. Zamiska sold 658 shares of Western Digital stock in a transaction dated Tuesday, November 26th. The stock was 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 in the company, valued at approximately $2,020,121.37. This trade 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. Insiders have sold a total of 1,347 shares of company stock worth $93,027 over the last three months. 0.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Western Digital

Several large investors have recently added to or reduced their stakes in WDC. Eastern Bank acquired a new stake in Western Digital during the 3rd quarter worth approximately $27,000. Versant Capital Management Inc increased its stake 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 worth $25,000 after buying an additional 304 shares during the period. True Wealth Design LLC lifted its stake in shares of Western Digital by 2,184.2% in the third quarter. True Wealth Design LLC now owns 434 shares of the data storage provider’s stock worth $30,000 after acquiring an additional 415 shares in the last quarter. Sierra Ocean LLC acquired a new position in shares of Western Digital in the 4th quarter valued at approximately $29,000. Finally, Comprehensive Financial Planning Inc. PA bought a new position in Western Digital during the 4th quarter valued at $30,000. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

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.