Western Digital (NASDAQ:WDC) Given New $50.00 Price Target at UBS Group

Western Digital (NASDAQ:WDC) had its target price decreased by research analysts at UBS Group from $74.00 to $50.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the data storage provider’s stock. UBS Group’s price objective would suggest a potential upside of 10.83% from the stock’s previous close.

Several other brokerages also recently commented on WDC. Wells Fargo & Company lowered their target price on shares of Western Digital from $85.00 to $75.00 and set an “overweight” rating for the company in a report on Tuesday, February 25th. Morgan Stanley dropped their price objective on Western Digital from $100.00 to $93.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Mizuho decreased their target price on Western Digital from $90.00 to $82.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Cantor Fitzgerald cut their target price on shares of Western Digital from $95.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, March 7th. Finally, Citigroup raised their price target on Western Digital from $60.45 to $64.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Six analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Western Digital has an average rating of “Moderate Buy” and a consensus price target of $80.21.

Western Digital Stock Up 1.3 %

Shares of NASDAQ:WDC traded up $0.58 during trading on Monday, reaching $45.11. 702,121 shares of the stock were exchanged, compared to its average volume of 5,952,549. Western Digital has a 1-year low of $39.42 and a 1-year high of $81.55. The stock has a fifty day moving average of $59.79 and a two-hundred day moving average of $63.80. 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 firm has a market cap of $15.69 billion, a price-to-earnings ratio of 10.72 and a beta of 1.42.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings data 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 net margin of 9.95% and a return on equity of 15.68%. Research analysts anticipate 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 1,659 shares of Western Digital stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $1,810,575.36. The trade was a 3.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Western Digital

Several institutional investors and hedge funds have recently modified their holdings of the stock. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Western Digital in the 4th quarter worth approximately $9,663,000. Public Employees Retirement System of Ohio grew its holdings in shares of Western Digital by 1.4% in the fourth quarter. Public Employees Retirement System of Ohio now owns 151,296 shares of the data storage provider’s stock valued at $9,022,000 after purchasing an additional 2,053 shares in the last quarter. Elequin Capital LP bought a new stake in Western Digital in the fourth quarter worth $40,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Western Digital by 23.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,592,516 shares of the data storage provider’s stock valued at $273,852,000 after purchasing an additional 881,088 shares in the last quarter. Finally, Woodline Partners LP raised its position in shares of Western Digital by 158.6% during the 4th quarter. Woodline Partners LP now owns 100,610 shares of the data storage provider’s stock valued at $5,999,000 after buying an additional 61,702 shares in the last quarter. Institutional investors 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.