StockNews.com Initiates Coverage on Western Digital (NASDAQ:WDC)

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

Several other equities research analysts also recently weighed in on the stock. Rosenblatt Securities reduced their price objective on shares of Western Digital from $115.00 to $95.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. Citigroup decreased their target price on Western Digital from $64.00 to $48.00 and set a “buy” rating on the stock in a report on Monday. Morgan Stanley cut their price target on shares of Western Digital from $100.00 to $93.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Bank of America reduced their price objective 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. Finally, Mizuho decreased their target price on shares of Western Digital from $82.00 to $68.00 and set an “outperform” rating for the company in a research note on Thursday, April 10th. One analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Western Digital currently has an average rating of “Moderate Buy” and a consensus target price of $73.68.

Western Digital Stock Down 0.9 %

Shares of NASDAQ:WDC opened at $35.62 on Wednesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26 and a current ratio of 1.99. The company’s fifty day moving average is $46.71 and its two-hundred day moving average is $59.30. Western Digital has a 1-year low of $28.83 and a 1-year high of $81.55. The stock has a market capitalization of $12.39 billion, a price-to-earnings ratio of 8.48 and a beta of 1.39.

Western Digital (NASDAQ:WDC) last posted 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 net margin of 9.95% and a return on equity of 15.68%. Equities analysts anticipate that Western Digital will post 4.89 EPS for the current year.

Insider Activity

In other news, SVP Gene M. Zamiska sold 1,659 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $41.36, for a total transaction of $68,616.24. Following the transaction, the senior vice president now owns 43,776 shares in the company, 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 can be accessed through the SEC website. 0.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Western Digital

Large investors have recently added to or reduced their stakes in the company. 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 buying an additional 304 shares during the period. Sierra Ocean LLC bought a new position in shares of Western Digital in the fourth quarter valued at about $29,000. Comprehensive Financial Planning Inc. PA bought a new position in shares of Western Digital in the fourth quarter worth about $30,000. OFI Invest Asset Management acquired a new position in Western Digital during the 4th quarter worth $36,000. Finally, Elequin Capital LP acquired a new position in shares of Western Digital during the fourth quarter valued at $40,000. Institutional investors and hedge funds 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.