UBS Group Lowers Western Digital (NASDAQ:WDC) Price Target to $50.00

Western Digital (NASDAQ:WDC) had its price objective lowered by research analysts at UBS Group from $74.00 to $50.00 in a report released on Monday,Benzinga reports. The firm presently has a “neutral” rating on the data storage provider’s stock. UBS Group’s target price points to a potential upside of 12.76% from the stock’s previous close.

WDC has been the topic of a number of other reports. Cantor Fitzgerald decreased their price target on Western Digital from $95.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. Wells Fargo & Company decreased their price target on Western Digital from $85.00 to $75.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 25th. Robert W. Baird decreased their price target on Western Digital from $100.00 to $80.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. Barclays decreased their price target on Western Digital from $90.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, January 17th. Finally, Rosenblatt Securities decreased their price target on Western Digital from $115.00 to $95.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $80.21.

Western Digital Trading Down 0.9 %

Shares of WDC opened at $44.34 on Monday. Western Digital has a 1 year low of $39.42 and a 1 year high of $81.55. 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 stock has a 50 day simple moving average of $58.96 and a 200-day simple moving average of $63.52. The stock has a market cap of $15.42 billion, a PE ratio of 10.56 and a beta of 1.42.

Western Digital (NASDAQ:WDC) last issued 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, sell-side analysts predict that Western Digital will post 4.89 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Gene M. Zamiska sold 1,659 shares of Western Digital stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $41.36, for a total transaction of $68,616.24. Following the completion of the transaction, the senior vice president now owns 43,776 shares in the company, valued at approximately $1,810,575.36. This trade represents a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Western Digital

A number of institutional investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Western Digital by 29.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 18,864 shares of the data storage provider’s stock worth $1,125,000 after acquiring an additional 4,324 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Western Digital during the fourth quarter worth approximately $9,663,000. Public Employees Retirement System of Ohio boosted its holdings in shares of Western Digital by 1.4% during the fourth quarter. Public Employees Retirement System of Ohio now owns 151,296 shares of the data storage provider’s stock worth $9,022,000 after acquiring an additional 2,053 shares during the period. Elequin Capital LP bought a new stake in shares of Western Digital during the fourth quarter worth approximately $40,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of 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 worth $273,852,000 after acquiring an additional 881,088 shares during the period. 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.