StockNews.com Downgrades Western Digital (NASDAQ:WDC) to Hold

StockNews.com lowered shares of Western Digital (NASDAQ:WDC) from a buy rating to a hold rating in a research note issued to investors on Monday.

A number of other research analysts also recently commented on WDC. Wells Fargo & Company dropped their price objective on shares of Western Digital from $85.00 to $75.00 and set an “overweight” rating for the company in a research note on Tuesday, February 25th. Citigroup lifted their price target on shares of Western Digital from $60.45 to $64.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Barclays dropped their price objective on Western Digital from $90.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, January 17th. Susquehanna reduced their target price on Western Digital from $83.00 to $72.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Finally, Wedbush restated an “outperform” rating and set a $95.00 price target on shares of Western Digital in a research note on Monday, February 10th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $80.21.

Western Digital Price Performance

Western Digital stock opened at $44.31 on Monday. The firm’s 50-day moving average is $57.45 and its two-hundred day moving average is $62.98. 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 stock has a market capitalization of $15.41 billion, a P/E ratio of 10.55 and a beta of 1.42. Western Digital has a 12-month low of $39.42 and a 12-month high of $81.55.

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

Insider Buying and Selling

In other Western Digital news, SVP Gene M. Zamiska sold 1,659 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was 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 of the company’s stock, valued at $1,810,575.36. This trade represents a 3.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Western Digital

Large investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc raised its holdings in shares of Western Digital by 278.9% during the fourth quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock worth $25,000 after purchasing an additional 304 shares during the period. True Wealth Design LLC raised its stake in Western Digital by 2,184.2% during 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 during the period. Sierra Ocean LLC bought a new position in Western Digital in the fourth quarter worth about $29,000. Comprehensive Financial Planning Inc. PA acquired a new position in Western Digital in the fourth quarter valued at approximately $30,000. Finally, OFI Invest Asset Management bought a new position in shares of Western Digital during the fourth quarter valued at approximately $36,000. 92.51% of the stock is currently owned by institutional investors.

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.