Western Digital (NASDAQ:WDC) Given New $90.00 Price Target at Cascend Securities

Western Digital (NASDAQ:WDC) had its price target upped by analysts at Cascend Securities from $80.00 to $90.00 in a research report issued on Friday, Briefing.com Automated Import reports. The firm currently has a “buy” rating on the data storage provider’s stock. Cascend Securities’ target price would suggest a potential upside of 34.41% from the stock’s previous close.

A number of other research firms also recently commented on WDC. Mizuho reaffirmed a “buy” rating and issued a $80.00 target price (up previously from $75.00) on shares of Western Digital in a research report on Thursday. BidaskClub raised shares of Western Digital from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 27th. ValuEngine raised shares of Western Digital from a “sell” rating to a “hold” rating in a research report on Saturday, December 21st. Royal Bank of Canada cut their target price on shares of Western Digital to $64.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Finally, Stifel Nicolaus initiated coverage on shares of Western Digital in a research report on Monday, December 2nd. They issued a “hold” rating and a $53.00 target price for the company. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Western Digital currently has a consensus rating of “Buy” and an average target price of $73.29.

Shares of NASDAQ WDC opened at $66.96 on Friday. Western Digital has a twelve month low of $35.61 and a twelve month high of $72.00. The firm has a market cap of $19.85 billion, a P/E ratio of -12.71, a PEG ratio of 19.72 and a beta of 1.87. The company has a 50 day moving average of $64.39 and a 200 day moving average of $57.88. The company has a quick ratio of 1.22, a current ratio of 1.98 and a debt-to-equity ratio of 1.04.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, January 30th. The data storage provider reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.32. Western Digital had a negative net margin of 9.89% and a positive return on equity of 3.28%. The company had revenue of $4.23 billion during the quarter, compared to analyst estimates of $4.23 billion. During the same period in the previous year, the business earned $1.45 EPS. The firm’s revenue for the quarter was up .0% on a year-over-year basis. As a group, equities analysts expect that Western Digital will post 1.69 earnings per share for the current fiscal year.

In other Western Digital news, EVP Michael Charles Ray sold 4,663 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $59.79, for a total value of $278,800.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Michael D. Cordano sold 14,706 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $70.80, for a total value of $1,041,184.80. Following the completion of the transaction, the chief operating officer now owns 248,946 shares of the company’s stock, valued at $17,625,376.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,451 shares of company stock valued at $2,684,999. Corporate insiders own 0.44% of the company’s stock.

A number of hedge funds have recently bought and sold shares of WDC. Evoke Wealth LLC acquired a new stake in shares of Western Digital in the third quarter valued at approximately $47,000. Sound Income Strategies LLC lifted its position in shares of Western Digital by 15.5% in the fourth quarter. Sound Income Strategies LLC now owns 34,079 shares of the data storage provider’s stock valued at $2,163,000 after buying an additional 4,565 shares during the last quarter. Eads & Heald Wealth Management acquired a new stake in shares of Western Digital in the third quarter valued at approximately $216,000. Keybank National Association OH acquired a new stake in Western Digital during the 3rd quarter worth approximately $202,000. Finally, Metropolitan Life Insurance Co NY lifted its holdings in Western Digital by 1.4% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 44,777 shares of the data storage provider’s stock worth $2,671,000 after purchasing an additional 607 shares during the last quarter. Hedge funds and other institutional investors own 84.50% of the company’s stock.

About Western Digital

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.

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