Citigroup Trims Western Digital (NASDAQ:WDC) Target Price to $85.00

Western Digital (NASDAQ:WDC) had its price objective lowered by Citigroup from $95.00 to $85.00 in a research report report published on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the data storage provider’s stock.

Several other research analysts also recently commented on WDC. Summit Insights downgraded shares of Western Digital from a buy rating to a hold rating in a research note on Thursday, August 1st. Wedbush raised their price target on shares of Western Digital from $85.00 to $95.00 and gave the stock an outperform rating in a research note on Monday, July 22nd. Cantor Fitzgerald reaffirmed an overweight rating and issued a $80.00 price target on shares of Western Digital in a research note on Tuesday. StockNews.com raised shares of Western Digital from a sell rating to a hold rating in a research note on Saturday, July 6th. Finally, Mizuho raised their price target on shares of Western Digital from $80.00 to $90.00 and gave the stock a buy rating in a research note on Friday, May 31st. Six analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $83.05.

Western Digital Trading Up 2.8 %

Shares of WDC opened at $65.02 on Tuesday. Western Digital has a twelve month low of $35.62 and a twelve month high of $81.55. The company has a market cap of $22.33 billion, a P/E ratio of -13.08 and a beta of 1.39. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.53. The company’s fifty day simple moving average is $66.01 and its 200-day simple moving average is $69.28.

Western Digital (NASDAQ:WDC) last announced its earnings results on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.17. Western Digital had a negative net margin of 3.75% and a negative return on equity of 2.63%. The business had revenue of $3.76 billion for the quarter, compared to the consensus estimate of $3.77 billion. As a group, analysts expect that Western Digital will post 7.75 EPS for the current year.

Insider Activity

In related news, EVP Robert Soderbery sold 12,154 shares of Western Digital stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $57.09, for a total value of $693,871.86. Following the completion of the sale, the executive vice president now directly owns 128,413 shares in the company, valued at approximately $7,331,098.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Gene M. Zamiska sold 2,900 shares of Western Digital stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $61.48, for a total value of $178,292.00. Following the completion of the sale, the senior vice president now directly owns 37,448 shares in the company, valued at approximately $2,302,303.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert Soderbery sold 12,154 shares of Western Digital stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $57.09, for a total transaction of $693,871.86. Following the completion of the sale, the executive vice president now owns 128,413 shares of the company’s stock, valued at $7,331,098.17. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,174 shares of company stock worth $1,070,642. Corporate insiders own 0.28% of the company’s stock.

Institutional Trading of Western Digital

A number of institutional investors have recently bought and sold shares of WDC. Allspring Global Investments Holdings LLC raised its position in Western Digital by 1.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 15,962 shares of the data storage provider’s stock worth $1,209,000 after buying an additional 203 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its position in Western Digital by 15.6% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,527 shares of the data storage provider’s stock worth $116,000 after buying an additional 206 shares during the last quarter. Mather Group LLC. raised its position in Western Digital by 10.7% during the 2nd quarter. Mather Group LLC. now owns 2,203 shares of the data storage provider’s stock worth $167,000 after buying an additional 213 shares during the last quarter. Lindbrook Capital LLC raised its position in Western Digital by 37.3% during the 1st quarter. Lindbrook Capital LLC now owns 843 shares of the data storage provider’s stock worth $58,000 after buying an additional 229 shares during the last quarter. Finally, Hanseatic Management Services Inc. increased its holdings in shares of Western Digital by 2.3% during the 2nd quarter. Hanseatic Management Services Inc. now owns 10,344 shares of the data storage provider’s stock valued at $784,000 after purchasing an additional 236 shares in the last quarter. 92.51% of the stock is currently owned by institutional investors and hedge funds.

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.