Western Digital (NASDAQ:WDC) Given “Overweight” Rating at Cantor Fitzgerald

Western Digital (NASDAQ:WDC)‘s stock had its “overweight” rating reiterated by equities research analysts at Cantor Fitzgerald in a report released on Tuesday,Benzinga reports. They currently have a $95.00 price objective on the data storage provider’s stock. Cantor Fitzgerald’s target price would suggest a potential upside of 38.91% from the company’s previous close.

A number of other equities analysts have also recently issued reports on WDC. Citigroup cut their target price on Western Digital from $82.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. UBS Group increased their target price on Western Digital from $70.00 to $74.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. The Goldman Sachs Group raised their price objective on Western Digital from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. Benchmark cut Western Digital from a “buy” rating to a “hold” rating and set a $70.00 price objective on the stock. in a research note on Thursday, December 19th. Finally, BNP Paribas dropped their price objective on Western Digital from $95.00 to $90.00 in a research note on Thursday, October 24th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Western Digital currently has an average rating of “Moderate Buy” and a consensus price target of $84.42.

Western Digital Price Performance

Western Digital stock opened at $68.39 on Tuesday. Western Digital has a 52-week low of $52.77 and a 52-week high of $81.55. The stock’s 50 day moving average price is $64.50 and its two-hundred day moving average price is $65.27. 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 stock has a market capitalization of $23.79 billion, a price-to-earnings ratio of 16.28 and a beta of 1.44.

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, 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 658 shares of Western Digital stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $69.99, for a total transaction of $46,053.42. Following the completion of the transaction, the senior vice president now owns 28,863 shares of the company’s stock, valued at $2,020,121.37. The trade was a 2.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders sold 1,347 shares of company stock valued at $93,027. 0.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Eastern Bank purchased a new position in Western Digital during the 3rd quarter valued at about $27,000. Versant Capital Management Inc grew its holdings in Western Digital by 278.9% during 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 in the last quarter. True Wealth Design LLC boosted its position in shares of Western Digital by 2,184.2% during the 3rd quarter. True Wealth Design LLC now owns 434 shares of the data storage provider’s stock valued at $30,000 after acquiring an additional 415 shares during the last quarter. Sierra Ocean LLC bought a new stake in shares of Western Digital during the 4th quarter valued at about $29,000. Finally, Comprehensive Financial Planning Inc. PA bought a new stake in shares of Western Digital during the 4th quarter valued at about $30,000. Hedge funds and other 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.