Western Digital (NASDAQ:WDC) Stock Price Expected to Rise, Citigroup Analyst Says

Western Digital (NASDAQ:WDC) had its target price raised by analysts at Citigroup from $60.45 to $64.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the data storage provider’s stock. Citigroup’s price target points to a potential upside of 30.56% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Wells Fargo & Company reduced their price target on Western Digital from $95.00 to $85.00 and set an “overweight” rating on the stock in a report on Thursday, January 16th. The Goldman Sachs Group lifted their target price on shares of Western Digital from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Barclays dropped their price target on shares of Western Digital from $90.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, January 17th. Mizuho reduced their price target on shares of Western Digital from $90.00 to $82.00 and set an “outperform” rating on the stock in a research report on Friday, January 3rd. Finally, Bank of America decreased their price objective on Western Digital from $89.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Western Digital has an average rating of “Moderate Buy” and an average target price of $83.58.

Western Digital Trading Down 4.9 %

Shares of WDC stock opened at $49.02 on Tuesday. Western Digital has a fifty-two week low of $39.58 and a fifty-two week high of $61.16. 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’s fifty day moving average is $64.45 and its two-hundred day moving average is $65.59. The firm has a market capitalization of $17.05 billion, a P/E ratio of 11.67 and a beta of 1.44.

Western Digital (NASDAQ:WDC) last posted 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 return on equity of 15.68% and a net margin of 9.95%. Research analysts expect that Western Digital will post 4.89 earnings per share for the current fiscal year.

Institutional Trading of Western Digital

Several hedge funds have recently added to or reduced their stakes in WDC. Norges Bank acquired a new stake in shares of Western Digital in the 4th quarter valued at $352,572,000. AMF Tjanstepension AB purchased a new position in Western Digital in the fourth quarter valued at $94,181,000. Vanguard Group Inc. raised its stake in Western Digital by 3.5% in the fourth quarter. Vanguard Group Inc. now owns 42,459,767 shares of the data storage provider’s stock valued at $2,531,876,000 after buying an additional 1,439,149 shares in the last quarter. Freestone Grove Partners LP purchased a new stake in Western Digital during the 4th quarter worth about $68,950,000. Finally, Atalan Capital Partners LP acquired a new position in shares of Western Digital during the 4th quarter worth about $62,612,000. Institutional investors and hedge funds 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.