UBS Group Issues Pessimistic Forecast for Western Digital (NASDAQ:WDC) Stock Price

Western Digital (NASDAQ:WDC) had its target price dropped by UBS Group from $74.00 to $50.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the data storage provider’s stock. UBS Group’s price target would indicate a potential upside of 10.83% from the company’s previous close.

Several other research firms have also weighed in on WDC. The Goldman Sachs Group boosted their target price on Western Digital from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Mizuho decreased their price objective on shares of Western Digital from $90.00 to $82.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. StockNews.com assumed coverage on shares of Western Digital in a report on Wednesday, February 26th. They issued a “buy” rating on the stock. Benchmark downgraded Western Digital from a “buy” rating to a “hold” rating and set a $70.00 price target on the stock. in a research report on Thursday, December 19th. Finally, Rosenblatt Securities cut their price objective on Western Digital from $115.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Western Digital has a consensus rating of “Moderate Buy” and an average target price of $80.21.

Western Digital Trading Up 1.3 %

Shares of NASDAQ:WDC traded up $0.58 during mid-day trading on Monday, hitting $45.11. The stock had a trading volume of 702,121 shares, compared to its average volume of 5,952,549. Western Digital has a 12-month low of $39.42 and a 12-month high of $81.55. 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 company has a market cap of $15.69 billion, a PE ratio of 10.72 and a beta of 1.42. The company’s 50 day moving average is $59.79 and its 200-day moving average is $63.80.

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 net margin of 9.95% and a return on equity of 15.68%. On average, sell-side analysts predict that Western Digital will post 4.89 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Gene M. Zamiska sold 1,659 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $41.36, for a total value of $68,616.24. Following the sale, the senior vice president now owns 43,776 shares in the company, valued at approximately $1,810,575.36. This represents a 3.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Western Digital

A number of large investors have recently made changes to their positions in the company. Versant Capital Management Inc increased 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. Sierra Ocean LLC bought a new stake in shares of Western Digital during the fourth quarter worth about $29,000. True Wealth Design LLC raised its stake in shares of 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 valued at $30,000 after acquiring an additional 415 shares during the last quarter. Comprehensive Financial Planning Inc. PA acquired a new position in shares of Western Digital during the fourth quarter worth $30,000. Finally, OFI Invest Asset Management acquired a new stake in Western Digital in the fourth quarter valued at $36,000. 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.