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The Goldman Sachs Group Lowers Western Digital (NASDAQ:WDC) Price Target to $43.00

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Western Digital (NASDAQ:WDC – Get Rating) had its target price reduced by The Goldman Sachs Group from $50.00 to $43.00 in a research note published on Friday morning, Marketbeat reports. They currently have a neutral rating on the data storage provider's stock.

Other equities analysts have also recently issued reports about the stock. BNP Paribas assumed coverage on shares of Western Digital in a report on Tuesday, September 13th. They set an underperform rating and a $30.00 price target on the stock. Stifel Nicolaus lowered their price target on shares of Western Digital from $85.00 to $77.00 in a report on Thursday, August 4th. Exane BNP Paribas assumed coverage on shares of Western Digital in a report on Tuesday, September 13th. They set an underperform rating and a $30.00 price target on the stock. Morgan Stanley lowered their price target on shares of Western Digital from $71.00 to $65.00 and set an overweight rating on the stock in a report on Monday, August 8th. Finally, Evercore ISI lifted their price objective on shares of Western Digital from $60.00 to $80.00 and gave the company an outperform rating in a research note on Thursday, June 2nd. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $55.32.

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Western Digital Trading Down 4.3 %

NASDAQ WDC opened at $32.40 on Friday. Western Digital has a twelve month low of $32.35 and a twelve month high of $69.36. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.11 and a current ratio of 1.80. The stock has a market cap of $10.19 billion, a price-to-earnings ratio of 6.82 and a beta of 1.51. The firm's 50 day moving average price is $44.47 and its two-hundred day moving average price is $48.93.

Western Digital (NASDAQ:WDC – Get Rating) last posted its quarterly earnings data on Friday, August 5th. The data storage provider reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.02. Western Digital had a net margin of 7.98% and a return on equity of 19.15%. The firm had revenue of $4.53 billion for the quarter, compared to analysts' expectations of $4.57 billion. During the same period in the previous year, the company posted $1.96 EPS. The company's quarterly revenue was down 8.0% compared to the same quarter last year. Equities analysts anticipate that Western Digital will post 2.9 EPS for the current year.

Insider Activity

In other news, SVP Gene M. Zamiska sold 2,169 shares of the company's stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $40.90, for a total transaction of $88,712.10. Following the completion of the transaction, the senior vice president now owns 31,554 shares of the company's stock, valued at $1,290,558.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is owned by company insiders.

Institutional Trading of Western Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. DNB Asset Management AS increased its stake in Western Digital by 15.6% in the first quarter. DNB Asset Management AS now owns 7,552,489 shares of the data storage provider's stock valued at $374,981,000 after acquiring an additional 1,021,132 shares during the period. Sanders Capital LLC increased its stake in Western Digital by 17.2% in the first quarter. Sanders Capital LLC now owns 7,260,859 shares of the data storage provider's stock valued at $412,084,000 after acquiring an additional 1,063,000 shares during the period. Alliancebernstein L.P. increased its stake in Western Digital by 2.7% in the fourth quarter. Alliancebernstein L.P. now owns 6,272,271 shares of the data storage provider's stock valued at $409,015,000 after acquiring an additional 162,490 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Western Digital by 883.2% in the second quarter. Price T Rowe Associates Inc. MD now owns 4,404,398 shares of the data storage provider's stock valued at $197,449,000 after acquiring an additional 3,956,430 shares during the period. Finally, Lyrical Asset Management LP grew its stake in Western Digital by 3.5% during the first quarter. Lyrical Asset Management LP now owns 4,110,650 shares of the data storage provider's stock worth $204,094,000 after buying an additional 140,181 shares during the last quarter. Institutional investors own 84.57% of the company's stock.

Western Digital Company Profile

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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 computing devices, such as desktop and notebook personal computers (PCs), smart video 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, Internet of Things, industrial, and connected home applications; and flash-based memory wafers.

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