Western Digital’s (WDC) “Outperform” Rating Reiterated at Evercore ISI

Evercore ISI reissued their outperform rating on shares of Western Digital (NASDAQ:WDC) in a report released on Thursday morning, Benzinga reports. Evercore ISI currently has a $85.00 target price on the data storage provider’s stock.

A number of other research analysts have also weighed in on the company. Bank of America raised their target price on Western Digital from $75.00 to $85.00 and gave the company a buy rating in a report on Wednesday, April 17th. Mizuho lifted their price objective on shares of Western Digital from $80.00 to $90.00 and gave the stock a buy rating in a report on Friday, May 31st. Rosenblatt Securities reiterated a buy rating and issued a $115.00 target price on shares of Western Digital in a report on Thursday, August 1st. Morgan Stanley raised their price target on shares of Western Digital from $83.00 to $86.00 and gave the company an overweight rating in a research report on Friday, April 26th. Finally, Cantor Fitzgerald reaffirmed an overweight rating and issued a $100.00 price objective on shares of Western Digital in a research report on Thursday, August 1st. Six equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $84.18.

Western Digital Trading Up 0.9 %

WDC opened at $64.05 on Thursday. The firm has a market capitalization of $20.91 billion, a PE ratio of -12.89 and a beta of 1.37. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.41 and a quick ratio of 0.83. Western Digital has a fifty-two week low of $35.62 and a fifty-two week high of $81.55. The company’s 50-day moving average is $71.58 and its 200 day moving average is $68.44.

Insider Activity

In related news, EVP Robert Soderbery sold 26,853 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $73.48, for a total value of $1,973,158.44. Following the completion of the transaction, the executive vice president now directly owns 144,623 shares of the company’s stock, valued at approximately $10,626,898.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Western Digital news, EVP Robert Soderbery sold 26,853 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $73.48, for a total value of $1,973,158.44. Following the completion of the transaction, the executive vice president now owns 144,623 shares in the company, valued at approximately $10,626,898.04. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Gene M. Zamiska sold 416 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $71.88, for a total value of $29,902.08. Following the sale, the senior vice president now owns 30,321 shares in the company, valued at $2,179,473.48. The disclosure for this sale can be found here. Insiders have sold a total of 39,642 shares of company stock valued at $2,714,014 over the last quarter. Company insiders own 0.28% of the company’s stock.

Hedge Funds Weigh In On Western Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quarry LP boosted its position in shares of Western Digital by 154.2% during the 2nd quarter. Quarry LP now owns 760 shares of the data storage provider’s stock valued at $58,000 after acquiring an additional 461 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Western Digital by 10.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,265 shares of the data storage provider’s stock valued at $247,000 after purchasing an additional 310 shares during the last quarter. Creative Planning grew its stake in Western Digital by 21.0% in the 2nd quarter. Creative Planning now owns 40,573 shares of the data storage provider’s stock worth $3,074,000 after buying an additional 7,037 shares in the last quarter. Shellback Capital LP increased its holdings in shares of Western Digital by 31.4% in the 2nd quarter. Shellback Capital LP now owns 278,079 shares of the data storage provider’s stock worth $21,070,000 after buying an additional 66,453 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in shares of Western Digital by 539.5% during the 2nd quarter. Mackenzie Financial Corp now owns 180,677 shares of the data storage provider’s stock valued at $13,690,000 after buying an additional 152,423 shares in the last quarter. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

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.