TD Cowen Cuts Western Digital (NASDAQ:WDC) Price Target to $80.00

Western Digital (NASDAQ:WDC) had its target price cut by TD Cowen from $95.00 to $80.00 in a research report report published on Friday morning, Marketbeat.com reports. They currently have a buy rating on the data storage provider’s stock.

A number of other equities analysts have also recently commented on the stock. StockNews.com raised shares of Western Digital from a sell rating to a hold rating in a research note on Saturday, July 6th. Mizuho increased their price target on shares of Western Digital from $80.00 to $90.00 and gave the company a buy rating in a research report on Friday, May 31st. Cantor Fitzgerald restated an overweight rating and issued a $80.00 price objective on shares of Western Digital in a report on Tuesday, September 10th. Susquehanna decreased their price objective on shares of Western Digital from $88.00 to $75.00 and set a neutral rating for the company in a report on Friday, August 2nd. Finally, Evercore ISI restated an outperform rating and set a $85.00 price objective on shares of Western Digital in a research note on Thursday, August 15th. Six analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $83.05.

Western Digital Stock Performance

NASDAQ WDC opened at $64.09 on Friday. The company’s 50 day moving average is $65.72 and its 200-day moving average is $69.48. Western Digital has a 12-month low of $35.62 and a 12-month high of $81.55. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.53. The firm has a market cap of $20.93 billion, a P/E ratio of -12.90 and a beta of 1.39.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.17. Western Digital had a negative net margin of 3.75% and a negative return on equity of 2.63%. The company had revenue of $3.76 billion for the quarter, compared to analyst estimates of $3.77 billion. Sell-side analysts predict that Western Digital will post 7.75 earnings per share for the current year.

Insiders Place Their Bets

In other Western Digital news, SVP Gene M. Zamiska sold 2,169 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $61.96, for a total transaction of $134,391.24. Following the sale, the senior vice president now owns 32,601 shares in the company, valued at approximately $2,019,957.96. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Western Digital news, SVP Gene M. Zamiska sold 2,169 shares of Western Digital stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $61.96, for a total value of $134,391.24. Following the sale, the senior vice president now directly owns 32,601 shares in the company, valued at approximately $2,019,957.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Gene M. Zamiska sold 417 shares of Western Digital stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $64.89, for a total transaction of $27,059.13. Following the completion of the sale, the senior vice president now owns 28,870 shares in the company, valued at $1,873,374.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,955 shares of company stock worth $1,053,560. Company insiders own 0.28% of the company’s stock.

Institutional Trading of Western Digital

Institutional investors and hedge funds have recently bought and sold shares of the stock. Rise Advisors LLC bought a new stake in shares of Western Digital in the 1st quarter worth about $25,000. Fairfield Financial Advisors LTD bought a new stake in shares of Western Digital in the 2nd quarter worth about $29,000. Fidelis Capital Partners LLC bought a new stake in shares of Western Digital in the 1st quarter worth about $30,000. SOA Wealth Advisors LLC. bought a new stake in shares of Western Digital in the 1st quarter worth about $31,000. Finally, OFI Invest Asset Management bought a new stake in shares of Western Digital in the 2nd quarter worth about $34,000. 92.51% of the stock is currently owned by institutional investors.

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.