Citigroup Lowers Western Digital (WDC) Price Target to $75.00

Western Digital (NASDAQ:WDC) had its price target dropped by analysts at Citigroup from $106.00 to $75.00 in a report issued on Monday. The firm presently has a “buy” rating on the data storage provider’s stock. Citigroup’s target price would indicate a potential upside of 81.29% from the stock’s previous close.

A number of other equities research analysts have also commented on the company. Loop Capital lowered Western Digital from a “buy” rating to a “hold” rating and lowered their price target for the company from $80.00 to $42.00 in a research report on Monday. BMO Capital Markets lowered their price target on Western Digital from $60.00 to $50.00 and set a “market perform” rating for the company in a research report on Friday, October 26th. Wells Fargo & Co lowered their price target on Western Digital from $115.00 to $75.00 and set an “outperform” rating for the company in a research report on Friday, October 26th. Macquarie set a $50.00 price target on Western Digital and gave the company a “hold” rating in a research report on Friday, October 26th. Finally, Cowen lowered their price target on Western Digital from $70.00 to $60.00 and set a “market perform” rating for the company in a research report on Friday, October 26th. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and thirteen have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $85.25.

NASDAQ WDC opened at $41.37 on Monday. The firm has a market capitalization of $12.82 billion, a P/E ratio of 3.06, a P/E/G ratio of 0.22 and a beta of 0.90. Western Digital has a 12 month low of $40.58 and a 12 month high of $106.96. The company has a quick ratio of 1.70, a current ratio of 2.41 and a debt-to-equity ratio of 0.96.

Western Digital declared that its Board of Directors has initiated a share repurchase plan on Thursday, July 26th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the data storage provider to buy up to 22.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

In other news, CFO Mark P. Long sold 2,233 shares of the stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $68.74, for a total transaction of $153,496.42. Following the completion of the transaction, the chief financial officer now owns 191,154 shares in the company, valued at approximately $13,139,925.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark P. Long sold 1,214 shares of the stock in a transaction on Monday, August 6th. The stock was sold at an average price of $67.65, for a total value of $82,127.10. Following the transaction, the chief financial officer now owns 191,154 shares of the company’s stock, valued at approximately $12,931,568.10. The disclosure for this sale can be found here. Insiders sold a total of 7,834 shares of company stock valued at $532,404 in the last 90 days. Corporate insiders own 0.36% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Reliance Trust Co. of Delaware grew its stake in shares of Western Digital by 40.1% during the 3rd quarter. Reliance Trust Co. of Delaware now owns 18,021 shares of the data storage provider’s stock worth $1,055,000 after acquiring an additional 5,156 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. grew its stake in shares of Western Digital by 37.7% during the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 243,123 shares of the data storage provider’s stock worth $14,232,000 after acquiring an additional 66,586 shares during the period. Villere ST Denis J & Co. LLC grew its stake in shares of Western Digital by 31.8% during the 3rd quarter. Villere ST Denis J & Co. LLC now owns 1,349,285 shares of the data storage provider’s stock worth $78,987,000 after acquiring an additional 325,610 shares during the period. Smith Graham & Co. Investment Advisors LP grew its stake in shares of Western Digital by 22.2% during the 3rd quarter. Smith Graham & Co. Investment Advisors LP now owns 118,321 shares of the data storage provider’s stock worth $6,927,000 after acquiring an additional 21,500 shares during the period. Finally, Alethea Capital Management LLC bought a new position in shares of Western Digital during the 3rd quarter worth $374,000. Institutional investors own 83.49% of the company’s stock.

About Western Digital

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance 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, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.

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