New Buy Rating for Western Digital (WDC), the Technology Giant

In a report released today, Erik Woodring from Morgan Stanley reiterated a Buy rating on Western Digital, with a price target of $380.00.

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Woodring covers the Technology sector, focusing on stocks such as HP, Western Digital, and Dell Technologies. According to TipRanks, Woodring has an average return of 19.0% and a 59.84% success rate on recommended stocks.

Currently, the analyst consensus on Western Digital is a Strong Buy with an average price target of $327.78.

Based on Western Digital’s latest earnings release for the quarter ending January 2, the company reported a quarterly revenue of $3.02 billion and a net profit of $1.84 billion. In comparison, last year the company earned a revenue of $4.29 billion and had a net profit of $594 million

Based on the recent corporate insider activity of 112 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of WDC in relation to earlier this year. Last month, Vidyadhara K Gubbi, the Chief of Global Operations of WDC sold 8,518.00 shares for a total of $2,174,815.76.