Goldman Sachs Holds Western Digital at $615 as Revenue Surges
Analyst James Schneider at Goldman Sachs has maintained his Hold rating on Western Digital (WDC) and set a price target of $615.00. This was announced yesterday, with WDC's shares closing at $519.17.
The company reported strong quarterly revenue of $3.34 billion and net profit of $3.21 billion in the quarter ending April 3. This is a significant increase from last year's earnings of $2.29 billion in revenue and $524 million in net profit.
However, corporate insider activity shows a negative sentiment on the stock. Over the past quarter, there has been an increase in insiders selling their shares compared to earlier this year. Recently, Vidyadhara K Gubbi, Chief of Global Operations at WDC, sold 2,475 shares for $1,376,694.
Not all analysts are bearish on Western Digital, as Barclays maintained a Buy rating and contradicted Goldman Sachs' Hold recommendation.