Western Digital Corporation (NASDAQ:WDC) was downgraded by stock analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research report issued on Monday. They currently have a $98.49 target price on the data storage provider’s stock. Vetr‘s price target would suggest a potential upside of 12.06% from the stock’s current price.
Other research analysts have also issued research reports about the company. UBS AG reiterated a “neutral” rating and issued a $92.00 price target (up previously from $90.00) on shares of Western Digital Corporation in a research report on Wednesday, June 28th. BidaskClub upgraded Western Digital Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, October 17th. Jefferies Group LLC reiterated a “hold” rating and issued a $90.00 price target on shares of Western Digital Corporation in a research report on Friday, August 18th. J P Morgan Chase & Co reiterated an “overweight” rating on shares of Western Digital Corporation in a research report on Tuesday, August 1st. Finally, Citigroup Inc. set a $110.00 price target on Western Digital Corporation and gave the stock a “buy” rating in a research report on Monday, August 21st. Ten equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $111.50.
Shares of Western Digital Corporation (WDC) opened at 87.89 on Monday. Western Digital Corporation has a one year low of $53.14 and a one year high of $95.77. The stock has a market capitalization of $25.92 billion, a PE ratio of 65.59 and a beta of 1.24. The company’s 50-day moving average price is $86.55 and its 200 day moving average price is $87.71.
Western Digital Corporation (NASDAQ:WDC) last issued its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.51 by $0.42. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The firm had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same period in the previous year, the firm posted $0.79 earnings per share. The business’s revenue was up 38.5% compared to the same quarter last year. Analysts anticipate that Western Digital Corporation will post $12.40 EPS for the current year.
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In other news, insider Mark P. Long sold 1,446 shares of the business’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $87.63, for a total transaction of $126,712.98. Following the sale, the insider now directly owns 86,939 shares of the company’s stock, valued at $7,618,464.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Manish H. Bhatia sold 20,130 shares of the business’s stock in a transaction on Friday, August 18th. The shares were sold at an average price of $82.38, for a total transaction of $1,658,309.40. Following the sale, the executive vice president now directly owns 82,614 shares in the company, valued at $6,805,741.32. The disclosure for this sale can be found here. Insiders have sold 77,679 shares of company stock worth $6,561,639 over the last three months. Corporate insiders own 0.31% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. American Beacon Advisors Inc. purchased a new stake in Western Digital Corporation in the first quarter valued at $111,000. Harbour Capital Advisors LLC purchased a new stake in Western Digital Corporation in the first quarter valued at $117,000. Quantbot Technologies LP purchased a new stake in Western Digital Corporation in the second quarter valued at $135,000. Huntington National Bank boosted its holdings in Western Digital Corporation by 7.7% in the second quarter. Huntington National Bank now owns 1,965 shares of the data storage provider’s stock valued at $174,000 after purchasing an additional 141 shares during the last quarter. Finally, Sun Life Financial INC boosted its holdings in Western Digital Corporation by 16,215.4% in the second quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock valued at $188,000 after purchasing an additional 2,108 shares during the last quarter. 82.58% of the stock is currently owned by hedge funds and other institutional investors.
Western Digital Corporation Company Profile
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).
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