Western Digital Corporation (NASDAQ:WDC) was downgraded by research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Wednesday. They currently have a $95.94 price objective on the data storage provider’s stock. Vetr‘s target price suggests a potential upside of 11.75% from the company’s previous close.
A number of other analysts also recently issued reports on WDC. Stifel Nicolaus restated a “buy” rating and set a $105.00 price target on shares of Western Digital Corporation in a report on Tuesday, April 18th. Zacks Investment Research upgraded shares of Western Digital Corporation from a “hold” rating to a “buy” rating and set a $95.00 price target for the company in a report on Friday, April 21st. Raymond James Financial, Inc. restated an “outperform” rating and set a $96.00 price target on shares of Western Digital Corporation in a report on Tuesday, April 25th. BMO Capital Markets restated a “buy” rating and set a $104.00 price target on shares of Western Digital Corporation in a report on Thursday, April 27th. Finally, Cowen and Company raised their price target on shares of Western Digital Corporation from $90.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, April 28th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the stock. Western Digital Corporation has a consensus rating of “Buy” and an average price target of $104.66.
Western Digital Corporation (NASDAQ:WDC) traded up 2.42% during mid-day trading on Wednesday, hitting $85.85. The company had a trading volume of 4,168,680 shares. The company has a market capitalization of $25.07 billion, a price-to-earnings ratio of 64.07 and a beta of 1.22. Western Digital Corporation has a 52 week low of $44.88 and a 52 week high of $95.77. The firm’s 50 day moving average is $88.23 and its 200 day moving average is $84.54.
Western Digital Corporation (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.51 by $0.42. The business had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.82 billion. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The business’s revenue was up 38.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.79 EPS. On average, equities research analysts predict that Western Digital Corporation will post $12.54 EPS for the current year.
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In other Western Digital Corporation news, COO Michael D. Cordano sold 4,954 shares of Western Digital Corporation stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $94.98, for a total value of $470,530.92. Following the transaction, the chief operating officer now directly owns 66,092 shares in the company, valued at $6,277,418.16. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael D. Cordano sold 11,322 shares of Western Digital Corporation stock in a transaction on Monday, June 12th. The shares were sold at an average price of $85.00, for a total transaction of $962,370.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 130,852 shares of company stock worth $11,558,908. 0.46% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. American Beacon Advisors Inc. acquired a new position in Western Digital Corporation during the first quarter worth approximately $111,000. Acrospire Investment Management LLC acquired a new position in Western Digital Corporation during the first quarter worth approximately $112,000. Reilly Financial Advisors LLC raised its position in Western Digital Corporation by 49.8% in the first quarter. Reilly Financial Advisors LLC now owns 1,383 shares of the data storage provider’s stock worth $114,000 after buying an additional 460 shares in the last quarter. Harbour Capital Advisors LLC acquired a new position in Western Digital Corporation during the first quarter worth approximately $117,000. Finally, SRS Capital Advisors Inc. raised its position in Western Digital Corporation by 26.7% in the first quarter. SRS Capital Advisors Inc. now owns 1,453 shares of the data storage provider’s stock worth $119,000 after buying an additional 306 shares in the last quarter. Institutional investors own 81.91% of the company’s stock.
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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