Western Digital (NASDAQ:WDC)‘s stock had its “buy” rating restated by Evercore ISI in a report released on Wednesday. They currently have a $130.00 price target on the data storage provider’s stock. Evercore ISI’s price objective suggests a potential upside of 57.31% from the company’s previous close.
A number of other analysts also recently weighed in on WDC. Citigroup reaffirmed a “buy” rating and issued a $115.00 target price on shares of Western Digital in a research report on Wednesday. Benchmark reissued a “buy” rating and set a $130.00 price objective on shares of Western Digital in a research report on Wednesday. Cowen reissued a “buy” rating on shares of Western Digital in a research report on Wednesday. Jefferies Group reissued a “hold” rating and set a $90.00 price objective on shares of Western Digital in a research report on Friday, August 18th. Finally, BidaskClub raised shares of Western Digital from a “sell” rating to a “hold” rating in a research report on Wednesday. Nine analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and three have given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $113.10.
Western Digital (WDC) opened at $82.64 on Wednesday. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.64 and a quick ratio of 2.13. Western Digital has a 1-year low of $66.80 and a 1-year high of $95.77. The company has a market cap of $24,186.47, a price-to-earnings ratio of 8.21 and a beta of 1.10.
Western Digital announced that its board has initiated a stock repurchase plan on Thursday, November 9th that authorizes the company to buyback $2.10 billion in outstanding shares. This buyback authorization authorizes the data storage provider to buy shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
In related news, Director Henry T. Denero sold 4,097 shares of the firm’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $85.97, for a total value of $352,219.09. Following the completion of the transaction, the director now directly owns 10,834 shares of the company’s stock, valued at $931,398.98. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Michael D. Cordano sold 9,404 shares of the firm’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $88.71, for a total transaction of $834,228.84. Following the completion of the transaction, the insider now directly owns 75,385 shares of the company’s stock, valued at $6,687,403.35. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,042 shares of company stock worth $2,116,143. Company insiders own 0.31% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Capital World Investors bought a new stake in shares of Western Digital during the second quarter worth $1,019,202,000. Vanguard Group Inc. lifted its position in shares of Western Digital by 4.2% during the second quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock worth $2,652,936,000 after purchasing an additional 1,201,394 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Western Digital by 140.4% during the second quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock worth $176,746,000 after purchasing an additional 1,164,954 shares during the last quarter. Schroder Investment Management Group lifted its position in shares of Western Digital by 24,087.4% during the second quarter. Schroder Investment Management Group now owns 902,431 shares of the data storage provider’s stock worth $82,709,000 after purchasing an additional 898,700 shares during the last quarter. Finally, Discovery Capital Management LLC CT lifted its position in shares of Western Digital by 98.9% during the second quarter. Discovery Capital Management LLC CT now owns 1,576,089 shares of the data storage provider’s stock worth $139,641,000 after purchasing an additional 783,589 shares during the last quarter. 83.99% of the stock is owned by institutional investors.
About Western Digital
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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