Western Digital (NASDAQ:WDC) was upgraded by stock analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday.
A number of other research firms have also issued reports on WDC. Guggenheim reiterated a “buy” rating and issued a $125.00 target price on shares of Western Digital in a report on Thursday, February 1st. Cowen set a $117.00 target price on Western Digital and gave the company an “outperform” rating in a report on Tuesday, January 23rd. TheStreet lowered Western Digital from a “b” rating to a “c+” rating in a report on Thursday, January 25th. Vetr downgraded Western Digital from a “strong-buy” rating to a “buy” rating and set a $97.62 price target for the company. in a report on Monday, November 13th. Finally, Morgan Stanley downgraded Western Digital from an “overweight” rating to an “equal weight” rating and set a $120.00 price target for the company. in a report on Monday, November 27th. Twelve analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $111.62.
Western Digital (NASDAQ:WDC) opened at $99.55 on Friday. The stock has a market capitalization of $29,620.00, a price-to-earnings ratio of 15.27, a P/E/G ratio of 0.40 and a beta of 1.11. Western Digital has a fifty-two week low of $71.38 and a fifty-two week high of $100.00. The company has a quick ratio of 2.03, a current ratio of 2.55 and a debt-to-equity ratio of 1.04.
In related news, insider Michael D. Cordano sold 1,401 shares of the business’s stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $85.00, for a total value of $119,085.00. Following the transaction, the insider now owns 70,560 shares in the company, valued at approximately $5,997,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Stephen D. Milligan sold 90,755 shares of the business’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $88.12, for a total value of $7,997,330.60. The disclosure for this sale can be found here. Insiders sold a total of 187,757 shares of company stock worth $16,522,057 in the last 90 days. 0.31% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of the stock. Raymond James Financial Services Advisors Inc. increased its position in Western Digital by 39.6% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 45,293 shares of the data storage provider’s stock worth $3,913,000 after purchasing an additional 12,839 shares during the period. American Century Companies Inc. increased its position in Western Digital by 42.0% during the 3rd quarter. American Century Companies Inc. now owns 208,192 shares of the data storage provider’s stock worth $17,988,000 after purchasing an additional 61,593 shares during the period. Daiwa Securities Group Inc. increased its position in Western Digital by 55.6% during the 3rd quarter. Daiwa Securities Group Inc. now owns 26,206 shares of the data storage provider’s stock worth $2,265,000 after purchasing an additional 9,361 shares during the period. Boston Partners increased its position in Western Digital by 0.3% during the 3rd quarter. Boston Partners now owns 1,046,658 shares of the data storage provider’s stock worth $90,431,000 after purchasing an additional 3,444 shares during the period. Finally, Principal Financial Group Inc. increased its position in Western Digital by 14.9% during the 3rd quarter. Principal Financial Group Inc. now owns 728,019 shares of the data storage provider’s stock worth $62,901,000 after purchasing an additional 94,615 shares during the period. Hedge funds and other institutional investors own 84.02% of the company’s stock.
Western Digital 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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