Western Digital Corporation (NASDAQ:WDC)‘s stock had its “buy” rating reissued by research analysts at Royal Bank Of Canada in a note issued to investors on Tuesday. They presently have a $115.00 price objective on the data storage provider’s stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 31.61% from the company’s previous close.
Several other research analysts have also recently weighed in on WDC. Benchmark Co. restated a “buy” rating and issued a $135.00 price objective on shares of Western Digital Corporation in a research report on Wednesday, May 24th. Maxim Group reiterated a “buy” rating and set a $108.00 price target on shares of Western Digital Corporation in a research report on Wednesday, June 21st. Aegis reissued a “buy” rating and set a $130.00 price objective on shares of Western Digital Corporation in a research note on Monday, July 3rd. Stifel Nicolaus reissued a “buy” rating on shares of Western Digital Corporation in a research note on Wednesday, May 24th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $90.00 price objective on shares of Western Digital Corporation in a research note on Wednesday, June 28th. Seven research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $111.34.
Western Digital Corporation (NASDAQ:WDC) traded up 2.03% during trading on Tuesday, reaching $89.15. 2,631,025 shares of the company were exchanged. Western Digital Corporation has a one year low of $51.52 and a one year high of $95.77. The stock has a market capitalization of $26.03 billion, a price-to-earnings ratio of 66.53 and a beta of 1.21. The firm’s 50 day moving average price is $86.54 and its 200-day moving average price is $85.89.
Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.51 by $0.42. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The business had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same period in the prior year, the firm earned $0.79 earnings per share. The company’s revenue was up 38.5% compared to the same quarter last year. On average, equities research analysts predict that Western Digital Corporation will post $12.54 earnings per share for the current year.
In other Western Digital Corporation news, CFO Mark P. Long sold 1,517 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $80.97, for a total value of $122,831.49. Following the transaction, the chief financial officer now owns 88,207 shares of the company’s stock, valued at approximately $7,142,120.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark P. Long sold 17,028 shares of the company’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $93.84, for a total value of $1,597,907.52. Following the completion of the transaction, the chief financial officer now directly owns 53,551 shares in the company, valued at approximately $5,025,225.84. The disclosure for this sale can be found here. Insiders sold a total of 133,445 shares of company stock worth $11,728,114 in the last ninety days. 0.46% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the business. American Beacon Advisors Inc. bought a new position in Western Digital Corporation in the 1st quarter valued at $111,000. Acrospire Investment Management LLC bought a new position in Western Digital Corporation in the 1st quarter valued at $112,000. Harbour Capital Advisors LLC bought a new position in Western Digital Corporation in the 1st quarter valued at $117,000. SRS Capital Advisors Inc. grew its position in Western Digital Corporation by 26.7% in the 1st quarter. SRS Capital Advisors Inc. now owns 1,453 shares of the data storage provider’s stock valued at $119,000 after acquiring an additional 306 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in Western Digital Corporation in the 2nd quarter valued at $135,000. 82.44% of the stock is currently owned by 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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