Research analysts at Wells Fargo & Company began coverage on shares of Western Digital Corporation (NASDAQ:WDC) in a report released on Tuesday. The brokerage set an “outperform” rating on the data storage provider’s stock.
Several other analysts have also recently commented on WDC. Mizuho reissued a “buy” rating and issued a $105.00 price target on shares of Western Digital Corporation in a report on Monday, July 17th. Summit Redstone reaffirmed a “buy” rating on shares of Western Digital Corporation in a report on Saturday, July 22nd. Loop Capital initiated coverage on Western Digital Corporation in a report on Monday, July 24th. They set a “buy” rating and a $140.00 price objective for the company. Cowen and Company reaffirmed an “outperform” rating and set a $117.00 price objective on shares of Western Digital Corporation in a report on Tuesday, July 25th. Finally, Vetr raised Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $104.96 price objective for the company in a report on Wednesday, July 26th. Eight analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $113.92.
Western Digital Corporation (NASDAQ WDC) traded down $0.48 on Tuesday, hitting $88.44. The stock had a trading volume of 2,144,500 shares, compared to its average volume of 4,144,036. The company has a quick ratio of 2.13, a current ratio of 2.64 and a debt-to-equity ratio of 1.07. The firm has a market cap of $27,030.00, a PE ratio of 8.93 and a beta of 1.17. Western Digital Corporation has a 1-year low of $57.62 and a 1-year high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 EPS for the quarter, beating the consensus estimate of $3.01 by $0.55. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.13 billion. Western Digital Corporation had a return on equity of 26.48% and a net margin of 7.38%. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period last year, the firm earned $1.18 EPS. sell-side analysts expect that Western Digital Corporation will post 11.93 EPS for the current fiscal year.
Western Digital Corporation declared that its Board of Directors has approved a share buyback program 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 programs are typically an indication that the company’s board of directors believes its stock is undervalued.
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In related news, CFO Mark P. Long sold 4,467 shares of the business’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $88.13, for a total value of $393,676.71. Following the transaction, the chief financial officer now owns 88,384 shares in the company, valued at $7,789,281.92. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael D. Cordano sold 1,397 shares of the business’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $88.13, for a total value of $123,117.61. Following the completion of the transaction, the insider now owns 70,556 shares in the company, valued at approximately $6,218,100.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,233 shares of company stock worth $4,298,735. 0.31% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. Quantbot Technologies LP acquired a new position in shares of Western Digital Corporation in the second quarter worth about $135,000. Huntington National Bank lifted its stake in shares of 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 worth $174,000 after acquiring an additional 141 shares in the last quarter. Sun Life Financial INC lifted its stake in shares of 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 worth $188,000 after acquiring an additional 2,108 shares in the last quarter. Grove Bank & Trust lifted its stake in shares of Western Digital Corporation by 33.3% in the second quarter. Grove Bank & Trust now owns 2,199 shares of the data storage provider’s stock worth $195,000 after acquiring an additional 549 shares in the last quarter. Finally, Seven Bridges Advisors LLC lifted its stake in shares of Western Digital Corporation by 71.0% in the second quarter. Seven Bridges Advisors LLC now owns 2,243 shares of the data storage provider’s stock worth $199,000 after acquiring an additional 931 shares in the last quarter. Institutional investors and hedge funds own 81.77% of the company’s stock.
About Western Digital Corporation
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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