Western Digital Corporation (NASDAQ:WDC) was downgraded by research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report released on Monday. They currently have a $97.62 target price on the data storage provider’s stock. Vetr‘s price objective suggests a potential upside of 6.60% from the company’s previous close.
WDC has been the topic of several other reports. Susquehanna Bancshares Inc reissued a “positive” rating on shares of Western Digital Corporation in a research note on Thursday, August 31st. Zacks Investment Research raised shares of Western Digital Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, October 24th. Citigroup Inc. increased their target price on shares of Western Digital Corporation from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. Mizuho reissued a “buy” rating and set a $105.00 target price on shares of Western Digital Corporation in a research note on Sunday, October 8th. Finally, BidaskClub lowered shares of Western Digital Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 12th. Eight equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $113.92.
Shares of Western Digital Corporation (WDC) opened at $91.58 on Monday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.13 and a current ratio of 2.64. Western Digital Corporation has a 12 month low of $57.62 and a 12 month high of $95.77. The stock has a market cap of $26,159.37, a PE ratio of 8.88 and a beta of 1.17.
Western Digital Corporation (NASDAQ:WDC) last posted its earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.01 by $0.55. Western Digital Corporation had a net margin of 7.38% and a return on equity of 26.48%. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.13 billion. During the same period in the prior year, the company posted $1.18 EPS. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. research analysts predict that Western Digital Corporation will post 11.93 earnings per share for the current year.
Western Digital Corporation declared that its Board of Directors has approved a stock buyback plan on Thursday, November 9th that allows the company to repurchase $2.10 billion in shares. This repurchase authorization allows the data storage provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other news, EVP Manish H. Bhatia sold 20,130 shares of Western Digital Corporation stock in a transaction on Friday, August 18th. The shares were sold at an average price of $82.38, for a total transaction of $1,658,309.40. Following the completion of the sale, the executive vice president now directly owns 82,614 shares of the company’s stock, valued at approximately $6,805,741.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Henry T. Denero sold 4,097 shares of Western Digital Corporation stock in a transaction on Monday, October 30th. The stock was sold at an average price of $85.97, for a total transaction of $352,219.09. Following the sale, the director now directly owns 10,834 shares of the company’s stock, valued at $931,398.98. The disclosure for this sale can be found here. Insiders sold a total of 47,135 shares of company stock valued at $4,035,405 in the last three months. 0.31% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new stake in shares of Western Digital Corporation during the 2nd quarter worth $135,000. Huntington National Bank lifted its position in shares of Western Digital Corporation by 7.7% during the 2nd quarter. Huntington National Bank now owns 1,965 shares of the data storage provider’s stock worth $174,000 after purchasing an additional 141 shares during the last quarter. Sun Life Financial INC lifted its position in shares of Western Digital Corporation by 16,215.4% during the 2nd quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock worth $188,000 after purchasing an additional 2,108 shares during the last quarter. Grove Bank & Trust lifted its position in shares of Western Digital Corporation by 33.3% during the 2nd quarter. Grove Bank & Trust now owns 2,199 shares of the data storage provider’s stock worth $195,000 after purchasing an additional 549 shares during the last quarter. Finally, Seven Bridges Advisors LLC lifted its position in shares of Western Digital Corporation by 71.0% during the 2nd quarter. Seven Bridges Advisors LLC now owns 2,243 shares of the data storage provider’s stock worth $199,000 after purchasing an additional 931 shares during the last quarter. 81.77% of the stock is owned by institutional investors and hedge funds.
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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