Western Digital (NASDAQ:WDC) Stock Rating Lowered by ValuEngine

Western Digital (NASDAQ:WDC) was downgraded by equities researchers at ValuEngine from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, ValuEngine reports.

Several other analysts also recently weighed in on WDC. Wells Fargo & Co restated a “buy” rating on shares of Western Digital in a research note on Monday. Mizuho upped their price target on Western Digital from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. UBS Group set a $63.00 price target on Western Digital and gave the stock a “hold” rating in a research note on Tuesday, September 10th. Maxim Group set a $126.00 price target on Western Digital and gave the stock a “buy” rating in a research note on Friday, September 6th. Finally, BidaskClub downgraded Western Digital from a “buy” rating to a “hold” rating in a research note on Thursday, December 5th. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $62.40.

WDC stock opened at $53.73 on Wednesday. Western Digital has a fifty-two week low of $33.83 and a fifty-two week high of $65.31. The business’s 50 day moving average price is $52.13 and its two-hundred day moving average price is $52.37. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.22 and a current ratio of 1.98. The company has a market capitalization of $15.19 billion, a price-to-earnings ratio of 14.10, a price-to-earnings-growth ratio of 15.57 and a beta of 1.79.

Western Digital (NASDAQ:WDC) last posted its earnings results on Wednesday, October 30th. The data storage provider reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.41. Western Digital had a positive return on equity of 3.28% and a negative net margin of 9.89%. The firm had revenue of $4.04 billion for the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter in the prior year, the business earned $3.04 EPS. The business’s revenue for the quarter was down 19.6% on a year-over-year basis. Sell-side analysts forecast that Western Digital will post 1.64 earnings per share for the current year.

In related news, Director Matthew E. Massengill sold 3,110 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $52.17, for a total value of $162,248.70. Following the transaction, the director now directly owns 22,387 shares of the company’s stock, valued at approximately $1,167,929.79. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Michael D. Cordano sold 4,640 shares of the firm’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $55.35, for a total value of $256,824.00. Following the completion of the transaction, the chief operating officer now directly owns 281,344 shares in the company, valued at $15,572,390.40. The disclosure for this sale can be found here. Insiders have sold a total of 13,375 shares of company stock worth $728,504 over the last three months. Insiders own 0.44% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. JS Capital Management LLC bought a new position in Western Digital in the 3rd quarter worth $393,000. Metropolitan Life Insurance Co NY raised its holdings in Western Digital by 1.4% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 44,777 shares of the data storage provider’s stock worth $2,671,000 after purchasing an additional 607 shares during the period. Partner Investment Management L.P. bought a new position in Western Digital in the 3rd quarter worth $1,570,000. National Pension Service raised its holdings in Western Digital by 5.4% in the 3rd quarter. National Pension Service now owns 376,157 shares of the data storage provider’s stock worth $22,434,000 after purchasing an additional 19,327 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in Western Digital in the 3rd quarter worth $16,969,000. 84.52% of the stock is currently owned by institutional investors.

About Western Digital

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Western Digital (NASDAQ:WDC)

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