Western Digital (NASDAQ:WDC)‘s stock had its “buy” rating reaffirmed by Longbow Research in a report released on Tuesday, TipRanks reports.
Other equities analysts have also issued reports about the company. Cascend Securities boosted their target price on Western Digital from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Barclays began coverage on Western Digital in a research report on Wednesday, August 7th. They set an “equal weight” rating and a $53.00 target price for the company. Goldman Sachs Group set a $54.00 target price on Western Digital and gave the stock a “hold” rating in a research report on Sunday, July 21st. Cowen restated a “market perform” rating and set a $45.00 target price (up from $40.00) on shares of Western Digital in a research report on Thursday, August 1st. Finally, Maxim Group set a $126.00 target price on Western Digital and gave the stock a “buy” rating in a research report on Friday, September 6th. Four analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and fourteen have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $60.58.
Shares of Western Digital stock traded down $0.31 during trading on Tuesday, hitting $59.15. 1,854,130 shares of the company were exchanged, compared to its average volume of 4,000,710. The firm has a market capitalization of $17.68 billion, a P/E ratio of 15.52, a price-to-earnings-growth ratio of 16.35 and a beta of 1.85. Western Digital has a 1-year low of $33.83 and a 1-year high of $65.31. The firm’s fifty day moving average price is $59.78 and its 200 day moving average price is $51.42. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.22 and a quick ratio of 1.36.
Western Digital (NASDAQ:WDC) last posted its earnings results on Wednesday, July 31st. The data storage provider reported $0.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.22. The company had revenue of $3.63 billion during the quarter, compared to analyst estimates of $3.67 billion. Western Digital had a positive return on equity of 10.73% and a negative net margin of 4.55%. The company’s revenue for the quarter was down 29.0% compared to the same quarter last year. During the same period in the previous year, the company earned $3.61 EPS. As a group, equities research analysts anticipate that Western Digital will post 1.81 earnings per share for the current year.
In other Western Digital news, EVP Lori S. Sundberg sold 3,442 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $56.82, for a total transaction of $195,574.44. Following the completion of the transaction, the executive vice president now owns 29,312 shares of the company’s stock, valued at approximately $1,665,507.84. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Michael Charles Ray sold 87,053 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $59.96, for a total value of $5,219,697.88. Following the transaction, the executive vice president now directly owns 112,480 shares of the company’s stock, valued at approximately $6,744,300.80. The disclosure for this sale can be found here. 0.44% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the business. Optimum Investment Advisors raised its stake in shares of Western Digital by 138.7% during the 3rd quarter. Optimum Investment Advisors now owns 7,400 shares of the data storage provider’s stock worth $441,000 after purchasing an additional 4,300 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Western Digital by 15.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 141,433 shares of the data storage provider’s stock worth $8,435,000 after purchasing an additional 18,719 shares in the last quarter. TCI Wealth Advisors Inc. raised its stake in shares of Western Digital by 62.1% during the 3rd quarter. TCI Wealth Advisors Inc. now owns 488 shares of the data storage provider’s stock worth $29,000 after purchasing an additional 187 shares in the last quarter. Enlightenment Research LLC bought a new stake in shares of Western Digital during the 3rd quarter worth approximately $227,000. Finally, Advisor Partners LLC raised its stake in shares of Western Digital by 34.2% during the 3rd quarter. Advisor Partners LLC now owns 8,466 shares of the data storage provider’s stock worth $505,000 after purchasing an additional 2,157 shares in the last quarter. 85.93% of the stock is owned by hedge funds and other 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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