Western Digital Corp. (NASDAQ:WDC) had its price target upped by stock analysts at Maxim Group from $85.00 to $88.00 in a research note issued on Wednesday. The brokerage presently has a “buy” rating on the data storage provider’s stock. Maxim Group’s target price points to a potential upside of 55.42% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. Longbow Research upgraded shares of Western Digital Corp. from a “neutral” rating to a “buy” rating and set a $70.00 target price for the company in a research note on Tuesday, September 13th. Susquehanna reiterated a “buy” rating and set a $80.00 target price on shares of Western Digital Corp. in a research note on Friday, October 7th. Vetr cut shares of Western Digital Corp. from a “strong-buy” rating to a “buy” rating and set a $51.50 target price for the company. in a research note on Monday, August 29th. Mizuho cut their target price on shares of Western Digital Corp. from $56.00 to $54.00 and set a “buy” rating for the company in a research note on Thursday, August 25th. Finally, Argus reiterated a “buy” rating and set a $60.00 target price on shares of Western Digital Corp. in a research note on Saturday, September 10th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $65.42.

Analyst Recommendations for Western Digital Corp. (NASDAQ:WDC)

Western Digital Corp. (NASDAQ:WDC) opened at 56.62 on Wednesday. The stock has a 50 day moving average of $53.35 and a 200-day moving average of $47.32. Western Digital Corp. has a 52 week low of $34.99 and a 52 week high of $86.39. The stock has a market cap of $16.10 billion, a P/E ratio of 56.62 and a beta of 1.28.

Western Digital Corp. (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, July 28th. The data storage provider reported $0.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.08. The business earned $3.50 billion during the quarter, compared to the consensus estimate of $3.44 billion. Western Digital Corp. had a net margin of 1.98% and a return on equity of 12.42%. Western Digital Corp.’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.51 EPS. Analysts forecast that Western Digital Corp. will post $4.60 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be paid a $0.50 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $2.00 annualized dividend and a dividend yield of 3.53%. Western Digital Corp.’s dividend payout ratio is presently 158.73%.

In other Western Digital Corp. news, insider Michael D. Cordano sold 7,185 shares of Western Digital Corp. stock in a transaction on Wednesday, September 21st. The shares were sold at an average price of $54.50, for a total transaction of $391,582.50. Following the completion of the transaction, the insider now directly owns 82,988 shares of the company’s stock, valued at $4,522,846. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Michael Charles Ray sold 6,183 shares of Western Digital Corp. stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $60.00, for a total transaction of $370,980.00. Following the transaction, the executive vice president now directly owns 42,941 shares of the company’s stock, valued at $2,576,460. The disclosure for this sale can be found here. 0.46% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in WDC. Edmond DE Rothschild Holding S.A. boosted its stake in shares of Western Digital Corp. by 84.7% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 2,180 shares of the data storage provider’s stock worth $103,000 after buying an additional 1,000 shares during the last quarter. Checchi Capital Advisers LLC boosted its stake in shares of Western Digital Corp. by 5.1% in the second quarter. Checchi Capital Advisers LLC now owns 2,197 shares of the data storage provider’s stock worth $104,000 after buying an additional 107 shares during the last quarter. Amica Retiree Medical Trust boosted its stake in shares of Western Digital Corp. by 28.9% in the second quarter. Amica Retiree Medical Trust now owns 2,203 shares of the data storage provider’s stock worth $104,000 after buying an additional 494 shares during the last quarter. Cornerstone Advisors Inc. boosted its stake in shares of Western Digital Corp. by 5.7% in the second quarter. Cornerstone Advisors Inc. now owns 2,245 shares of the data storage provider’s stock worth $106,000 after buying an additional 121 shares during the last quarter. Finally, Americafirst Capital Management LLC acquired a new stake in shares of Western Digital Corp. during the second quarter worth about $108,000. 86.77% of the stock is owned by institutional investors.

Western Digital Corp. Company Profile

Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. The Company’s product portfolio includes hard disk drives (HDDs), solid-state drives, direct attached storage solutions, personal cloud network attached storage solutions, and public and private cloud data center storage solutions.

5 Day Chart for NASDAQ:WDC

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