Western Digital Corp. (NASDAQ:WDC) was downgraded by equities research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report released on Monday. They currently have a $67.67 price objective on the data storage provider’s stock. Vetr‘s target price suggests a potential upside of 11.06% from the company’s current price.

Several other analysts have also recently commented on WDC. Susquehanna restated a “positive” rating and set a $80.00 price target on shares of Western Digital Corp. in a report on Saturday, August 13th. Mizuho restated a “buy” rating and set a $60.00 price target on shares of Western Digital Corp. in a report on Friday, September 23rd. Zacks Investment Research upgraded shares of Western Digital Corp. from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a report on Wednesday, October 19th. Needham & Company LLC raised their price target on shares of Western Digital Corp. from $67.00 to $69.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 27th. Finally, Barclays PLC restated an “overweight” rating on shares of Western Digital Corp. in a report on Thursday, October 27th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $67.84.

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

Shares of Western Digital Corp. (NASDAQ:WDC) opened at 60.93 on Monday. The company’s 50-day moving average is $56.89 and its 200-day moving average is $49.67. The firm’s market capitalization is $17.39 billion. Western Digital Corp. has a 12-month low of $34.99 and a 12-month high of $64.73.

Western Digital Corp. (NASDAQ:WDC) last announced its earnings results on Wednesday, October 26th. The data storage provider reported $1.18 EPS for the quarter, topping the consensus estimate of $1.05 by $0.13. Western Digital Corp. had a negative net margin of 2.73% and a positive return on equity of 11.74%. The company earned $4.71 billion during the quarter, compared to analysts’ expectations of $4.51 billion. During the same period last year, the company posted $1.56 earnings per share. The business’s revenue for the quarter was up 40.3% on a year-over-year basis. On average, equities analysts forecast that Western Digital Corp. will post $6.62 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 17th. Investors of record on Friday, December 30th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, December 28th. This represents a $2.00 dividend on an annualized basis and a yield of 3.28%. Western Digital Corp.’s payout ratio is -162.60%.

In other news, EVP Michael Charles Ray sold 1,000 shares of the stock in a transaction that occurred on Monday, November 14th. The stock was sold at an average price of $60.00, for a total value of $60,000.00. Following the completion of the sale, the executive vice president now owns 41,405 shares of the company’s stock, valued at approximately $2,484,300. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Matthew E. Massengill sold 2,187 shares of the stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $57.31, for a total value of $125,336.97. Following the completion of the sale, the director now directly owns 15,579 shares of the company’s stock, valued at approximately $892,832.49. The disclosure for this sale can be found here. Corporate insiders own 0.46% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc increased its stake in Western Digital Corp. by 7.4% in the first quarter. Legal & General Group Plc now owns 1,027,165 shares of the data storage provider’s stock valued at $48,521,000 after buying an additional 71,094 shares during the last quarter. LPL Financial LLC increased its stake in Western Digital Corp. by 55.9% in the first quarter. LPL Financial LLC now owns 50,065 shares of the data storage provider’s stock valued at $2,209,000 after buying an additional 17,949 shares during the last quarter. Babson Capital Management LLC increased its stake in Western Digital Corp. by 157.7% in the first quarter. Babson Capital Management LLC now owns 29,903 shares of the data storage provider’s stock valued at $1,413,000 after buying an additional 18,300 shares during the last quarter. Arizona State Retirement System increased its stake in Western Digital Corp. by 1.0% in the first quarter. Arizona State Retirement System now owns 88,300 shares of the data storage provider’s stock valued at $4,171,000 after buying an additional 900 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. increased its stake in Western Digital Corp. by 282.9% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 13,984 shares of the data storage provider’s stock valued at $660,000 after buying an additional 10,332 shares during the last quarter. 87.28% 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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