Western Digital Corporation (WDC) Stock Rating Upgraded by Zacks Investment Research
Western Digital Corporation (NASDAQ:WDC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Western Digital reported impressive fourth-quarter fiscal 2017 results. The results benefited from strong demand for both hard drive and NAND-based products from all categories of customers, largely driven by cloud and mobility based applications. The company is also significantly gaining from the synergies related to the SanDisk and HGST acquisitions. However, the company provided weak first-quarter fiscal 2018 guidance that reflects weak PC shipment as well as intensifying competition in the hard-drive disk (HDD) market. Moreover, the ongoing feud with Toshiba related to the sale of its stake in the NAND flash joint venture is a concern for Western Digital. Nevertheless, we note that Western Digital shares outperformed the industry on a year-to-date basis. We are encouraged by the company’s launch of a string of storage devices under the mobile and cloud segment, which will provide significant growth opportunity going forward.”
Other equities research analysts have also issued research reports about the stock. Mizuho reaffirmed a “buy” rating and issued a $92.00 target price on shares of Western Digital Corporation in a report on Wednesday, April 12th. Vetr lowered shares of Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $94.27 target price on the stock. in a report on Monday, April 24th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $105.00 target price on shares of Western Digital Corporation in a report on Tuesday, April 18th. BMO Capital Markets reaffirmed a “buy” rating and issued a $104.00 target price on shares of Western Digital Corporation in a report on Thursday, April 27th. Finally, Bank of America Corporation raised shares of Western Digital Corporation from a “neutral” rating to a “buy” rating in a report on Friday, April 28th. Eight research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $104.93.
Western Digital Corporation (NASDAQ:WDC) traded up 0.13% during mid-day trading on Wednesday, hitting $84.62. The stock had a trading volume of 1,046,546 shares. The company has a 50 day moving average price of $90.61 and a 200-day moving average price of $84.10. Western Digital Corporation has a one year low of $43.09 and a one year high of $95.77. The company has a market cap of $24.71 billion, a price-to-earnings ratio of 63.15 and a beta of 1.22.
Western Digital Corporation (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.51 by $0.42. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The company had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter in the prior year, the company posted $0.79 EPS. The business’s revenue was up 38.5% on a year-over-year basis. Equities analysts expect that Western Digital Corporation will post $12.54 earnings per share for the current fiscal year.
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In other news, insider Michael D. Cordano sold 4,959 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $90.34, for a total transaction of $447,996.06. Following the completion of the transaction, the insider now directly owns 60,830 shares of the company’s stock, valued at approximately $5,495,382.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Charles Ray sold 524 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $92.30, for a total transaction of $48,365.20. The disclosure for this sale can be found here. Insiders have sold a total of 95,028 shares of company stock valued at $8,592,642 over the last ninety days. Company insiders own 0.46% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Iridian Asset Management LLC CT boosted its position in shares of Western Digital Corporation by 244.0% in the first quarter. Iridian Asset Management LLC CT now owns 5,541,511 shares of the data storage provider’s stock valued at $457,341,000 after buying an additional 3,930,465 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Western Digital Corporation by 4.5% in the first quarter. Vanguard Group Inc. now owns 28,741,455 shares of the data storage provider’s stock valued at $2,372,032,000 after buying an additional 1,250,528 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Western Digital Corporation by 179.3% in the first quarter. Alliancebernstein L.P. now owns 1,619,954 shares of the data storage provider’s stock valued at $133,695,000 after buying an additional 1,040,028 shares in the last quarter. Villere ST Denis J & Co. LLC acquired a new position in shares of Western Digital Corporation during the first quarter valued at $84,484,000. Finally, UBS Asset Management Americas Inc. boosted its position in shares of Western Digital Corporation by 52.2% in the first quarter. UBS Asset Management Americas Inc. now owns 2,393,005 shares of the data storage provider’s stock valued at $197,495,000 after buying an additional 821,155 shares in the last quarter. 82.57% of the stock is owned by institutional investors.
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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