Western Digital Corporation (WDC) Stock Rating Upgraded by ValuEngine
Western Digital Corporation (NASDAQ:WDC) was upgraded by ValuEngine from a “buy” rating to a “strong-buy” rating in a note issued to investors on Monday.
A number of other research firms have also recently commented on WDC. UBS AG reaffirmed a “neutral” rating and issued a $92.00 target price (up previously from $90.00) on shares of Western Digital Corporation in a research report on Wednesday, June 28th. Jefferies Group LLC reaffirmed a “hold” rating and set a $90.00 target price on shares of Western Digital Corporation in a research note on Friday, August 18th. J P Morgan Chase & Co reiterated an “overweight” rating on shares of Western Digital Corporation in a research report on Tuesday, August 1st. Robert W. Baird cut shares of Western Digital Corporation from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $120.00 to $93.00 in a research report on Monday. Finally, BidaskClub downgraded shares of Western Digital Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 12th. 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 two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $111.44.
Shares of Western Digital Corporation (NASDAQ WDC) opened at 83.00 on Monday. The stock has a market cap of $24.47 billion, a price-to-earnings ratio of 61.94 and a beta of 1.24. Western Digital Corporation has a 1-year low of $52.10 and a 1-year high of $95.77. The firm has a 50-day moving average price of $87.21 and a 200-day moving average price of $87.10. Western Digital Corporation also was the target of some unusual options trading on Monday. Investors bought 6,330 call options on the stock. This is an increase of approximately 292% compared to the average volume of 1,613 call options.
Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.51 by $0.42. The business had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The company’s revenue was up 38.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.79 EPS. Equities analysts forecast that Western Digital Corporation will post $12.38 EPS for the current year.
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In other Western Digital Corporation news, insider Mark P. Long sold 28,585 shares of the business’s stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $94.24, for a total value of $2,693,850.40. Following the transaction, the insider now directly owns 53,551 shares of the company’s stock, valued at approximately $5,046,646.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark P. Long sold 1,517 shares of the business’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $80.97, for a total transaction of $122,831.49. Following the completion of the transaction, the chief financial officer now directly owns 88,207 shares in the company, valued at $7,142,120.79. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 128,246 shares of company stock valued at $11,323,928. 0.31% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Arizona State Retirement System boosted its holdings in shares of Western Digital Corporation by 1.0% in the first quarter. Arizona State Retirement System now owns 71,313 shares of the data storage provider’s stock valued at $5,885,000 after acquiring an additional 700 shares in the last quarter. Buckingham Capital Management Inc. acquired a new position in shares of Western Digital Corporation during the second quarter worth about $1,754,000. Korea Investment CORP increased its stake in shares of Western Digital Corporation by 14.7% during the second quarter. Korea Investment CORP now owns 595,049 shares of the data storage provider’s stock worth $52,721,000 after acquiring an additional 76,459 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of Western Digital Corporation by 18.3% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 67,329 shares of the data storage provider’s stock worth $5,965,000 after acquiring an additional 10,428 shares during the period. Finally, Capital Analysts LLC acquired a new position in shares of Western Digital Corporation during the second quarter worth about $2,777,000. Institutional investors own 82.34% of the company’s stock.
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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