Western Digital Corporation (WDC) Rating Lowered to Hold at Vetr Inc.
Western Digital Corporation (NASDAQ:WDC) was downgraded by equities researchers at Vetr from a “buy” rating to a “hold” rating in a research note issued on Tuesday. They presently have a $95.09 price objective on the data storage provider’s stock. Vetr‘s target price indicates a potential upside of 2.35% from the stock’s previous close.
Several other research analysts also recently commented on the company. Wells Fargo & Company began coverage on Western Digital Corporation in a research note on Tuesday, November 14th. They set an “outperform” rating and a $115.00 target price for the company. Zacks Investment Research upgraded Western Digital Corporation from a “hold” rating to a “strong-buy” rating and set a $103.00 price target for the company in a research note on Wednesday, November 1st. UBS AG boosted their price target on Western Digital Corporation from $93.00 to $97.00 and gave the company a “neutral” rating in a research note on Friday, October 27th. Barclays PLC boosted their price target on Western Digital Corporation from $131.00 to $133.00 and gave the company an “overweight” rating in a research note on Friday, October 27th. Finally, Maxim Group restated a “buy” rating and issued a $124.00 price target on shares of Western Digital Corporation in a research note on Friday, October 27th. Nine research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and three have assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $114.50.
Shares of Western Digital Corporation (NASDAQ WDC) opened at $92.91 on Tuesday. Western Digital Corporation has a 1 year low of $60.30 and a 1 year high of $95.77. The stock has a market capitalization of $27,430.00, a P/E ratio of 9.12 and a beta of 1.17. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.64 and a quick ratio of 2.13.
Western Digital Corporation (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.01 by $0.55. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.13 billion. Western Digital Corporation had a return on equity of 26.48% and a net margin of 7.38%. The business’s quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.18 EPS. equities analysts expect that Western Digital Corporation will post 12.01 earnings per share for the current year.
Western Digital Corporation announced that its board has initiated a share buyback program on Thursday, November 9th that permits the company to repurchase $2.10 billion in shares. This repurchase authorization permits the data storage provider to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
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In related news, insider Michael D. Cordano sold 1,397 shares of Western Digital Corporation stock in a transaction on Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $123,117.61. Following the completion of the sale, the insider now owns 70,556 shares of the company’s stock, valued at $6,218,100.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark P. Long sold 4,467 shares of Western Digital Corporation stock in a transaction on Monday, November 13th. The shares were sold at an average price of $88.13, for a total value of $393,676.71. Following the sale, the chief financial officer now directly owns 88,384 shares of the company’s stock, valued at approximately $7,789,281.92. The disclosure for this sale can be found here. Insiders sold 25,488 shares of company stock valued at $2,242,856 over the last three months. Company insiders own 0.31% of the company’s stock.
A number of large investors have recently bought and sold shares of WDC. Quantbot Technologies LP purchased a new stake in Western Digital Corporation during the second quarter valued at about $135,000. Huntington National Bank increased its holdings in shares of Western Digital Corporation by 7.7% in the second quarter. Huntington National Bank now owns 1,965 shares of the data storage provider’s stock worth $174,000 after buying an additional 141 shares during the period. Sun Life Financial INC increased its holdings in shares of Western Digital Corporation by 16,215.4% in the second quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock worth $188,000 after buying an additional 2,108 shares during the period. Grove Bank & Trust increased its holdings in shares of Western Digital Corporation by 33.3% in the second quarter. Grove Bank & Trust now owns 2,199 shares of the data storage provider’s stock worth $195,000 after buying an additional 549 shares during the period. Finally, Seven Bridges Advisors LLC increased its holdings in shares of Western Digital Corporation by 71.0% in the second quarter. Seven Bridges Advisors LLC now owns 2,243 shares of the data storage provider’s stock worth $199,000 after buying an additional 931 shares during the period. 80.74% 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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