Western Digital (WDC) Coverage Initiated by Analysts at Macquarie
Investment analysts at Macquarie assumed coverage on shares of Western Digital (NASDAQ:WDC) in a report released on Friday, Marketbeat Ratings reports. The brokerage set a “neutral” rating and a $90.00 price target on the data storage provider’s stock. Macquarie’s price objective would suggest a potential upside of 5.14% from the company’s previous close.
WDC has been the subject of several other reports. Zacks Investment Research raised shares of Western Digital from a “sell” rating to a “hold” rating in a research report on Tuesday, October 24th. Citigroup increased their price target on shares of Western Digital from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, October 27th. Mizuho reissued a “buy” rating and set a $105.00 price target on shares of Western Digital in a research report on Sunday, October 8th. ValuEngine raised shares of Western Digital from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 2nd. Finally, UBS Group decreased their price target on shares of Western Digital from $101.00 to $93.00 and set a “neutral” rating for the company in a research report on Thursday, October 12th. Eleven analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and three have issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $111.39.
Western Digital (WDC) opened at $85.60 on Friday. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07. Western Digital has a 1-year low of $71.10 and a 1-year high of $95.77. The stock has a market cap of $25,319.37, a PE ratio of 8.59, a price-to-earnings-growth ratio of 0.28 and a beta of 1.12.
Western Digital declared that its board has initiated a share repurchase program on Thursday, November 9th that allows the company to buyback $2.10 billion in shares. This buyback authorization allows the data storage provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
In other Western Digital news, insider Michael D. Cordano sold 1,401 shares of the firm’s stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $85.00, for a total transaction of $119,085.00. Following the completion of the transaction, the insider now directly owns 70,560 shares of the company’s stock, valued at approximately $5,997,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael D. Cordano sold 1,397 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now directly owns 70,556 shares in the company, valued at approximately $6,218,100.28. The disclosure for this sale can be found here. Insiders have sold a total of 16,039 shares of company stock valued at $1,400,999 over the last three months. 0.31% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of WDC. Capital World Investors acquired a new stake in shares of Western Digital during the 2nd quarter worth approximately $1,019,202,000. Janus Henderson Group PLC grew its stake in shares of Western Digital by 140.4% during the 2nd quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock worth $176,746,000 after purchasing an additional 1,164,954 shares during the period. Bank of Montreal Can grew its stake in shares of Western Digital by 267.4% during the 4th quarter. Bank of Montreal Can now owns 1,232,616 shares of the data storage provider’s stock worth $98,029,000 after purchasing an additional 897,108 shares during the period. Discovery Capital Management LLC CT grew its stake in shares of Western Digital by 98.9% during the 2nd quarter. Discovery Capital Management LLC CT now owns 1,576,089 shares of the data storage provider’s stock worth $139,641,000 after purchasing an additional 783,589 shares during the period. Finally, Kensico Capital Management Corp grew its stake in shares of Western Digital by 228.2% during the 3rd quarter. Kensico Capital Management Corp now owns 1,094,508 shares of the data storage provider’s stock worth $94,565,000 after purchasing an additional 761,000 shares during the period. 83.86% of the stock is currently owned by institutional investors and hedge funds.
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About Western Digital
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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