Western Digital Corp Reaches New 12-Month High Following Strong Earnings (WDC)
Western Digital Corp (NYSE:WDC) shares hit a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings, American Banking & Market News reports. The stock traded as high as $102.67 and last traded at $101.63, with a volume of 888,563 shares changing hands. The stock had previously closed at $100.79.
The company reported $1.85 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.72 by $0.13. The company had revenue of $3.65 billion for the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter last year, the company posted $1.96 earnings per share. Western Digital Corp’s revenue was down 2.1% compared to the same quarter last year.
A number of research firms have recently commented on WDC. Analysts at Robert W. Baird upgraded shares of Western Digital Corp from a “neutral” rating to an “outperform” rating in a research note on Wednesday, July 16th. They now have a $120.00 price target on the stock, up previously from $95.00. Separately, analysts at Susquehanna initiated coverage on shares of Western Digital Corp in a research note on Monday, July 14th. They set a “positive” rating and a $130.00 price target on the stock. Finally, analysts at Deutsche Bank raised their price target on shares of Western Digital Corp from $100.00 to $118.00 in a research note on Monday, July 14th. They now have a “buy” rating on the stock. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Western Digital Corp presently has a consensus rating of “Buy” and a consensus target price of $104.82.
In other Western Digital Corp news, CEO Stephen D. Milligan sold 15,996 shares of Western Digital Corp stock on the open market in a transaction dated Friday, July 25th. The stock was sold at an average price of $99.44, for a total transaction of $1,590,642.24. The transaction was disclosed in a filing with the SEC, which is available at this link.
The stock has a 50-day moving average of $95.41 and a 200-day moving average of $89.30. The company has a market cap of $23.782 billion and a P/E ratio of 23.55.
Western Digital Corporation (NYSE:WDC) is a developer and manufacturer of storage solutions, which enables people to create, manage, experience and preserve digital content.
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