Stifel Nicolaus Reaffirms “Buy” Rating for Western Digital Corporation (WDC)
Western Digital Corporation (NASDAQ:WDC)‘s stock had its “buy” rating reaffirmed by investment analysts at Stifel Nicolaus in a research note issued to investors on Monday. They presently have a $120.00 target price on the data storage provider’s stock. Stifel Nicolaus’ price target points to a potential upside of 47.84% from the company’s current price.
WDC has been the topic of several other research reports. Cowen and Company boosted their price target on Western Digital Corporation from $90.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, April 28th. Susquehanna Bancshares Inc reiterated a “positive” rating and set a $140.00 price target on shares of Western Digital Corporation in a research note on Wednesday, May 17th. Jefferies Group LLC reiterated a “hold” rating and set a $90.00 price target on shares of Western Digital Corporation in a research note on Wednesday, June 28th. Bank of America Corporation upgraded Western Digital Corporation from a “neutral” rating to a “buy” rating in a research note on Friday, April 28th. Finally, Vetr upgraded Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $101.80 price target on the stock in a research note on Monday, June 12th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $104.93.
Western Digital Corporation (NASDAQ:WDC) traded down 0.0866% on Monday, reaching $81.0997. The company’s stock had a trading volume of 1,343,652 shares. The firm’s 50 day moving average price is $90.61 and its 200-day moving average price is $84.10. The company has a market capitalization of $23.68 billion, a price-to-earnings ratio of 60.5222 and a beta of 1.22. Western Digital Corporation has a 1-year low of $43.09 and a 1-year high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last announced its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.51 by $0.42. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The firm had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same period in the previous year, the business earned $0.79 EPS. The firm’s revenue for the quarter was up 38.5% on a year-over-year basis. Equities analysts forecast that Western Digital Corporation will post $12.54 earnings per share for the current year.
In other news, CFO Mark P. Long sold 17,028 shares of the firm’s stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $93.84, for a total transaction of $1,597,907.52. Following the completion of the transaction, the chief financial officer now directly owns 53,551 shares in the company, valued at $5,025,225.84. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Michael D. Cordano sold 4,954 shares of the firm’s stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $94.98, for a total value of $470,530.92. Following the transaction, the chief operating officer now owns 66,092 shares of the company’s stock, valued at $6,277,418.16. The disclosure for this sale can be found here. Insiders sold 90,069 shares of company stock valued at $8,144,646 over the last quarter. 0.46% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. raised its position in Western Digital Corporation by 84.7% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 2,180 shares of the data storage provider’s stock valued at $103,000 after buying an additional 1,000 shares in the last quarter. Checchi Capital Advisers LLC raised its position in Western Digital Corporation by 5.1% in the second quarter. Checchi Capital Advisers LLC now owns 2,197 shares of the data storage provider’s stock valued at $104,000 after buying an additional 107 shares in the last quarter. Amica Retiree Medical Trust raised its position in Western Digital Corporation by 28.9% in the second quarter. Amica Retiree Medical Trust now owns 2,203 shares of the data storage provider’s stock valued at $104,000 after buying an additional 494 shares in the last quarter. Americafirst Capital Management LLC purchased a new position in Western Digital Corporation during the second quarter valued at approximately $108,000. Finally, American Beacon Advisors Inc. purchased a new position in Western Digital Corporation during the first quarter valued at approximately $111,000. Institutional investors and hedge funds own 82.39% 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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