Western Digital Corporation (NASDAQ:WDC) was downgraded by stock analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research note issued on Wednesday. They presently have a $95.94 price objective on the data storage provider’s stock. Vetr‘s target price points to a potential upside of 11.75% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Summit Redstone restated a “buy” rating on shares of Western Digital Corporation in a research report on Saturday, July 22nd. Loop Capital initiated coverage on Western Digital Corporation in a research report on Monday, July 24th. They set a “buy” rating and a $140.00 price target on the stock. BTIG Research restated a “buy” rating and set a $120.00 price target on shares of Western Digital Corporation in a research report on Friday, July 14th. Mizuho restated a “buy” rating and set a $105.00 price target on shares of Western Digital Corporation in a research report on Monday, July 17th. Finally, Wells Fargo & Company restated a “market perform” rating on shares of Western Digital Corporation in a research report on Thursday, July 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $104.66.

Shares of Western Digital Corporation (NASDAQ WDC) traded up 2.42% during trading on Wednesday, reaching $85.85. The company’s stock had a trading volume of 4,168,680 shares. The stock has a 50-day moving average of $88.23 and a 200-day moving average of $84.54. The stock has a market cap of $25.07 billion, a P/E ratio of 64.07 and a beta of 1.22. Western Digital Corporation has a 52-week low of $44.88 and a 52-week high of $95.77.

Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, topping the Zacks’ 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 company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter last year, the business posted $0.79 earnings per share. The firm’s revenue was up 38.5% compared to the same quarter last year. Analysts predict that Western Digital Corporation will post $12.54 earnings per share for the current fiscal year.

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In other news, EVP Manish H. Bhatia sold 7,208 shares of the company’s stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $84.99, for a total transaction of $612,607.92. Following the sale, the executive vice president now directly owns 66,922 shares in the company, valued at approximately $5,687,700.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jacqueline Demaria sold 14,358 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $84.53, for a total transaction of $1,213,681.74. Following the sale, the executive vice president now owns 75,772 shares in the company, valued at $6,405,007.16. The disclosure for this sale can be found here. Insiders have sold a total of 130,852 shares of company stock worth $11,558,908 over the last 90 days. Corporate insiders own 0.46% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Mn Services Vermogensbeheer B.V. raised its stake in Western Digital Corporation by 3.5% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 7,613 shares of the data storage provider’s stock worth $587,000 after buying an additional 255 shares during the period. Candriam Luxembourg S.C.A. raised its stake in Western Digital Corporation by 38.1% in the first quarter. Candriam Luxembourg S.C.A. now owns 19,549 shares of the data storage provider’s stock worth $1,613,000 after buying an additional 5,398 shares during the period. James Investment Research Inc. raised its stake in Western Digital Corporation by 29.5% in the first quarter. James Investment Research Inc. now owns 15,053 shares of the data storage provider’s stock worth $1,243,000 after buying an additional 3,433 shares during the period. Diversified Trust Co raised its stake in Western Digital Corporation by 167.8% in the first quarter. Diversified Trust Co now owns 39,285 shares of the data storage provider’s stock worth $3,242,000 after buying an additional 24,615 shares during the period. Finally, Retirement Systems of Alabama raised its stake in Western Digital Corporation by 2.9% in the first quarter. Retirement Systems of Alabama now owns 139,248 shares of the data storage provider’s stock worth $11,492,000 after buying an additional 3,942 shares during the period. 81.91% of the stock is currently owned by institutional investors.

Western Digital Corporation Company Profile

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).

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Western Digital Corporation (NASDAQ:WDC)

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