Western Digital Corporation (WDC) Rating Increased to Hold at BidaskClub
Western Digital Corporation (NASDAQ:WDC) was upgraded by investment analysts at BidaskClub from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.
Several other brokerages also recently issued reports on WDC. Summit Redstone reaffirmed a “buy” rating on shares of Western Digital Corporation in a research report on Saturday, July 22nd. Loop Capital assumed coverage on Western Digital Corporation in a research report on Monday, July 24th. They set a “buy” rating and a $140.00 target price on the stock. BTIG Research reissued a “buy” rating and set a $120.00 target price on shares of Western Digital Corporation in a research report on Friday, July 14th. Mizuho reissued a “buy” rating and set a $105.00 target price on shares of Western Digital Corporation in a research report on Monday, July 17th. Finally, Vetr downgraded Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $102.77 target price on the stock. in a research report on Wednesday, July 12th. Eight investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Western Digital Corporation has a consensus rating of “Buy” and a consensus price target of $104.66.
Shares of Western Digital Corporation (NASDAQ WDC) traded up 1.0824% during midday trading on Friday, hitting $83.3728. The stock had a trading volume of 2,048,500 shares. The firm has a market cap of $24.34 billion, a price-to-earnings ratio of 62.2185 and a beta of 1.22. The firm has a 50-day moving average price of $87.91 and a 200-day moving average price of $84.53. Western Digital Corporation has a 1-year low of $45.25 and a 1-year high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.51 by $0.42. The company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.82 billion. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The firm’s revenue was up 38.5% compared to the same quarter last year. During the same period last year, the business posted $0.79 earnings per share. On average, equities analysts anticipate that Western Digital Corporation will post $12.54 EPS for the current fiscal year.
In related news, CFO Mark P. Long sold 1,517 shares of the company’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $80.97, for a total value of $122,831.49. Following the completion of the transaction, the chief financial officer now directly owns 88,207 shares of the company’s stock, valued at approximately $7,142,120.79. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael D. Cordano sold 11,322 shares of the company’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $85.00, for a total transaction of $962,370.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 123,644 shares of company stock valued at $10,946,300. Company insiders own 0.46% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the company. Capital World Investors bought a new position in shares of Western Digital Corporation during the second quarter worth $1,019,202,000. Iridian Asset Management LLC CT raised its position in shares of Western Digital Corporation by 244.0% in the first quarter. Iridian Asset Management LLC CT now owns 5,541,511 shares of the data storage provider’s stock worth $457,341,000 after buying an additional 3,930,465 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Western Digital Corporation by 4.5% in the first quarter. Vanguard Group Inc. now owns 28,741,455 shares of the data storage provider’s stock worth $2,372,032,000 after buying an additional 1,250,528 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Western Digital Corporation by 140.4% in the second quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock valued at $176,746,000 after buying an additional 1,164,954 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in shares of Western Digital Corporation by 179.3% in the first quarter. Alliancebernstein L.P. now owns 1,619,954 shares of the data storage provider’s stock valued at $133,695,000 after buying an additional 1,040,028 shares during the period. 81.91% of the stock is owned by hedge funds and other 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).
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