Western Digital Corporation (WDC) Receives Hold Rating from Jefferies Group LLC
Western Digital Corporation (NASDAQ:WDC)‘s stock had its “hold” rating reissued by equities researchers at Jefferies Group LLC in a research note issued to investors on Friday. They currently have a $90.00 price objective on the data storage provider’s stock. Jefferies Group LLC’s target price would indicate a potential upside of 8.16% from the stock’s current price.
WDC has been the subject of a number of other research reports. Mizuho reissued a “buy” rating on shares of Western Digital Corporation in a research report on Friday, May 19th. Deutsche Bank AG reissued a “buy” rating and issued a $105.00 target price (up previously from $88.00) on shares of Western Digital Corporation in a research report on Saturday, April 29th. Stifel Nicolaus reissued a “buy” rating and issued a $120.00 target price (up previously from $105.00) on shares of Western Digital Corporation in a research report on Saturday, April 29th. Wells Fargo & Company reissued a “market perform” rating and issued a $95.00 target price on shares of Western Digital Corporation in a research report on Monday, May 15th. Finally, Vetr raised shares of Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $104.96 target price for the company in a research report on Wednesday, July 26th. Eight research 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 stock. The company currently has an average rating of “Buy” and an average price target of $104.66.
Shares of Western Digital Corporation (NASDAQ WDC) traded up 0.87% during trading on Friday, hitting $83.20. 3,002,888 shares of the stock were exchanged. The firm’s 50-day moving average is $87.67 and its 200 day moving average is $84.55. Western Digital Corporation has a 1-year low of $45.25 and a 1-year high of $95.77. The company has a market cap of $24.29 billion, a P/E ratio of 62.09 and a beta of 1.22.
Western Digital Corporation (NASDAQ:WDC) last announced its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.51 by $0.42. The company had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. Western Digital Corporation’s quarterly revenue was up 38.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.79 earnings per share. Equities analysts forecast that Western Digital Corporation will post $12.54 earnings per share for the current fiscal year.
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In related news, EVP Srinivasan Sivaram sold 3,098 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $85.00, for a total value of $263,330.00. Following the transaction, the executive vice president now directly owns 74,741 shares in the company, valued at approximately $6,352,985. 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 stock in a transaction on Monday, June 12th. The stock was sold at an average price of $85.00, for a total value of $962,370.00. The disclosure for this sale can be found here. Insiders have sold a total of 123,644 shares of company stock worth $10,946,300 over the last 90 days. Company insiders own 0.46% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Capital World Investors purchased a new position in shares of Western Digital Corporation during the second quarter worth about $1,019,202,000. Iridian Asset Management LLC CT boosted 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 in the last quarter. Vanguard Group Inc. boosted 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 in the last quarter. Janus Henderson Group PLC boosted its position 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 worth $176,746,000 after buying an additional 1,164,954 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its position 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 worth $133,695,000 after buying an additional 1,040,028 shares in the last quarter. Institutional investors own 81.91% 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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