Maxim Group Reaffirms “Buy” Rating for Western Digital Corporation (WDC)
Western Digital Corporation (NASDAQ:WDC)‘s stock had its “buy” rating reaffirmed by analysts at Maxim Group in a report issued on Wednesday. They presently have a $108.00 target price on the data storage provider’s stock. Maxim Group’s price target would suggest a potential upside of 19.91% from the stock’s current price.
The analysts wrote, “We have been touting Tegile as a best-in-class external storage technology since 2013. Tegile compliments Amplidata building block, but success in $100B+ data center systems market will require significant incremental investments for hybrid cloud data management capabilities and sales & marketing, in our view. Despite low probability risk of losing some revenue from storage vendors, we view the acquisition of Tegile positively.””
A number of other research firms have also recently issued reports on WDC. Royal Bank Of Canada upped their price objective on shares of Western Digital Corporation from $33.00 to $39.00 and gave the stock an “outperform” rating in a research report on Thursday, May 11th. Wells Fargo & Company reissued a “market perform” rating and set a $95.00 target price on shares of Western Digital Corporation in a report on Monday, May 15th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and issued a $140.00 price objective on shares of Western Digital Corporation in a research note on Wednesday, May 17th. Mizuho reaffirmed a “buy” rating on shares of Western Digital Corporation in a research note on Friday, May 19th. Finally, J P Morgan Chase & Co reaffirmed an “overweight” rating on shares of Western Digital Corporation in a research note on Friday, May 19th. Eight research analysts have rated the stock with a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $104.51.
Shares of Western Digital Corporation (WDC) opened at 90.07 on Wednesday. The stock’s 50 day moving average price is $87.79 and its 200-day moving average price is $84.86. The stock has a market capitalization of $26.30 billion, a price-to-earnings ratio of 67.22 and a beta of 1.22. Western Digital Corporation has a 12 month low of $45.70 and a 12 month high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last posted its quarterly earnings data 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 firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.82 billion. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The business’s revenue for the quarter was up 38.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.79 EPS. Equities analysts forecast that Western Digital Corporation will post $12.54 earnings per share for the current fiscal year.
In other Western Digital Corporation news, insider Mark P. Long sold 28,585 shares of the company’s stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $94.24, for a total transaction of $2,693,850.40. Following the sale, the insider now owns 53,551 shares in the company, valued at approximately $5,046,646.24. 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 dated 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 145,291 shares of company stock worth $12,738,849 in the last three months. 0.46% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Western Digital Corporation by 4.2% in the second quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock valued at $2,652,936,000 after buying an additional 1,201,394 shares in the last quarter. Capital World Investors purchased a new stake in shares of Western Digital Corporation during the second quarter worth about $1,019,202,000. Iridian Asset Management LLC CT boosted its stake in shares of Western Digital Corporation by 1.8% in the second quarter. Iridian Asset Management LLC CT now owns 5,641,706 shares of the data storage provider’s stock worth $499,855,000 after buying an additional 100,195 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Western Digital Corporation by 10.0% in the second quarter. Ameriprise Financial Inc. now owns 4,443,866 shares of the data storage provider’s stock worth $393,778,000 after buying an additional 405,293 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Western Digital Corporation by 0.5% in the second quarter. Northern Trust Corp now owns 3,191,625 shares of the data storage provider’s stock worth $282,778,000 after buying an additional 16,436 shares during the period. 83.44% of the stock is owned by institutional investors and hedge funds.
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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