Longbow Research Reaffirms Buy Rating for Western Digital Corporation (WDC)
Western Digital Corporation (NASDAQ:WDC)‘s stock had its “buy” rating restated by investment analysts at Longbow Research in a research note issued to investors on Thursday. They presently have a $120.00 target price on the data storage provider’s stock. Longbow Research’s price target would suggest a potential upside of 39.96% from the company’s current price.
WDC has been the topic of several other research reports. BidaskClub downgraded Western Digital Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 12th. 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. 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. Finally, Cowen and Company reiterated an “outperform” rating and set a $115.00 price target on shares of Western Digital Corporation in a research note on Monday, May 22nd. Eight research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $111.34.
Western Digital Corporation (NASDAQ:WDC) traded up 0.45% on Thursday, reaching $86.13. The company’s stock had a trading volume of 1,353,371 shares. Western Digital Corporation has a 1-year low of $51.79 and a 1-year high of $95.77. The company has a market capitalization of $25.15 billion, a price-to-earnings ratio of 64.28 and a beta of 1.21. The firm’s 50 day moving average price is $86.39 and its 200-day moving average price is $86.00.
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 $12.50 earnings per share for the current year.
In related news, CFO Mark P. Long sold 1,517 shares of the stock in a transaction that occurred on Monday, August 14th. The stock was 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 in the company, valued at $7,142,120.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark P. Long sold 17,028 shares of the stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $93.84, for a total value of $1,597,907.52. Following the completion of the transaction, the chief financial officer now owns 53,551 shares of the company’s stock, valued at $5,025,225.84. The disclosure for this sale can be found here. Insiders sold 134,891 shares of company stock valued at $11,854,827 over the last quarter. 0.46% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of WDC. Capital World Investors purchased a new position in Western Digital Corporation in the second quarter worth approximately $1,019,202,000. Clearbridge Investments LLC purchased a new position in Western Digital Corporation in the fourth quarter worth approximately $316,494,000. Vanguard Group Inc. grew its position in Western Digital Corporation by 24.7% in the second quarter. Vanguard Group Inc. now owns 24,858,936 shares of the data storage provider’s stock worth $1,174,834,000 after acquiring an additional 4,925,997 shares during the period. Iridian Asset Management LLC CT grew its position in 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 acquiring an additional 3,930,465 shares during the period. Finally, Amerigo Asset Management purchased a new position in Western Digital Corporation in the fourth quarter worth approximately $164,461,000. Institutional investors own 82.44% of the company’s stock.
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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