Barclays PLC Reaffirms “Overweight” Rating for Western Digital Corporation (WDC)
Western Digital Corporation (NASDAQ:WDC)‘s stock had its “overweight” rating reiterated by stock analysts at Barclays PLC in a research report issued on Monday. They currently have a $131.00 target price on the data storage provider’s stock. Barclays PLC’s price target would indicate a potential upside of 51.48% from the company’s previous close.
WDC has been the subject of a number of other reports. Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Western Digital Corporation in a report on Thursday, August 31st. Mizuho reissued a “buy” rating and issued a $105.00 target price on shares of Western Digital Corporation in a research note on Monday, June 5th. Vetr raised 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 note on Wednesday, July 26th. Cowen and Company boosted their target price on Western Digital Corporation from $115.00 to $117.00 and gave the company an “outperform” rating in a research note on Tuesday, June 27th. Finally, Zacks Investment Research lowered Western Digital Corporation from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Eight analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $111.34.
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, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $4.82 billion. During the same period in the prior year, the business earned $0.79 EPS. The company’s revenue for the quarter was up 38.5% compared to the same quarter last year.
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In other news, CFO Mark P. Long sold 1,517 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $80.97, for a total transaction of $122,831.49. Following 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Srinivasan Sivaram sold 16,049 shares of the stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $85.06, for a total value of $1,365,127.94. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 144,295 shares of company stock worth $12,689,056. Company insiders own 0.31% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Intl Fcstone Inc. bought a new position in shares of Western Digital Corporation during the 2nd quarter valued at $862,000. Lord Abbett & CO. LLC lifted its holdings in shares of Western Digital Corporation by 52.6% during the 2nd quarter. Lord Abbett & CO. LLC now owns 464,600 shares of the data storage provider’s stock valued at $41,164,000 after buying an additional 160,100 shares during the period. Navellier & Associates Inc bought a new position in shares of Western Digital Corporation during the 2nd quarter valued at $3,389,000. Toronto Dominion Bank lifted its holdings in shares of Western Digital Corporation by 26.9% during the 2nd quarter. Toronto Dominion Bank now owns 98,623 shares of the data storage provider’s stock valued at $8,737,000 after buying an additional 20,917 shares during the period. Finally, Cookson Peirce & Co. Inc. lifted its holdings in shares of Western Digital Corporation by 0.6% during the 2nd quarter. Cookson Peirce & Co. Inc. now owns 3,600 shares of the data storage provider’s stock valued at $319,000 after buying an additional 20 shares during the period. 82.34% of the stock is currently 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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