Western Digital Corporation (NASDAQ:WDC) was downgraded by investment analysts at Deutsche Bank AG from a “buy” rating to a “hold” rating in a report released on Wednesday, The Fly reports.

A number of other research analysts have also weighed in on WDC. UBS AG reissued a “neutral” rating and issued a $92.00 target price (up from $90.00) on shares of Western Digital Corporation in a report on Wednesday, June 28th. Barclays PLC reissued a “buy” rating and issued a $131.00 target price on shares of Western Digital Corporation in a report on Tuesday. BidaskClub lowered shares of Western Digital Corporation from a “buy” rating to a “hold” rating in a report on Tuesday. Jefferies Group LLC reissued a “hold” rating and issued a $90.00 target price on shares of Western Digital Corporation in a report on Friday, August 18th. Finally, J P Morgan Chase & Co reissued an “overweight” rating on shares of Western Digital Corporation in a report on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $111.98.

Shares of Western Digital Corporation (NASDAQ:WDC) traded up 1.63% during midday trading on Wednesday, hitting $84.35. 3,414,341 shares of the stock were exchanged. The firm’s 50-day moving average is $87.22 and its 200 day moving average is $87.08. The firm has a market cap of $24.87 billion, a PE ratio of 62.95 and a beta of 1.24. Western Digital Corporation has a 52-week low of $52.10 and a 52-week high of $95.77. Western Digital Corporation also was the recipient of some unusual options trading activity on Monday. Traders acquired 6,330 call options on the company. This is an increase of 292% compared to the average daily volume of 1,613 call options.

Western Digital Corporation (NASDAQ:WDC) last posted its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, beating analysts’ consensus estimates of $2.51 by $0.42. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The firm had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same period last year, the firm posted $0.79 earnings per share. Western Digital Corporation’s revenue for the quarter was up 38.5% compared to the same quarter last year. On average, analysts forecast that Western Digital Corporation will post $12.38 earnings per share for the current year.

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In other news, EVP Jacqueline Demaria sold 14,358 shares of the business’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $84.53, for a total transaction of $1,213,681.74. Following the sale, the executive vice president now owns 75,772 shares in the company, valued at $6,405,007.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark P. Long sold 28,585 shares of the business’s stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $94.24, for a total value 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 disclosure for this sale can be found here. Insiders have sold 128,246 shares of company stock worth $11,323,928 in the last 90 days. Insiders own 0.31% of the company’s stock.

Several hedge funds have recently modified their holdings of 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 during the last quarter. State Street Corp boosted its position in Western Digital Corporation by 7.2% in the fourth quarter. State Street Corp now owns 14,860,382 shares of the data storage provider’s stock valued at $1,011,249,000 after buying an additional 994,472 shares during the last quarter. Capital World Investors purchased a new stake in Western Digital Corporation in the second quarter valued at approximately $1,019,202,000. American International Group Inc. boosted its position in Western Digital Corporation by 5.1% in the third quarter. American International Group Inc. now owns 10,109,982 shares of the data storage provider’s stock valued at $591,131,000 after buying an additional 489,981 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its position in Western Digital Corporation by 3.2% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 7,453,878 shares of the data storage provider’s stock valued at $435,828,000 after buying an additional 228,046 shares during the last quarter. Institutional investors and hedge funds own 82.34% 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).

The Fly

Analyst Recommendations for Western Digital Corporation (NASDAQ:WDC)

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