Western Digital Corporation (WDC) Lowered to “Buy” at Vetr Inc.
Western Digital Corporation (NASDAQ:WDC) was downgraded by analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research report issued on Tuesday. They presently have a $93.86 target price on the data storage provider’s stock. Vetr‘s target price would indicate a potential upside of 9.13% from the stock’s current price.
A number of other equities research analysts have also recently issued reports on WDC. UBS AG reiterated a “neutral” rating and set a $92.00 price objective (up previously from $90.00) on shares of Western Digital Corporation in a research note on Wednesday, June 28th. Barclays PLC reiterated a “buy” rating and set a $131.00 price objective on shares of Western Digital Corporation in a research note on Tuesday, October 3rd. BidaskClub cut Western Digital Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. Jefferies Group LLC reiterated a “hold” rating and set a $90.00 price objective on shares of Western Digital Corporation in a research note 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 analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $111.31.
Shares of Western Digital Corporation (NASDAQ:WDC) traded up 2.06% during trading on Tuesday, reaching $86.01. The company’s stock had a trading volume of 3,799,812 shares. The stock’s 50 day moving average price is $87.29 and its 200 day moving average price is $87.41. The company has a market cap of $25.36 billion, a PE ratio of 64.19 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 (NASDAQ:WDC) last announced 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 company had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter in the prior year, the business posted $0.79 EPS. The business’s revenue was up 38.5% compared to the same quarter last year. Equities research analysts predict that Western Digital Corporation will post $12.38 EPS for the current year.
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In other news, EVP Jacqueline Demaria sold 14,358 shares of the stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $84.53, for a total value of $1,213,681.74. Following the completion of the sale, the executive vice president now owns 75,772 shares of the company’s stock, valued at $6,405,007.16. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark P. Long sold 1,446 shares of the stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $87.63, for a total value of $126,712.98. Following the completion of the sale, the insider now directly owns 86,939 shares of the company’s stock, valued at approximately $7,618,464.57. The disclosure for this sale can be found here. In the last three months, insiders sold 128,246 shares of company stock valued at $11,323,928. Insiders own 0.31% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Simplex Trading grew its stake in Western Digital Corporation by 42.8% during the fourth quarter. Simplex Trading now owns 797 shares of the data storage provider’s stock worth $1,110,000 after purchasing an additional 239 shares during the period. American Beacon Advisors Inc. acquired a new stake in Western Digital Corporation during the first quarter worth approximately $111,000. Acrospire Investment Management LLC acquired a new stake in Western Digital Corporation during the first quarter worth approximately $112,000. Reilly Financial Advisors LLC grew its stake in Western Digital Corporation by 49.8% during the first quarter. Reilly Financial Advisors LLC now owns 1,383 shares of the data storage provider’s stock worth $114,000 after purchasing an additional 460 shares during the period. Finally, Harbour Capital Advisors LLC acquired a new stake in Western Digital Corporation during the first quarter worth approximately $117,000. 82.36% of the stock is owned by 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).
To view Vetr’s full report, visit Vetr’s official website.
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