Western Digital Corporation (NASDAQ:WDC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.

According to Zacks, “Western Digital provided weak first-quarter fiscal 2018 guidance that reflects weak PC shipment as well as intensifying competition in the hard-drive disk (HDD) market. Moreover, the ongoing legal tussle with Toshiba regarding the memory unit in Japan remains a concern. Notably, the shares have outperformed the industry on a year-to-date basis. We note that the company is benefiting from strong demand for both hard drive and NAND-based products from all categories of customers, largely driven by cloud and mobility based applications. Moreover, the acquisitions of Upthere and planned buyout of Tegile Systems will help the company in expanding its presence with a wider range of products and solutions. We believe that strong demand for NAND flash memory chips is a key catalyst for the company.”

WDC has been the subject of a number of other research reports. BidaskClub lowered Western Digital Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 12th. Jefferies Group LLC restated a “hold” rating and issued a $90.00 target price on shares of Western Digital Corporation in a report on Wednesday, June 28th. Benchmark Co. restated a “buy” rating and issued a $135.00 target price on shares of Western Digital Corporation in a report on Monday, September 25th. Summit Redstone restated a “buy” rating on shares of Western Digital Corporation in a report on Saturday, July 22nd. Finally, Longbow Research restated a “buy” rating and issued a $120.00 target price on shares of Western Digital Corporation in a report on Thursday, September 14th. Ten analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $111.50.

Western Digital Corporation (NASDAQ WDC) traded up 0.30% during trading on Tuesday, reaching $88.25. The company had a trading volume of 1,632,565 shares. The stock has a market cap of $26.02 billion, a PE ratio of 65.86 and a beta of 1.24. The company has a 50-day moving average price of $86.51 and a 200 day moving average price of $87.69. Western Digital Corporation has a 52-week low of $52.62 and a 52-week high of $95.77.

Western Digital Corporation (NASDAQ:WDC) last released its earnings results 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 company had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.82 billion. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The company’s revenue for the quarter was up 38.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.79 earnings per share. On average, analysts anticipate that Western Digital Corporation will post $12.40 earnings per share for the current year.

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In other Western Digital Corporation news, EVP Jacqueline Demaria sold 14,358 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $84.53, for a total transaction of $1,213,681.74. Following the completion of the transaction, the executive vice president now owns 75,772 shares in the company, valued at $6,405,007.16. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Michael D. Cordano sold 9,404 shares of the firm’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $88.71, for a total transaction of $834,228.84. Following the transaction, the insider now owns 75,385 shares of the company’s stock, valued at approximately $6,687,403.35. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 77,679 shares of company stock valued at $6,561,639. Corporate insiders own 0.31% of the company’s stock.

Large investors have recently bought and sold shares of the company. Wells Fargo & Company MN raised its stake in shares of Western Digital Corporation by 44.6% in the fourth quarter. Wells Fargo & Company MN now owns 2,386,579 shares of the data storage provider’s stock valued at $143,314,000 after acquiring an additional 736,552 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Western Digital Corporation by 11.2% in the first quarter. Geode Capital Management LLC now owns 2,430,391 shares of the data storage provider’s stock valued at $114,629,000 after acquiring an additional 244,462 shares during the last quarter. J. Goldman & Company bought a new position in shares of Western Digital Corporation in the third quarter valued at approximately $4,676,000. BP PLC raised its stake in shares of Western Digital Corporation by 287.9% in the fourth quarter. BP PLC now owns 128,000 shares of the data storage provider’s stock valued at $8,698,000 after acquiring an additional 95,000 shares during the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD raised its stake in shares of Western Digital Corporation by 0.3% in the fourth quarter. Sumitomo Mitsui Asset Management Company LTD now owns 17,075 shares of the data storage provider’s stock valued at $1,025,000 after acquiring an additional 45 shares during the last quarter. Institutional investors own 82.58% 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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Analyst Recommendations for Western Digital Corporation (NASDAQ:WDC)

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