Maxim Group Reaffirms Buy Rating for Western Digital Corporation (WDC)
Western Digital Corporation (NASDAQ:WDC)‘s stock had its “buy” rating reaffirmed by analysts at Maxim Group in a research note issued to investors on Friday. They currently have a $124.00 price target on the data storage provider’s stock. Maxim Group’s price objective indicates a potential upside of 42.35% from the company’s current price.
A number of other brokerages also recently weighed in on WDC. Vetr downgraded Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $95.94 price target for the company. in a report on Tuesday, August 22nd. Mizuho reiterated a “buy” rating and set a $105.00 price target on shares of Western Digital Corporation in a report on Sunday, October 8th. Zacks Investment Research upgraded Western Digital Corporation from a “sell” rating to a “hold” rating in a report on Tuesday. ValuEngine downgraded Western Digital Corporation from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. Finally, Cowen and Company reiterated an “outperform” rating and set a $117.00 price target on shares of Western Digital Corporation in a report on Thursday, September 21st. Ten research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $112.40.
Western Digital Corporation (NASDAQ:WDC) traded down 2.54% on Friday, reaching $87.11. The company’s stock had a trading volume of 7,784,905 shares. The stock’s 50 day moving average price is $86.49 and its 200 day moving average price is $87.71. The company has a market cap of $25.69 billion, a P/E ratio of 65.01 and a beta of 1.24. Western Digital Corporation has a 12 month low of $54.26 and a 12 month high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.01 by $0.55. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.13 billion. During the same period last year, the business posted $1.18 EPS. The business’s revenue was up 9.9% compared to the same quarter last year. Equities research analysts forecast that Western Digital Corporation will post $12.42 earnings per share for the current year.
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In related news, EVP Srinivasan Sivaram sold 3,098 shares of Western Digital Corporation stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $85.00, for a total value of $263,330.00. Following the completion of the transaction, the executive vice president now directly owns 74,741 shares in the company, valued at approximately $6,352,985. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael D. Cordano sold 9,404 shares of Western Digital Corporation stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $88.71, for a total transaction of $834,228.84. Following the completion of the transaction, the insider now owns 75,385 shares of the company’s stock, valued at $6,687,403.35. The disclosure for this sale can be found here. Insiders sold a total of 77,679 shares of company stock worth $6,561,639 in the last ninety days. 0.31% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in WDC. American Beacon Advisors Inc. purchased a new position in Western Digital Corporation in the 1st quarter valued at approximately $111,000. Harbour Capital Advisors LLC purchased a new position in Western Digital Corporation in the 1st quarter valued at approximately $117,000. Quantbot Technologies LP purchased a new position in Western Digital Corporation in the 2nd quarter valued at approximately $135,000. Huntington National Bank grew its stake in Western Digital Corporation by 7.7% in the 2nd quarter. Huntington National Bank now owns 1,965 shares of the data storage provider’s stock valued at $174,000 after buying an additional 141 shares in the last quarter. Finally, Sun Life Financial INC grew its stake in Western Digital Corporation by 16,215.4% in the 2nd quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock valued at $188,000 after buying an additional 2,108 shares in the last quarter. Institutional investors and hedge funds own 82.58% of the company’s stock.
About Western Digital Corporation
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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