Western Digital Corporation (NASDAQ:WDC) was downgraded by investment analysts at Vetr from a “buy” rating to a “hold” rating in a report issued on Tuesday. They presently have a $95.09 price objective on the data storage provider’s stock. Vetr‘s target price suggests a potential upside of 2.97% from the company’s current price.

Several other equities research analysts also recently issued reports on WDC. Wells Fargo & Company assumed coverage on Western Digital Corporation in a report on Tuesday, November 14th. They set an “outperform” rating and a $115.00 price target for the company. Zacks Investment Research upgraded Western Digital Corporation from a “hold” rating to a “strong-buy” rating and set a $103.00 price target for the company in a report on Wednesday, November 1st. UBS AG upped their price target on Western Digital Corporation from $93.00 to $97.00 and gave the stock a “neutral” rating in a report on Friday, October 27th. Barclays PLC upped their price target on Western Digital Corporation from $131.00 to $133.00 and gave the stock an “overweight” rating in a report on Friday, October 27th. Finally, Maxim Group reiterated a “buy” rating and set a $124.00 price target on shares of Western Digital Corporation in a report on Friday, October 27th. Nine equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and three have issued a strong buy rating to the company. Western Digital Corporation has an average rating of “Buy” and an average price target of $114.50.

Western Digital Corporation (WDC) traded up $1.47 during midday trading on Tuesday, hitting $92.35. The stock had a trading volume of 3,077,060 shares, compared to its average volume of 4,115,779. The company has a market capitalization of $27,260.00, a P/E ratio of 9.17 and a beta of 1.17. Western Digital Corporation has a 52-week low of $60.30 and a 52-week high of $95.77. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.13 and a current ratio of 2.64.

Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings data on Thursday, October 26th. The data storage provider reported $3.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.01 by $0.55. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.13 billion. Western Digital Corporation had a return on equity of 26.48% and a net margin of 7.38%. The company’s quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.18 earnings per share. equities analysts expect that Western Digital Corporation will post 12.01 EPS for the current year.

Western Digital Corporation announced that its board has authorized a stock repurchase program on Thursday, November 9th that allows the company to repurchase $2.10 billion in shares. This repurchase authorization allows the data storage provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

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In other Western Digital Corporation news, CFO Mark P. Long sold 4,467 shares of the stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $88.13, for a total value of $393,676.71. Following the completion of the sale, the chief financial officer now owns 88,384 shares in the company, valued at approximately $7,789,281.92. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Michael D. Cordano sold 9,404 shares of the stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $88.71, for a total value of $834,228.84. Following the completion of the sale, 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 quarter, insiders sold 27,005 shares of company stock valued at $2,377,095. Company insiders own 0.31% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Coastline Trust Co lifted its stake in shares of Western Digital Corporation by 16.6% in the 3rd quarter. Coastline Trust Co now owns 13,236 shares of the data storage provider’s stock valued at $1,144,000 after purchasing an additional 1,880 shares during the period. Gyroscope Capital Management Group LLC purchased a new position in shares of Western Digital Corporation in the 3rd quarter valued at approximately $5,408,000. Moors & Cabot Inc. lifted its stake in shares of Western Digital Corporation by 19.7% in the 3rd quarter. Moors & Cabot Inc. now owns 4,433 shares of the data storage provider’s stock valued at $385,000 after purchasing an additional 729 shares during the period. Cetera Advisor Networks LLC purchased a new position in shares of Western Digital Corporation in the 3rd quarter valued at approximately $211,000. Finally, IFM Investors Pty Ltd purchased a new position in shares of Western Digital Corporation in the 3rd quarter valued at approximately $700,000. Institutional investors own 80.74% 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).

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Western Digital Corporation (NASDAQ:WDC)

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