Western Digital (NASDAQ:WDC) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

A number of other analysts have also issued reports on WDC. Vetr lowered shares of Western Digital from a “strong-buy” rating to a “buy” rating and set a $95.94 price target for the company. in a research note on Wednesday, August 16th. Jefferies Group restated a “hold” rating and issued a $90.00 price target on shares of Western Digital in a research note on Friday, August 18th. Citigroup set a $110.00 price target on shares of Western Digital and gave the stock a “buy” rating in a research note on Monday, August 21st. Cowen reiterated an “outperform” rating on shares of Western Digital in a research note on Saturday, August 26th. Finally, KeyCorp reiterated a “hold” rating on shares of Western Digital in a research note on Sunday, August 27th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $114.50.

Shares of Western Digital (NASDAQ:WDC) traded up $0.49 during trading hours on Thursday, hitting $78.35. 2,671,768 shares of the company were exchanged, compared to its average volume of 4,161,064. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $23,236.99, a price-to-earnings ratio of 7.89 and a beta of 1.10. Western Digital has a fifty-two week low of $65.08 and a fifty-two week high of $95.77.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.01 by $0.55. The business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.13 billion. Western Digital had a net margin of 7.38% and a return on equity of 26.48%. The business’s revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.18 earnings per share. analysts forecast that Western Digital will post 12.01 earnings per share for the current fiscal year.

Western Digital declared that its board has approved a stock repurchase program on Thursday, November 9th that permits the company to buyback $2.10 billion in shares. This buyback authorization permits the data storage provider to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

In other news, insider Michael D. Cordano sold 1,397 shares of the company’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $88.13, for a total transaction of $123,117.61. Following the completion of the transaction, the insider now owns 70,556 shares in the company, valued at $6,218,100.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark P. Long sold 1,446 shares of the company’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $87.63, for a total transaction of $126,712.98. Following the transaction, the insider now 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. Insiders have sold 25,488 shares of company stock valued at $2,242,856 in the last 90 days. Insiders own 0.31% of the company’s stock.

A number of hedge funds have recently bought and sold shares of WDC. Quantbot Technologies LP acquired a new stake in Western Digital in the second quarter worth about $135,000. Sun Life Financial INC lifted its holdings in Western Digital by 16,215.4% in the second quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock worth $188,000 after purchasing an additional 2,108 shares during the period. Adviser Investments LLC acquired a new stake in Western Digital in the third quarter worth about $204,000. SSI Investment Management Inc. acquired a new stake in Western Digital in the second quarter worth about $207,000. Finally, Rational Advisors LLC acquired a new stake in Western Digital in the third quarter worth about $207,000. 83.99% of the stock is owned by institutional investors and hedge funds.

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About Western Digital

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).

Analyst Recommendations for Western Digital (NASDAQ:WDC)

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