Western Digital (NASDAQ:WDC)‘s stock had its “buy” rating reaffirmed by stock analysts at Evercore ISI in a report released on Wednesday. They currently have a $130.00 target price on the data storage provider’s stock. Evercore ISI’s target price indicates a potential upside of 55.45% from the stock’s current price.
WDC has been the topic of several other reports. Susquehanna Bancshares reaffirmed a “positive” rating on shares of Western Digital in a research report on Thursday, August 31st. Zacks Investment Research raised Western Digital from a “sell” rating to a “hold” rating in a research report on Tuesday, October 24th. Citigroup lifted their target price on Western Digital from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, October 27th. Mizuho reissued a “buy” rating and set a $105.00 target price on shares of Western Digital in a research report on Sunday, October 8th. Finally, Maxim Group reissued a “buy” rating and set a $108.00 target price on shares of Western Digital in a research report on Wednesday, August 30th. Nine analysts have rated the stock with a hold rating, twenty-four have given a buy rating and three have given a strong buy rating to the company’s stock. Western Digital presently has a consensus rating of “Buy” and a consensus target price of $113.10.
Shares of Western Digital (WDC) traded up $1.86 during trading hours on Wednesday, hitting $83.63. The stock had a trading volume of 6,420,700 shares, compared to its average volume of 4,160,861. The firm has a market capitalization of $24,186.47, a P/E ratio of 8.21 and a beta of 1.10. Western Digital has a 12 month low of $66.74 and a 12 month high of $95.77. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07.
Western Digital declared that its Board of Directors has approved a share repurchase program on Thursday, November 9th that allows the company to buyback $2.10 billion in shares. This buyback authorization allows the data storage provider to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In other news, Director Kathleen A. Cote sold 2,000 shares of Western Digital stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $90.63, for a total value of $181,260.00. Following the completion of the transaction, the director now owns 16,421 shares in the company, valued at $1,488,235.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael D. Cordano sold 9,404 shares of Western Digital 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 approximately $6,687,403.35. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,042 shares of company stock valued at $2,116,143. Corporate insiders own 0.31% of the company’s stock.
Large investors have recently bought and sold shares of the company. Schwab Charles Investment Management Inc. raised its position in Western Digital by 7.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,065,412 shares of the data storage provider’s stock worth $94,396,000 after purchasing an additional 76,581 shares during the last quarter. LMR Partners LLP raised its position in Western Digital by 44.7% in the 2nd quarter. LMR Partners LLP now owns 10,323 shares of the data storage provider’s stock worth $915,000 after purchasing an additional 3,188 shares during the last quarter. State of Wisconsin Investment Board raised its position in Western Digital by 15.6% in the 2nd quarter. State of Wisconsin Investment Board now owns 332,305 shares of the data storage provider’s stock worth $29,442,000 after purchasing an additional 44,752 shares during the last quarter. Alps Advisors Inc. raised its position in Western Digital by 25.9% in the 2nd quarter. Alps Advisors Inc. now owns 8,880 shares of the data storage provider’s stock worth $787,000 after purchasing an additional 1,827 shares during the last quarter. Finally, Legal & General Group Plc raised its position in Western Digital by 9.4% in the 2nd quarter. Legal & General Group Plc now owns 1,450,391 shares of the data storage provider’s stock worth $128,523,000 after purchasing an additional 124,510 shares during the last quarter. Institutional investors own 83.99% of the company’s stock.
Western Digital 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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