BidaskClub Upgrades Western Digital (WDC) to “Hold”

Western Digital (NASDAQ:WDC) was upgraded by stock analysts at BidaskClub from a “sell” rating to a “hold” rating in a report released on Saturday.

Other equities research analysts have also issued reports about the stock. Vetr lowered shares of Western Digital from a “strong-buy” rating to a “buy” rating and set a $98.49 target price on the stock. in a research report on Monday, October 23rd. Benchmark restated a “buy” rating and set a $135.00 target price on shares of Western Digital in a research report on Monday, September 25th. Barclays restated a “buy” rating and set a $131.00 target price on shares of Western Digital in a research report on Tuesday, October 3rd. Mizuho restated a “buy” rating and set a $105.00 target price on shares of Western Digital in a research report on Sunday, October 8th. Finally, Citigroup boosted their target price on shares of Western Digital from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, October 27th. Eleven analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and three have given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $111.39.

Shares of Western Digital (WDC) opened at $85.60 on Friday. The company has a market cap of $25,555.96, a price-to-earnings ratio of 17.87, a price-to-earnings-growth ratio of 0.28 and a beta of 1.12. Western Digital has a 1 year low of $71.10 and a 1 year 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 (NASDAQ:WDC) last issued its earnings results on Thursday, October 26th. The data storage provider reported $3.56 EPS for the quarter, topping the consensus estimate of $3.01 by $0.55. The company had revenue of $5.18 billion for 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% on a year-over-year basis. During the same period in the previous year, the firm earned $1.18 EPS. sell-side analysts predict that Western Digital will post 12.21 earnings per share for the current fiscal year.

Western Digital declared that its board has approved a share buyback plan on Thursday, November 9th that authorizes the company to buyback $2.10 billion in shares. This buyback authorization authorizes the data storage provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

In other news, insider Michael D. Cordano sold 1,401 shares of the company’s stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $85.00, for a total transaction of $119,085.00. Following the completion of the transaction, the insider now owns 70,560 shares of the company’s stock, valued at approximately $5,997,600. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 transaction, the insider now directly owns 70,556 shares of the company’s stock, valued at approximately $6,218,100.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,039 shares of company stock valued at $1,400,999. Corporate insiders own 0.31% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Capital World Investors purchased a new stake in shares of Western Digital during the 2nd quarter worth about $1,019,202,000. Janus Henderson Group PLC grew its holdings in shares of Western Digital by 140.4% during the 2nd quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock worth $176,746,000 after purchasing an additional 1,164,954 shares during the period. Bank of Montreal Can grew its holdings in shares of Western Digital by 267.4% during the 4th quarter. Bank of Montreal Can now owns 1,232,616 shares of the data storage provider’s stock worth $98,029,000 after purchasing an additional 897,108 shares during the period. Discovery Capital Management LLC CT grew its holdings in shares of Western Digital by 98.9% during the 2nd quarter. Discovery Capital Management LLC CT now owns 1,576,089 shares of the data storage provider’s stock worth $139,641,000 after purchasing an additional 783,589 shares during the period. Finally, Kensico Capital Management Corp grew its holdings in shares of Western Digital by 228.2% during the 3rd quarter. Kensico Capital Management Corp now owns 1,094,508 shares of the data storage provider’s stock worth $94,565,000 after purchasing an additional 761,000 shares during the period. 83.86% of the stock is owned by institutional investors.

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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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