Western Digital (NASDAQ:WDC) had its price objective hoisted by analysts at Maxim Group from $124.00 to $126.00 in a research note issued to investors on Friday, MarketBeat Ratings reports. The brokerage presently has a “buy” rating on the data storage provider’s stock. Maxim Group’s target price indicates a potential upside of 40.63% from the company’s current price.
Several other brokerages have also recently commented on WDC. Mizuho restated a “buy” rating and set a $105.00 target price on shares of Western Digital in a report on Sunday, October 8th. Vetr lowered shares of Western Digital from a “strong-buy” rating to a “buy” rating and set a $98.49 price target on the stock. in a research report on Monday, October 30th. Zacks Investment Research raised shares of Western Digital from a “sell” rating to a “hold” rating in a research report on Tuesday, October 24th. Cowen set a $117.00 price target on shares of Western Digital and gave the stock an “outperform” rating in a research report on Tuesday, January 23rd. Finally, Robert W. Baird lowered shares of Western Digital from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $120.00 to $93.00 in a research report on Monday, October 2nd. Twelve analysts have rated the stock with a hold rating, twenty-two have given a buy rating and three have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $111.62.
Western Digital (WDC) opened at $89.60 on Friday. Western Digital has a 1-year low of $71.38 and a 1-year high of $95.77. The company has a market cap of $26,930.00, a price-to-earnings ratio of 74.05, a P/E/G ratio of 0.29 and a beta of 1.12. 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 authorized a stock buyback plan on Thursday, November 9th that authorizes the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In related news, insider Michael D. Cordano sold 1,397 shares of the firm’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 $6,218,100.28. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Mark P. Long sold 4,467 shares of the firm’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $393,676.71. Following the transaction, the chief financial officer now directly owns 88,384 shares in the company, valued at $7,789,281.92. The disclosure for this sale can be found here. Insiders sold 16,039 shares of company stock worth $1,400,999 over the last three months. Insiders own 0.31% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in WDC. Cerebellum GP LLC bought a new position in Western Digital during the fourth quarter worth about $121,000. Acadian Asset Management LLC bought a new position in Western Digital during the fourth quarter worth about $132,000. Quantbot Technologies LP bought a new position in Western Digital during the second quarter worth about $135,000. Sun Life Financial INC increased its position in Western Digital by 16,215.4% during the second quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock worth $188,000 after acquiring an additional 2,108 shares during the period. Finally, Adviser Investments LLC bought a new position in Western Digital during the third quarter worth about $204,000. 84.27% of the stock is currently owned by institutional investors and hedge funds.
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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