Analysts’ Recent Ratings Changes for Western Digital (WDC)

Western Digital (NASDAQ: WDC) has recently received a number of price target changes and ratings updates:

  • 2/5/2018 – Western Digital was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Western Digital reported stellar second-quarter results. Both earnings and revenues increased year over year, primarily due to healthy demand in its end-markets for high capacity enterprise hard drives and flash-based products. The company also provided an encouraging forthcoming guidance. The ongoing transformation to 3D NAND technology is also driving top-line growth. We note that the company is gaining from strong demand for both hard drive and NAND-based products from all categories of customers, largely driven by cloud and mobility based applications. Moreover, the acquisitions of Upthere and Tegile Systems will help the company in expanding its presence with a wider range of products and solutions. Nonetheless, stiff competition from Seagate, Hitachi, Samsung and Intel in the storage coupled with pricing pressure remains headwind.”
  • 2/2/2018 – Western Digital had its “buy” rating reaffirmed by analysts at Mizuho. They now have a $110.00 price target on the stock, up previously from $105.00.
  • 2/1/2018 – Western Digital had its “buy” rating reaffirmed by analysts at Guggenheim. They now have a $125.00 price target on the stock. They wrote, “We expect meaningfully lower interest expense following WDC’s recent debt refinacing, which increases our annual EPS estimates by +$0.83, and reflects rapid deleveraging since its acquisition of SNDK back in mid-2016. Reiterate BUY and $125 price target.””
  • 1/26/2018 – Western Digital had its price target raised by analysts at FBN Securities from $105.00 to $115.00. They now have an “outperform” rating on the stock.
  • 1/26/2018 – Western Digital had its price target raised by analysts at UBS Group AG from $88.00 to $90.00. They now have a “neutral” rating on the stock.
  • 1/26/2018 – Western Digital was downgraded by analysts at Summit Redstone from a “buy” rating to a “hold” rating.
  • 1/26/2018 – Western Digital had its price target lowered by analysts at Craig Hallum from $142.00 to $110.00. They now have a “buy” rating on the stock.
  • 1/26/2018 – Western Digital had its “buy” rating reaffirmed by analysts at Cowen Inc. They now have a $110.00 price target on the stock.
  • 1/26/2018 – Western Digital had its price target raised by analysts at Maxim Group from $124.00 to $126.00. They now have a “buy” rating on the stock.
  • 1/25/2018 – Western Digital was downgraded by analysts at TheStreet from a “b” rating to a “c+” rating.
  • 1/23/2018 – Western Digital was given a new $117.00 price target on by analysts at Cowen Inc. They now have an “outperform” rating on the stock.
  • 1/20/2018 – Western Digital was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating.
  • 1/19/2018 – Western Digital is now covered by analysts at Macquarie. They set a “neutral” rating and a $90.00 price target on the stock.
  • 1/11/2018 – Western Digital was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 1/4/2018 – Western Digital was downgraded by analysts at BMO Capital Markets from an “outperform” rating to a “market perform” rating. They now have a $90.00 price target on the stock, down previously from $120.00.
  • 12/26/2017 – Western Digital had its “buy” rating reaffirmed by analysts at Benchmark Co.. They now have a $130.00 price target on the stock. They wrote, “Western Digital’s current 12% free-cash- flow yield represents an extremely low valuation for a leading firm in an industry where storage demand is growing at a double digit y/y rates. Employing a conservative valuation based on investors’ current expected FY19 earnings, when chip prices are expected to stabilize, yields a target price in the $108 to $120 range. Our target price of $130 corresponds to a forward multiple of 10.4x based on our FY19 non-GAAP EPS estimate.””
  • 12/22/2017 – Western Digital had its “buy” rating reaffirmed by analysts at Royal Bank of Canada.

Western Digital Corp (NASDAQ WDC) opened at $83.33 on Thursday. The company has a market cap of $24,800.00, a PE ratio of 12.78, a P/E/G ratio of 0.34 and a beta of 1.13. Western Digital Corp has a 12 month low of $71.38 and a 12 month high of $95.77. The company has a quick ratio of 2.03, a current ratio of 2.55 and a debt-to-equity ratio of 1.04.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, January 25th. The data storage provider reported $3.95 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.51 by $0.44. The company had revenue of $5.34 billion for the quarter, compared to the consensus estimate of $5.31 billion. Western Digital had a net margin of 1.93% and a return on equity of 30.78%. The firm’s revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.30 EPS. analysts forecast that Western Digital Corp will post 12.62 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Friday, March 30th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend is Thursday, March 29th. Western Digital’s dividend payout ratio is presently 30.67%.

In related news, CEO Stephen D. Milligan sold 16,511 shares of the firm’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $84.00, for a total value of $1,386,924.00. Following the transaction, the chief executive officer now owns 156,882 shares of the company’s stock, valued at approximately $13,178,088. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael Charles Ray sold 4,387 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $84.20, for a total transaction of $369,385.40. Following the completion of the transaction, the executive vice president now directly owns 43,323 shares in the company, valued at approximately $3,647,796.60. The disclosure for this sale can be found here. Insiders sold a total of 152,529 shares of company stock worth $13,285,093 in the last ninety days. 0.31% of the stock is currently owned by insiders.

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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