Western Digital (NASDAQ:WDC) had its price objective boosted by stock analysts at FBN Securities from $105.00 to $115.00 in a report issued on Friday, The Fly reports. The firm currently has an “outperform” rating on the data storage provider’s stock. FBN Securities’ price target suggests a potential upside of 28.35% from the stock’s previous close.
A number of other research firms also recently weighed in on WDC. Mizuho reiterated a “buy” rating and set a $105.00 price target on shares of Western Digital in a research note on Sunday, October 8th. Vetr downgraded 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 note on Monday, October 30th. Zacks Investment Research upgraded shares of Western Digital from a “sell” rating to a “hold” rating in a research note 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 note on Tuesday. Finally, Robert W. Baird downgraded shares of Western Digital from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $120.00 to $93.00 in a research note on Monday, October 2nd. Twelve equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and three have issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $111.29.
Western Digital (WDC) traded up $1.61 on Friday, reaching $89.60. 8,147,769 shares of the company’s stock were exchanged, compared to its average volume of 4,540,565. Western Digital has a 1 year low of $71.38 and a 1 year high of $95.77. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.64 and a quick ratio of 2.13. The firm has a market capitalization of $25,730.00, a P/E ratio of 73.73, a P/E/G ratio of 0.28 and a beta of 1.12.
Western Digital declared that its board has initiated a share buyback plan on Thursday, November 9th that allows the company to repurchase $2.10 billion in shares. This repurchase authorization allows the data storage provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
In other Western Digital news, insider Michael D. Cordano sold 1,401 shares of the business’s stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $85.00, for a total transaction of $119,085.00. Following the completion of the sale, the insider now directly owns 70,560 shares of the company’s stock, valued at approximately $5,997,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael D. Cordano sold 1,397 shares of the business’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $88.13, for a total value of $123,117.61. Following the sale, the insider now directly owns 70,556 shares of the company’s stock, valued at $6,218,100.28. The disclosure for this sale can be found here. Insiders sold 16,039 shares of company stock valued at $1,400,999 over the last ninety days. 0.31% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the business. Cerebellum GP LLC bought a new stake in Western Digital during the 4th quarter worth about $121,000. Acadian Asset Management LLC acquired a new position in shares of Western Digital during the 4th quarter worth about $132,000. Quantbot Technologies LP acquired a new position in shares of Western Digital during the 2nd quarter worth about $135,000. Sun Life Financial INC grew its position in shares of Western Digital by 16,215.4% during the 2nd quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock worth $188,000 after buying an additional 2,108 shares during the period. Finally, Adviser Investments LLC acquired a new position in shares of Western Digital during the 3rd quarter worth about $204,000. 84.27% of the stock is owned by hedge funds and other institutional investors.
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).
