BidaskClub upgraded shares of Western Digital (NASDAQ:WDC) from a strong sell rating to a sell rating in a research report report published on Saturday.
Several other research analysts have also recently issued reports on WDC. Loop Capital cut shares of Western Digital from a buy rating to a hold rating and dropped their target price for the stock from $80.00 to $42.00 in a report on Monday, October 29th. Craig Hallum cut shares of Western Digital from a buy rating to a hold rating and dropped their target price for the stock from $115.00 to $59.00 in a report on Friday, October 26th. Cowen dropped their target price on shares of Western Digital from $70.00 to $60.00 and set a market perform rating on the stock in a report on Friday, October 26th. Benchmark reiterated a hold rating on shares of Western Digital in a report on Friday, October 26th. Finally, Longbow Research cut shares of Western Digital from a buy rating to a neutral rating in a report on Friday, October 26th. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $85.25.
Shares of Western Digital stock opened at $48.36 on Friday. The company has a current ratio of 2.41, a quick ratio of 1.70 and a debt-to-equity ratio of 0.96. Western Digital has a 1 year low of $40.58 and a 1 year high of $106.96. The stock has a market cap of $13.85 billion, a price-to-earnings ratio of 3.58, a price-to-earnings-growth ratio of 0.41 and a beta of 1.17.
Western Digital declared that its Board of Directors has approved a stock buyback plan on Thursday, July 26th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the data storage provider to repurchase up to 22.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
Several institutional investors have recently made changes to their positions in WDC. Ruggie Capital Group purchased a new position in shares of Western Digital in the 2nd quarter valued at approximately $100,000. TRUE Private Wealth Advisors purchased a new position in shares of Western Digital in the 3rd quarter valued at approximately $107,000. NEXT Financial Group Inc purchased a new position in shares of Western Digital in the 3rd quarter valued at approximately $109,000. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of Western Digital by 16,520.0% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,662 shares of the data storage provider’s stock valued at $129,000 after purchasing an additional 1,652 shares during the last quarter. Finally, Legacy Financial Advisors Inc. raised its position in shares of Western Digital by 32,283.3% in the 2nd quarter. Legacy Financial Advisors Inc. now owns 1,943 shares of the data storage provider’s stock valued at $155,000 after purchasing an additional 1,937 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.
Western Digital Company Profile
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
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