Western Digital (NASDAQ:WDC)‘s stock had its “buy” rating reissued by stock analysts at Bank of America in a report issued on Thursday, MarketBeat Ratings reports. They presently have a $68.00 price target on the data storage provider’s stock, down from their previous price target of $75.00. Bank of America’s price objective would indicate a potential upside of 61.79% from the company’s previous close.
Several other research firms have also recently issued reports on WDC. Craig Hallum raised Western Digital from a “hold” rating to a “buy” rating in a research note on Thursday. BidaskClub raised Western Digital from a “strong sell” rating to a “sell” rating in a research note on Saturday, November 3rd. UBS Group cut Western Digital from a “positive” rating to a “neutral” rating in a research note on Tuesday, November 20th. Longbow Research cut Western Digital from a “buy” rating to a “neutral” rating in a research note on Friday, October 26th. Finally, Royal Bank of Canada decreased their price target on Western Digital to $57.00 and set a “sector perform” rating for the company in a research note on Friday, October 26th. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $79.80.
NASDAQ:WDC opened at $42.03 on Thursday. Western Digital has a 1 year low of $40.58 and a 1 year high of $106.96. The firm has a market capitalization of $12.62 billion, a PE ratio of 3.31, a price-to-earnings-growth ratio of 0.37 and a beta of 1.15. The company has a quick ratio of 1.70, a current ratio of 2.41 and a debt-to-equity ratio of 0.96.
Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Thursday, October 25th. The data storage provider reported $2.78 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.70 by $0.08. Western Digital had a return on equity of 35.37% and a net margin of 2.46%. The company had revenue of $5.03 billion during the quarter, compared to analysts’ expectations of $5.14 billion. As a group, sell-side analysts predict that Western Digital will post 6.19 earnings per share for the current year.
In other news, Director Matthew E. Massengill sold 1,681 shares of the company’s stock in a transaction on Monday, November 5th. The stock was sold at an average price of $47.68, for a total value of $80,150.08. Following the completion of the sale, the director now owns 17,848 shares in the company, valued at $850,992.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.36% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Trexquant Investment LP lifted its holdings in shares of Western Digital by 18.1% during the second quarter. Trexquant Investment LP now owns 23,284 shares of the data storage provider’s stock valued at $1,802,000 after purchasing an additional 3,572 shares during the last quarter. Cambridge Financial Group Inc. lifted its holdings in shares of Western Digital by 7.1% during the second quarter. Cambridge Financial Group Inc. now owns 76,929 shares of the data storage provider’s stock valued at $5,955,000 after purchasing an additional 5,069 shares during the last quarter. Oppenheimer & Co. Inc. lifted its holdings in shares of Western Digital by 17.8% during the second quarter. Oppenheimer & Co. Inc. now owns 23,338 shares of the data storage provider’s stock valued at $1,806,000 after purchasing an additional 3,529 shares during the last quarter. ING Groep NV lifted its holdings in shares of Western Digital by 343.5% during the third quarter. ING Groep NV now owns 92,390 shares of the data storage provider’s stock valued at $5,409,000 after purchasing an additional 71,556 shares during the last quarter. Finally, Pinebridge Investments L.P. lifted its holdings in shares of Western Digital by 4.7% during the second quarter. Pinebridge Investments L.P. now owns 160,056 shares of the data storage provider’s stock valued at $12,390,000 after purchasing an additional 7,217 shares during the last quarter. 83.64% of the stock is owned by institutional investors and hedge funds.
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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