Western Digital (NASDAQ:WDC) had its target price hoisted by Longbow Research from $55.00 to $70.00 in a research note issued to investors on Thursday, The Fly reports. The firm presently has a “buy” rating on the data storage provider’s stock. Longbow Research’s price objective suggests a potential upside of 28.70% from the company’s current price.
Several other analysts also recently issued reports on WDC. Craig Hallum raised shares of Western Digital from a “hold” rating to a “buy” rating and lifted their price target for the company from $49.00 to $54.00 in a research report on Wednesday, June 26th. Cascend Securities reissued a “buy” rating and issued a $68.00 price target (up previously from $58.00) on shares of Western Digital in a research report on Monday, July 29th. Maxim Group reissued a “buy” rating and issued a $126.00 price target on shares of Western Digital in a research report on Friday, July 26th. Zacks Investment Research cut Western Digital from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. Finally, Deutsche Bank raised their price objective on Western Digital from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $59.98.
NASDAQ WDC traded down $1.12 during mid-day trading on Thursday, hitting $54.39. The company’s stock had a trading volume of 6,106,664 shares, compared to its average volume of 5,882,047. The firm’s 50 day moving average price is $48.91. Western Digital has a twelve month low of $33.83 and a twelve month high of $69.55. The company has a quick ratio of 1.30, a current ratio of 2.11 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $15.79 billion, a price-to-earnings ratio of 14.28, a price-to-earnings-growth ratio of 16.68 and a beta of 1.87.
Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Wednesday, July 31st. The data storage provider reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.22. Western Digital had a negative net margin of 4.55% and a positive return on equity of 10.52%. The business had revenue of $3.63 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same quarter last year, the firm posted $3.61 EPS. Western Digital’s revenue was down 29.0% compared to the same quarter last year. On average, analysts predict that Western Digital will post 1.62 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Financial Sense Advisors Inc. raised its stake in Western Digital by 27.3% in the 2nd quarter. Financial Sense Advisors Inc. now owns 177,929 shares of the data storage provider’s stock valued at $8,461,000 after acquiring an additional 38,155 shares during the period. Yorktown Management & Research Co Inc bought a new stake in Western Digital in the 2nd quarter valued at about $461,000. Mondrian Capital Management LLC purchased a new position in Western Digital during the 2nd quarter valued at about $476,000. Comerica Bank grew its holdings in Western Digital by 3.2% during the 2nd quarter. Comerica Bank now owns 65,219 shares of the data storage provider’s stock valued at $3,358,000 after buying an additional 2,000 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in Western Digital by 28.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 290,282 shares of the data storage provider’s stock valued at $13,803,000 after buying an additional 64,626 shares in the last quarter. Institutional investors own 88.16% of the company’s stock.
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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