Analysts at Macquarie started coverage on shares of Western Digital (NASDAQ:WDC) in a research note issued to investors on Friday. The brokerage set a “neutral” rating and a $90.00 price target on the data storage provider’s stock. Macquarie’s target price indicates a potential upside of 5.14% from the company’s current price.
A number of other equities analysts have also weighed in on WDC. Royal Bank of Canada reiterated a “buy” rating on shares of Western Digital in a research report on Friday, December 22nd. Robert W. Baird lowered shares of Western Digital from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $120.00 to $93.00 in a research report on Monday, October 2nd. BidaskClub lowered shares of Western Digital from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. Barclays reiterated a “buy” rating and issued a $131.00 price target on shares of Western Digital in a research report on Tuesday, October 3rd. Finally, Benchmark reiterated a “buy” rating and issued a $135.00 price target on shares of Western Digital in a research report on Monday, September 25th. Eleven analysts have rated the stock with a hold rating, twenty-three have given a buy rating and three have issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $111.39.
Shares of Western Digital (NASDAQ:WDC) opened at $85.60 on Friday. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07. The stock has a market cap of $25,319.37, a P/E ratio of 8.59, a P/E/G ratio of 0.28 and a beta of 1.12. Western Digital has a 12-month low of $71.10 and a 12-month high of $95.77.
Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.01 by $0.55. The company had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.13 billion. Western Digital had a net margin of 7.38% and a return on equity of 26.48%. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.18 earnings per share. equities analysts predict that Western Digital will post 12.21 EPS for the current fiscal year.
Western Digital announced that its board has initiated a share buyback plan on Thursday, November 9th that allows the company to buyback $2.10 billion in outstanding shares. This buyback authorization allows the data storage provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other Western Digital news, insider Michael D. Cordano sold 1,397 shares of the business’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $88.13, for a total transaction of $123,117.61. Following the transaction, the insider now owns 70,556 shares in the company, valued at $6,218,100.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael D. Cordano sold 1,401 shares of the business’s stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $85.00, for a total transaction of $119,085.00. Following the transaction, the insider now owns 70,560 shares in the company, valued at approximately $5,997,600. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,039 shares of company stock worth $1,400,999. 0.31% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of WDC. Acadian Asset Management LLC bought a new position in shares of Western Digital in the fourth quarter worth about $132,000. Quantbot Technologies LP bought a new position in shares of Western Digital in the second quarter worth about $135,000. Sun Life Financial INC grew its holdings in shares of Western Digital by 16,215.4% in the second quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock worth $188,000 after purchasing an additional 2,108 shares during the last quarter. Adviser Investments LLC bought a new position in shares of Western Digital in the third quarter worth about $204,000. Finally, Rational Advisors LLC bought a new position in shares of Western Digital in the third quarter worth about $207,000. Institutional investors and hedge funds own 83.86% of the company’s stock.
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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).
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