Western Digital (NASDAQ:WDC) was downgraded by analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Saturday.
A number of other research analysts have also recently commented on WDC. Bank of America reaffirmed a “buy” rating and issued a $68.00 target price (down previously from $75.00) on shares of Western Digital in a research report on Thursday. Cowen reaffirmed a “market perform” rating and issued a $50.00 target price (down previously from $60.00) on shares of Western Digital in a research report on Thursday. Craig Hallum raised shares of Western Digital from a “hold” rating to a “buy” rating in a research report on Thursday. Royal Bank of Canada decreased their target price on shares of Western Digital to $54.00 and set a “sector perform” rating on the stock in a research report on Monday, December 3rd. Finally, Susquehanna Bancshares reiterated a “neutral” rating and set a $44.00 price target (down from $120.00) on shares of Western Digital in a research note on Tuesday, November 20th. Four 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. Western Digital presently has an average rating of “Hold” and a consensus price target of $79.80.
Shares of WDC stock opened at $42.03 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.70 and a current ratio of 2.41. The stock has a market cap of $12.46 billion, a PE ratio of 3.11, a PEG ratio of 0.37 and a beta of 1.15. Western Digital has a twelve month low of $40.58 and a twelve month high of $106.96.
Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, October 25th. The data storage provider reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.70 by $0.08. The firm had revenue of $5.03 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Western Digital had a net margin of 2.46% and a return on equity of 35.37%. As a group, analysts forecast that Western Digital will post 6.19 earnings per share for the current year.
In related news, Director Matthew E. Massengill sold 1,681 shares of the company’s stock in a transaction that occurred on Monday, November 5th. The shares were sold at an average price of $47.68, for a total transaction of $80,150.08. Following the sale, the director now directly owns 17,848 shares in the company, valued at $850,992.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.36% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Trexquant Investment LP increased its stake 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 worth $1,802,000 after buying an additional 3,572 shares during the period. Cambridge Financial Group Inc. increased its stake 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 worth $5,955,000 after buying an additional 5,069 shares during the period. Oppenheimer & Co. Inc. increased its stake 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 worth $1,806,000 after buying an additional 3,529 shares during the period. ING Groep NV increased its stake 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 worth $5,409,000 after buying an additional 71,556 shares during the period. Finally, Pinebridge Investments L.P. increased its stake 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 worth $12,390,000 after buying an additional 7,217 shares during the period. Hedge funds and other institutional investors own 83.64% 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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