Western Digital (WDC) Rating Increased to Buy at Craig Hallum

Western Digital (NASDAQ:WDC) was upgraded by investment analysts at Craig Hallum from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, MarketBeat Ratings reports.

WDC has been the subject of several other reports. Mizuho cut shares of Western Digital from a “buy” rating to a “neutral” rating in a research note on Monday, October 1st. TheStreet cut shares of Western Digital from a “b-” rating to a “c+” rating in a research note on Friday, October 12th. Longbow Research set a $100.00 target price on shares of Western Digital and gave the company a “buy” rating in a research note on Thursday, September 6th. BidaskClub raised shares of Western Digital from a “strong sell” rating to a “sell” rating in a research note on Saturday, November 3rd. Finally, Wells Fargo & Co cut their target price on shares of Western Digital from $115.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, October 26th. Four equities 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 stock. The company currently has an average rating of “Hold” and a consensus price target of $79.80.

Shares of NASDAQ WDC opened at $42.03 on Thursday. The company has a debt-to-equity ratio of 0.96, a current ratio of 2.41 and a quick ratio of 1.70. The firm has a market capitalization of $12.62 billion, a PE ratio of 3.31, a PEG ratio of 0.37 and a beta of 1.15. Western Digital has a 1 year low of $40.58 and a 1 year high of $106.96.

Western Digital (NASDAQ:WDC) last posted its earnings results on Thursday, October 25th. The data storage provider reported $2.78 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.70 by $0.08. The company had revenue of $5.03 billion during 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, research analysts predict that Western Digital will post 6.19 earnings per share for the current fiscal year.

In other news, Director Matthew E. Massengill sold 1,681 shares of the firm’s stock in a transaction dated Monday, November 5th. The shares were 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 approximately $850,992.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.36% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in WDC. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Western Digital by 10.2% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 37,784 shares of the data storage provider’s stock worth $2,925,000 after acquiring an additional 3,489 shares during the last quarter. TD Asset Management Inc. lifted its holdings in shares of Western Digital by 0.8% in the 2nd quarter. TD Asset Management Inc. now owns 101,239 shares of the data storage provider’s stock worth $7,837,000 after acquiring an additional 838 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Western Digital by 14.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 23,847 shares of the data storage provider’s stock worth $1,846,000 after acquiring an additional 3,065 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its holdings 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 worth $129,000 after acquiring an additional 1,652 shares during the last quarter. Finally, Alps Advisors Inc. lifted its holdings in shares of Western Digital by 5.1% in the 2nd quarter. Alps Advisors Inc. now owns 17,596 shares of the data storage provider’s stock worth $1,362,000 after acquiring an additional 861 shares during the last quarter. Hedge funds and other institutional investors own 83.64% of the company’s stock.

About Western Digital

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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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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