Western Digital Corporation (NASDAQ: WDC) recently received a number of ratings updates from brokerages and research firms:

  • 8/12/2017 – Western Digital Corporation was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 8/7/2017 – Western Digital Corporation had its “buy” rating reaffirmed by analysts at Stifel Nicolaus. They now have a $120.00 price target on the stock.
  • 8/2/2017 – Western Digital Corporation was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. According to Zacks, “Western Digital reported impressive fourth-quarter fiscal 2017 results. The results benefited from strong demand for both hard drive and NAND-based products from all categories of customers, largely driven by cloud and mobility based applications. The company is also significantly gaining from the synergies related to the SanDisk and HGST acquisitions. However, the company provided weak first-quarter fiscal 2018 guidance that reflects weak PC shipment as well as intensifying competition in the hard-drive disk (HDD) market. Moreover, the ongoing feud with Toshiba related to the sale of its stake in the NAND flash joint venture is a concern for Western Digital. Nevertheless, we note that Western Digital shares outperformed the industry on a year-to-date basis. We are encouraged by the company’s launch of a string of storage devices under the mobile and cloud segment, which will provide significant growth opportunity going forward.”
  • 8/1/2017 – Western Digital Corporation had its “overweight” rating reaffirmed by analysts at J P Morgan Chase & Co.
  • 7/30/2017 – Western Digital Corporation had its “buy” rating reaffirmed by analysts at Stifel Nicolaus. They now have a $120.00 price target on the stock.
  • 7/28/2017 – Western Digital Corporation had its price target raised by analysts at Barclays PLC to $131.00. They now have an “overweight” rating on the stock.
  • 7/28/2017 – Western Digital Corporation had its “buy” rating reaffirmed by analysts at Maxim Group. They now have a $108.00 price target on the stock. They wrote, “Strong results driven by superior He-filled HDD products. Guidance is slightly below seasonal levels as management notes memory pricing is likely impacting cloud service provider demand.””
  • 7/28/2017 – Western Digital Corporation was given a new $120.00 price target on by analysts at BTIG Research. They now have a “buy” rating on the stock.
  • 7/28/2017 – Western Digital Corporation was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating.
  • 7/28/2017 – Western Digital Corporation was given a new $120.00 price target on by analysts at BMO Capital Markets. They now have a “buy” rating on the stock.
  • 7/26/2017 – Western Digital Corporation was upgraded by analysts at Vetr from a “buy” rating to a “strong-buy” rating. They now have a $104.96 price target on the stock.
  • 7/25/2017 – Western Digital Corporation had its “outperform” rating reaffirmed by analysts at Cowen and Company. They now have a $117.00 price target on the stock.
  • 7/24/2017 – Western Digital Corporation is now covered by analysts at Loop Capital. They set a “buy” rating and a $140.00 price target on the stock. They wrote, “momentum all over the place,” Baruah continued. For instance, revenue growth on an “apples to apples” basis grew 7 to 8 percent, which was “very attracted,” but the company was also constrained from component shortages.In fact, Western Digital’s revenue would have been even better in the quarter if it weren’t for components being constrained, Baruah added. Also, the lack of any revenue upside to management’s outlook could have also contributed to the stock’s decline.Moreover, Western Digital’s management may be “upset” with its September quarter guidance but this is a positive. The company guided its earnings per share to be in a range of $3.25 to $3.35 versus the Street’s expectations of $3.22 per share.”WDC felt compelled to guide the September quarter well above Street, a practice it generally dislikes and avoids if at all possible given their conservative bent; which means business is GOOD!” the analyst explained.Finally, Western Digital’s cloud business is “literally ripping like never before”
  • 7/22/2017 – Western Digital Corporation had its “buy” rating reaffirmed by analysts at Summit Redstone.
  • 7/17/2017 – Western Digital Corporation had its “buy” rating reaffirmed by analysts at Mizuho. They now have a $105.00 price target on the stock.
  • 7/14/2017 – Western Digital Corporation had its “buy” rating reaffirmed by analysts at BTIG Research. They now have a $120.00 price target on the stock.
  • 7/13/2017 – Western Digital Corporation had its “outperform” rating reaffirmed by analysts at Royal Bank Of Canada.
  • 7/13/2017 – Western Digital Corporation had its “market perform” rating reaffirmed by analysts at Wells Fargo & Company.
  • 7/12/2017 – Western Digital Corporation was downgraded by analysts at Vetr from a “strong-buy” rating to a “buy” rating. They now have a $102.77 price target on the stock.
  • 7/11/2017 – Western Digital Corporation had its “buy” rating reaffirmed by analysts at Stifel Nicolaus. They now have a $120.00 price target on the stock.
  • 7/7/2017 – Western Digital Corporation had its “buy” rating reaffirmed by analysts at Longbow Research. They now have a $120.00 price target on the stock, up previously from $12.00.
  • 7/4/2017 – Western Digital Corporation was downgraded by analysts at Zacks Investment Research from a “strong-buy” rating to a “hold” rating. According to Zacks, “Western Digital has outperformed the S&P 500 index on a year-to-date basis. The company continues to benefit from ongoing shift toward non-PC applications, secular growth of digital data and growing exposure to the small and medium business space. Moreover, we are encouraged by the company’s launch of a string of storage devices under the mobile and cloud segment.  These factors are anticipated to be growth catalysts, going forward. Moreover, the SanDisk acquisition not only expands Western Digital’s offerings in the SSD segment, but also provides a competitive edge against peers such as Seagate. However, the ongoing feud with Toshiba related to the sale of its stake in the NAND flash joint venture is a concern for Western Digital.”
  • 7/3/2017 – Western Digital Corporation was upgraded by analysts at Vetr from a “buy” rating to a “strong-buy” rating. They now have a $100.46 price target on the stock.
  • 7/3/2017 – Western Digital Corporation had its “buy” rating reaffirmed by analysts at Aegis. They now have a $130.00 price target on the stock.
  • 6/30/2017 – Western Digital Corporation had its price target raised by analysts at FBN Securities from $105.00 to $115.00. They now have an “outperform” rating on the stock.
  • 6/30/2017 – Western Digital Corporation had its “positive” rating reaffirmed by analysts at Susquehanna Bancshares Inc.
  • 6/28/2017 – Western Digital Corporation had its “hold” rating reaffirmed by analysts at Jefferies Group LLC. They now have a $90.00 price target on the stock.
  • 6/28/2017 – Western Digital Corporation had its “neutral” rating reaffirmed by analysts at UBS AG. They now have a $92.00 price target on the stock, up previously from $90.00.
  • 6/28/2017 – Western Digital Corporation was upgraded by analysts at BidaskClub from a “buy” rating to a “strong-buy” rating.
  • 6/27/2017 – Western Digital Corporation had its price target raised by analysts at Cowen and Company from $115.00 to $117.00. They now have an “outperform” rating on the stock.
  • 6/27/2017 – Western Digital Corporation was upgraded by analysts at Jefferies Group LLC from a “hold” rating to a “positive” rating. They now have a $93.00 price target on the stock, up previously from $90.00.
  • 6/27/2017 – Western Digital Corporation had its “buy” rating reaffirmed by analysts at Guggenheim. They now have a $125.00 price target on the stock.
  • 6/21/2017 – Western Digital Corporation had its “buy” rating reaffirmed by analysts at Maxim Group. They now have a $108.00 price target on the stock. They wrote, “We share WDC management’s concern regarding Hynix gaining a stake in the Toshiba-Sandisk JVs given Hynix has fabs outside of the JV agreement. We believe WDC’s consent rights are valid and enforceable. We view Toshiba’s stake in the memory operations worth ~$18B, utilizing normalized earnings power. We expect WDC to participate and Hynix not to in the finalized deal, at fair valuation.””
  • 6/21/2017 – Western Digital Corporation had its “buy” rating reaffirmed by analysts at Stifel Nicolaus. They now have a $120.00 price target on the stock.
  • 6/21/2017 – Western Digital Corporation had its “buy” rating reaffirmed by analysts at Mizuho. They now have a $105.00 price target on the stock. They wrote, “We believe near-term, investors could share WDC’s concerns on its IP being shared. On the laterals, we believe it is positive for AVGO, more competitive for MU as if consummated the deal could enable Hynix be more competitive in NAND.””
  • 6/19/2017 – Western Digital Corporation was upgraded by analysts at Vetr from a “buy” rating to a “strong-buy” rating. They now have a $100.46 price target on the stock.

Western Digital Corporation (NASDAQ:WDC) opened at 83.82 on Wednesday. The firm has a market capitalization of $24.48 billion, a price-to-earnings ratio of 62.55 and a beta of 1.22. The firm has a 50 day moving average price of $88.40 and a 200-day moving average price of $84.53. Western Digital Corporation has a 12 month low of $43.60 and a 12 month high of $95.77.

Western Digital Corporation (NASDAQ:WDC) last announced its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.51 by $0.42. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the prior year, the company earned $0.79 EPS. The firm’s revenue for the quarter was up 38.5% compared to the same quarter last year. On average, equities analysts forecast that Western Digital Corporation will post $12.54 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.00 annualized dividend and a yield of 2.39%. Western Digital Corporation’s payout ratio is 156.25%.

In related news, CFO Mark P. Long sold 17,028 shares of the stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $93.84, for a total transaction of $1,597,907.52. Following the completion of the sale, the chief financial officer now owns 53,551 shares in the company, valued at approximately $5,025,225.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Manish H. Bhatia sold 7,208 shares of the stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $84.99, for a total value of $612,607.92. Following the sale, the executive vice president now owns 66,922 shares of the company’s stock, valued at approximately $5,687,700.78. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 122,567 shares of company stock valued at $10,869,788. 0.46% of the stock is owned by corporate insiders.

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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