Vetr Inc. Downgrades Western Digital Corporation (WDC) to Buy
Western Digital Corporation (NASDAQ:WDC) was downgraded by equities research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research note issued on Monday. They currently have a $97.62 price target on the data storage provider’s stock. Vetr‘s price objective indicates a potential upside of 9.78% from the company’s current price.
WDC has been the subject of a number of other research reports. Mizuho reaffirmed a “buy” rating and issued a $105.00 target price on shares of Western Digital Corporation in a report on Sunday, October 8th. Maxim Group reaffirmed a “buy” rating and issued a $108.00 target price on shares of Western Digital Corporation in a report on Wednesday, August 30th. Zacks Investment Research raised Western Digital Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, October 24th. ValuEngine cut Western Digital Corporation from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. Finally, Cowen and Company reaffirmed an “outperform” rating and issued a $117.00 target price on shares of Western Digital Corporation in a report on Thursday, September 21st. Nine analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and three have issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $113.92.
Western Digital Corporation (NASDAQ WDC) traded up $1.29 during trading on Monday, hitting $88.92. The stock had a trading volume of 3,226,400 shares, compared to its average volume of 3,600,513. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.64 and a quick ratio of 2.13. Western Digital Corporation has a 12 month low of $56.26 and a 12 month high of $95.77. The firm has a market cap of $26,301.34, a PE ratio of 8.93 and a beta of 1.17.
Western Digital Corporation (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 EPS for the quarter, topping analysts’ consensus estimates of $3.01 by $0.55. Western Digital Corporation had a return on equity of 26.48% and a net margin of 7.38%. The company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.13 billion. During the same quarter in the previous year, the firm earned $1.18 EPS. Western Digital Corporation’s revenue was up 9.9% on a year-over-year basis. research analysts anticipate that Western Digital Corporation will post 11.93 earnings per share for the current year.
Western Digital Corporation declared that its Board of Directors has initiated a stock repurchase program on Thursday, November 9th that permits the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization permits the data storage provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
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In other news, EVP Manish H. Bhatia sold 20,130 shares of the stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $82.38, for a total value of $1,658,309.40. Following the completion of the sale, the executive vice president now directly owns 82,614 shares of the company’s stock, valued at $6,805,741.32. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Srinivasan Sivaram sold 3,098 shares of the stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $85.00, for a total value of $263,330.00. Following the completion of the sale, the executive vice president now directly owns 74,741 shares of the company’s stock, valued at $6,352,985. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,233 shares of company stock worth $4,298,735. Corporate insiders own 0.31% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Buckingham Capital Management Inc. purchased a new stake in shares of Western Digital Corporation in the second quarter worth approximately $1,754,000. Korea Investment CORP raised its stake in shares of Western Digital Corporation by 14.7% in the second quarter. Korea Investment CORP now owns 595,049 shares of the data storage provider’s stock worth $52,721,000 after purchasing an additional 76,459 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in shares of Western Digital Corporation by 18.3% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 67,329 shares of the data storage provider’s stock worth $5,965,000 after purchasing an additional 10,428 shares during the last quarter. Capital Analysts LLC purchased a new stake in shares of Western Digital Corporation in the second quarter worth approximately $2,777,000. Finally, Calamos Advisors LLC raised its stake in shares of Western Digital Corporation by 2.7% in the second quarter. Calamos Advisors LLC now owns 45,377 shares of the data storage provider’s stock worth $4,020,000 after purchasing an additional 1,201 shares during the last quarter. 81.77% of the stock is owned by hedge funds and other institutional investors.
Western Digital Corporation 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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