Western Digital Corporation (NASDAQ:WDC) Given a $120.00 Price Target by BTIG Research Analysts
BTIG Research set a $120.00 price target on Western Digital Corporation (NASDAQ:WDC) in a research report sent to investors on Friday. The brokerage currently has a buy rating on the data storage provider’s stock.
Several other brokerages have also recently weighed in on WDC. Summit Redstone reaffirmed a buy rating on shares of Western Digital Corporation in a report on Saturday, July 22nd. Loop Capital started coverage on shares of Western Digital Corporation in a report on Monday, July 24th. They set a buy rating and a $140.00 price objective on the stock. Mizuho reissued a buy rating and set a $105.00 price objective on shares of Western Digital Corporation in a report on Monday, July 17th. Vetr cut shares of Western Digital Corporation from a strong-buy rating to a buy rating and set a $102.77 price objective on the stock. in a report on Wednesday, July 12th. Finally, Wells Fargo & Company reissued a market perform rating on shares of Western Digital Corporation in a report on Thursday, July 13th. Eight research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $104.93.
Shares of Western Digital Corporation (NASDAQ:WDC) opened at 85.12 on Friday. The firm’s 50-day moving average is $90.64 and its 200 day moving average is $84.00. The stock has a market cap of $24.86 billion, a P/E ratio of 63.52 and a beta of 1.25. Western Digital Corporation has a 52-week low of $43.09 and a 52-week high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last issued its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.51 by $0.42. The firm had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.82 billion. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The firm’s revenue was up 38.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.79 earnings per share. Analysts forecast that Western Digital Corporation will post $12.29 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were given a $0.50 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $2.00 annualized dividend and a dividend yield of 2.35%. Western Digital Corporation’s dividend payout ratio is presently 156.25%.
In related news, insider Mark P. Long sold 11,631 shares of the business’s stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $88.49, for a total value of $1,029,227.19. Following the completion of the transaction, the insider now owns 79,939 shares of the company’s stock, valued at approximately $7,073,802.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Srinivasan Sivaram sold 40,182 shares of the business’s stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $89.18, for a total transaction of $3,583,430.76. Following the completion of the transaction, the executive vice president now directly owns 102,202 shares of the company’s stock, valued at approximately $9,114,374.36. The disclosure for this sale can be found here. Insiders sold a total of 148,049 shares of company stock worth $13,312,728 over the last quarter. Insiders own 0.46% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in WDC. American Beacon Advisors Inc. purchased a new position in shares of Western Digital Corporation during the first quarter valued at $111,000. Acrospire Investment Management LLC purchased a new position in shares of Western Digital Corporation during the first quarter valued at $112,000. Reilly Financial Advisors LLC increased its position in shares of Western Digital Corporation by 49.8% in the first quarter. Reilly Financial Advisors LLC now owns 1,383 shares of the data storage provider’s stock valued at $114,000 after buying an additional 460 shares during the last quarter. Harbour Capital Advisors LLC purchased a new position in shares of Western Digital Corporation during the first quarter valued at $117,000. Finally, SRS Capital Advisors Inc. increased its position in shares of Western Digital Corporation by 26.7% in the first quarter. SRS Capital Advisors Inc. now owns 1,453 shares of the data storage provider’s stock valued at $119,000 after buying an additional 306 shares during the last quarter. 82.57% 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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