Western Digital Corporation (WDC) Cut to “Sell” at BidaskClub
Western Digital Corporation (NASDAQ:WDC) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Saturday.
A number of other brokerages have also recently commented on WDC. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Western Digital Corporation in a research report on Monday, June 12th. Vetr raised Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $97.97 price objective on the stock in a report on Monday, May 22nd. Barclays PLC increased their price objective on Western Digital Corporation to $131.00 and gave the stock an “overweight” rating in a report on Friday, July 28th. Benchmark Co. reissued a “buy” rating and set a $135.00 price objective on shares of Western Digital Corporation in a report on Wednesday, May 24th. Finally, Citigroup Inc. increased their price objective on Western Digital Corporation from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-eight have issued a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $104.93.
Western Digital Corporation (WDC) opened at 79.90 on Friday. The firm’s 50-day moving average price is $88.96 and its 200 day moving average price is $84.38. Western Digital Corporation has a 52-week low of $44.43 and a 52-week high of $95.77. The company has a market cap of $23.33 billion, a PE ratio of 59.63 and a beta of 1.22.
Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, July 27th. The data storage provider reported $2.93 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter in the prior year, the firm earned $0.79 EPS. The business’s revenue for the quarter was up 38.5% compared to the same quarter last year. On average, equities analysts predict that Western Digital Corporation will post $12.58 EPS for the current fiscal year.
In other news, insider Mark P. Long sold 28,585 shares of the firm’s stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $94.24, for a total value of $2,693,850.40. Following the completion of the transaction, the insider now owns 53,551 shares in the company, valued at approximately $5,046,646.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Mark P. Long sold 17,028 shares of the firm’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $93.84, for a total value of $1,597,907.52. Following the completion of the transaction, the chief financial officer now owns 53,551 shares of the company’s stock, valued at approximately $5,025,225.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 126,966 shares of company stock valued at $11,263,675. Company insiders own 0.46% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Arizona State Retirement System boosted its position in Western Digital Corporation by 1.0% in the first quarter. Arizona State Retirement System now owns 71,313 shares of the data storage provider’s stock worth $5,885,000 after buying an additional 700 shares during the last quarter. Hillsdale Investment Management Inc. boosted its position in Western Digital Corporation by 16.9% in the first quarter. Hillsdale Investment Management Inc. now owns 5,610 shares of the data storage provider’s stock worth $463,000 after buying an additional 810 shares during the last quarter. Advisory Services Network LLC purchased a new position in Western Digital Corporation during the first quarter worth approximately $704,000. Exane Derivatives raised its position in Western Digital Corporation by 7,574.0% in the first quarter. Exane Derivatives now owns 35,761 shares of the data storage provider’s stock worth $2,951,000 after buying an additional 35,295 shares during the period. Finally, Profund Advisors LLC raised its position in Western Digital Corporation by 5.8% in the first quarter. Profund Advisors LLC now owns 23,048 shares of the data storage provider’s stock worth $1,902,000 after buying an additional 1,255 shares during the period. Institutional investors own 82.39% of the company’s stock.
About Western Digital Corporation
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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