Western Digital Corporation (NASDAQ:WDC) had its price target lifted by Barclays PLC to $131.00 in a research note issued to investors on Friday morning, The Fly reports. They currently have an overweight rating on the data storage provider’s stock.

A number of other research analysts have also commented on WDC. UBS AG reissued a neutral rating and set a $92.00 price target (up from $90.00) on shares of Western Digital Corporation in a report on Wednesday, June 28th. Vetr raised Western Digital Corporation from a buy rating to a strong-buy rating and set a $104.96 price target on the stock in a report on Wednesday, July 26th. Cowen and Company reissued an outperform rating and set a $117.00 price target on shares of Western Digital Corporation in a report on Tuesday, July 25th. Summit Redstone reissued a buy rating on shares of Western Digital Corporation in a report on Saturday, July 22nd. Finally, Stifel Nicolaus reissued a buy rating and set a $120.00 price target on shares of Western Digital Corporation in a report on Tuesday, July 11th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $104.93.

Shares of Western Digital Corporation (WDC) opened at 85.12 on Friday. Western Digital Corporation has a 12 month low of $43.09 and a 12 month high of $95.77. The stock has a market capitalization of $24.86 billion, a price-to-earnings ratio of 63.52 and a beta of 1.25. The firm’s 50 day moving average is $90.64 and its 200 day moving average is $84.00.

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. The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.82 billion. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The company’s quarterly revenue was up 38.5% compared to the same quarter last year. During the same period last year, the company earned $0.79 earnings per share. On average, equities analysts predict that Western Digital Corporation will post $12.29 earnings per share for the current fiscal year.

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The company also recently declared a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date was Wednesday, June 28th. Western Digital Corporation’s dividend payout ratio (DPR) is presently 156.25%.

In related news, EVP Srinivasan Sivaram sold 40,182 shares of the firm’s stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $89.18, for a total value of $3,583,430.76. Following 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark P. Long sold 28,585 shares of the firm’s stock in a transaction that occurred on Thursday, July 20th. The shares were 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 directly owns 53,551 shares in the company, valued at $5,046,646.24. The disclosure for this sale can be found here. Insiders have sold a total of 148,049 shares of company stock valued at $13,312,728 over the last ninety days. Company insiders own 0.46% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Iridian Asset Management LLC CT increased its position in shares of Western Digital Corporation by 244.0% in the first quarter. Iridian Asset Management LLC CT now owns 5,541,511 shares of the data storage provider’s stock worth $457,341,000 after buying an additional 3,930,465 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Western Digital Corporation by 4.5% in the first quarter. Vanguard Group Inc. now owns 28,741,455 shares of the data storage provider’s stock worth $2,372,032,000 after buying an additional 1,250,528 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of Western Digital Corporation by 179.3% in the first quarter. Alliancebernstein L.P. now owns 1,619,954 shares of the data storage provider’s stock worth $133,695,000 after buying an additional 1,040,028 shares during the last quarter. Villere ST Denis J & Co. LLC bought a new position in shares of Western Digital Corporation during the first quarter worth $84,484,000. Finally, UBS Asset Management Americas Inc. increased its position in shares of Western Digital Corporation by 52.2% in the first quarter. UBS Asset Management Americas Inc. now owns 2,393,005 shares of the data storage provider’s stock worth $197,495,000 after buying an additional 821,155 shares during the last quarter. 82.57% of the stock is currently owned by institutional investors and hedge funds.

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).

The Fly

Analyst Recommendations for Western Digital Corporation (NASDAQ:WDC)

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