Western Digital Corporation’s (WDC) Buy Rating Reiterated at Maxim Group
Maxim Group reissued their buy rating on shares of Western Digital Corporation (NASDAQ:WDC) in a report issued on Wednesday morning. Maxim Group currently has a $108.00 target price on the data storage provider’s stock.
“We have been touting Tegile as a best-in-class external storage technology since 2013. Tegile compliments Amplidata building block, but success in $100B+ data center systems market will require significant incremental investments for hybrid cloud data management capabilities and sales & marketing, in our view. Despite low probability risk of losing some revenue from storage vendors, we view the acquisition of Tegile positively.”,” the firm’s analyst commented.
Several other research analysts also recently weighed in on the company. BidaskClub downgraded Western Digital Corporation from a hold rating to a sell rating in a report on Saturday, August 12th. Susquehanna Bancshares Inc reiterated a positive rating and issued a $140.00 price target on shares of Western Digital Corporation in a report on Wednesday, May 17th. Jefferies Group LLC reiterated a hold rating and issued a $90.00 price target on shares of Western Digital Corporation in a report on Wednesday, June 28th. Vetr upgraded Western Digital Corporation from a buy rating to a strong-buy rating and set a $101.80 price target for the company in a report on Monday, June 12th. Finally, Cowen and Company reiterated an outperform rating and issued a $115.00 price target on shares of Western Digital Corporation in a report on Monday, May 22nd. Eight equities research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and one has given a strong buy rating to the company. Western Digital Corporation currently has an average rating of Buy and an average price target of $104.51.
Shares of Western Digital Corporation (NASDAQ:WDC) opened at 90.41 on Wednesday. Western Digital Corporation has a 12-month low of $46.83 and a 12-month high of $95.77. The firm has a market cap of $26.40 billion, a PE ratio of 67.47 and a beta of 1.21. The company has a 50 day moving average price of $87.65 and a 200 day moving average price of $85.28.
Western Digital Corporation (NASDAQ:WDC) last posted its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (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 analyst estimates of $4.82 billion. During the same quarter in the prior year, the company earned $0.79 EPS. Western Digital Corporation’s revenue was up 38.5% on a year-over-year basis. On average, analysts forecast that Western Digital Corporation will post $12.54 earnings per share for the current fiscal year.
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The firm also recently disclosed 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 is Thursday, September 28th. This represents a $2.00 annualized dividend and a yield of 2.21%. Western Digital Corporation’s dividend payout ratio (DPR) is 156.25%.
In related news, insider Mark P. Long sold 28,585 shares of the stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $94.24, for a total transaction of $2,693,850.40. Following the sale, the insider now owns 53,551 shares in the company, valued at $5,046,646.24. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mark P. Long sold 17,028 shares of the stock in a transaction dated 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 sale, the chief financial officer now owns 53,551 shares in the company, valued at approximately $5,025,225.84. The disclosure for this sale can be found here. In the last quarter, insiders have sold 144,767 shares of company stock worth $12,690,484. 0.46% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. Capital World Investors acquired a new stake in Western Digital Corporation during the second quarter valued at $1,019,202,000. Iridian Asset Management LLC CT raised its stake in 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 valued at $457,341,000 after buying an additional 3,930,465 shares during the period. Vanguard Group Inc. raised its stake in 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 valued at $2,372,032,000 after buying an additional 1,250,528 shares during the period. Janus Henderson Group PLC raised its stake in Western Digital Corporation by 140.4% in the second quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock valued at $176,746,000 after buying an additional 1,164,954 shares during the period. Finally, Alliancebernstein L.P. raised its stake in 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 valued at $133,695,000 after buying an additional 1,040,028 shares during the period. Hedge funds and other institutional investors own 83.44% 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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