Western Digital (NASDAQ:WDC) had its price target cut by research analysts at UBS to $88.00 in a research report issued on Wednesday. The brokerage currently has a “neutral” rating on the data storage provider’s stock. UBS’s price target suggests a potential upside of 6.49% from the company’s previous close.

WDC has been the subject of a number of other research reports. Susquehanna Bancshares reissued a “positive” rating on shares of Western Digital in a research report on Thursday, August 31st. Zacks Investment Research raised shares of Western Digital from a “sell” rating to a “hold” rating in a research report on Tuesday, October 24th. Citigroup lifted their price objective on shares of Western Digital from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, October 27th. Mizuho reissued a “buy” rating and issued a $105.00 price objective on shares of Western Digital in a research report on Sunday, October 8th. Finally, Maxim Group reissued a “buy” rating and issued a $108.00 price objective on shares of Western Digital in a research report on Wednesday, August 30th. Nine analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $113.10.

Shares of Western Digital (WDC) traded down $0.99 during mid-day trading on Wednesday, reaching $82.64. 3,239,900 shares of the company’s stock traded hands, compared to its average volume of 4,157,043. The company has a quick ratio of 2.13, a current ratio of 2.64 and a debt-to-equity ratio of 1.07. Western Digital has a 12-month low of $66.80 and a 12-month high of $95.77. The firm has a market cap of $24,736.63, a price-to-earnings ratio of 8.40 and a beta of 1.10.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.01 by $0.55. Western Digital had a net margin of 7.38% and a return on equity of 26.48%. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.13 billion. During the same period in the previous year, the business earned $1.18 EPS. The company’s revenue was up 9.9% compared to the same quarter last year. equities analysts expect that Western Digital will post 12.18 earnings per share for the current fiscal year.

Western Digital declared that its board has initiated a share buyback program on Thursday, November 9th that authorizes the company to buyback $2.10 billion in shares. This buyback authorization authorizes the data storage provider to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

In other Western Digital news, insider Michael D. Cordano sold 9,404 shares of the business’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $88.71, for a total transaction of $834,228.84. Following the sale, the insider now directly owns 75,385 shares of the company’s stock, valued at approximately $6,687,403.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael D. Cordano sold 1,397 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $123,117.61. Following the sale, the insider now directly owns 70,556 shares in the company, valued at $6,218,100.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,042 shares of company stock valued at $2,116,143. 0.31% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cookson Peirce & Co. Inc. grew its holdings in Western Digital by 0.6% during the 2nd quarter. Cookson Peirce & Co. Inc. now owns 3,600 shares of the data storage provider’s stock worth $319,000 after acquiring an additional 20 shares during the last quarter. People s United Financial Inc. boosted its stake in shares of Western Digital by 0.3% in the 2nd quarter. People s United Financial Inc. now owns 12,689 shares of the data storage provider’s stock valued at $1,124,000 after purchasing an additional 41 shares during the last quarter. Frontier Wealth Management LLC boosted its stake in shares of Western Digital by 3.2% in the 2nd quarter. Frontier Wealth Management LLC now owns 2,895 shares of the data storage provider’s stock valued at $256,000 after purchasing an additional 91 shares during the last quarter. First National Trust Co. boosted its stake in shares of Western Digital by 1.5% in the 2nd quarter. First National Trust Co. now owns 7,921 shares of the data storage provider’s stock valued at $702,000 after purchasing an additional 116 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Western Digital by 1.3% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 21,637 shares of the data storage provider’s stock valued at $1,917,000 after purchasing an additional 268 shares during the last quarter. 83.99% of the stock is currently owned by hedge funds and other institutional investors.

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Western Digital 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).

Analyst Recommendations for Western Digital (NASDAQ:WDC)

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