Western Digital (WDC) Rating Increased to Hold at BidaskClub
Western Digital (NASDAQ:WDC) was upgraded by equities research analysts at BidaskClub from a “sell” rating to a “hold” rating in a research note issued on Wednesday.
A number of other brokerages have also recently issued reports on WDC. Vetr cut shares of Western Digital from a “strong-buy” rating to a “buy” rating and set a $95.94 price objective on the stock. in a research note on Tuesday, August 22nd. Mizuho reissued a “buy” rating and issued a $105.00 price objective on shares of Western Digital in a research note on Sunday, October 8th. Maxim Group reissued a “buy” rating and issued a $108.00 price objective on shares of Western Digital in a research note on Wednesday, August 30th. Zacks Investment Research raised shares of Western Digital from a “sell” rating to a “hold” rating in a research note on Tuesday, October 24th. Finally, ValuEngine cut shares of Western Digital from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 1st. Nine research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and three have given a strong buy rating to the company. Western Digital currently has a consensus rating of “Buy” and an average price target of $113.10.
Shares of Western Digital (NASDAQ WDC) traded down $0.99 on Wednesday, hitting $82.64. 3,239,900 shares of the stock traded hands, compared to its average volume of 4,157,043. Western Digital has a 12 month low of $66.80 and a 12 month high of $95.77. The company has a market capitalization of $24,736.63, a PE ratio of 8.40 and a beta of 1.10. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.64 and a quick ratio of 2.13.
Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, October 26th. The data storage provider reported $3.56 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.01 by $0.55. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.13 billion. Western Digital had a net margin of 7.38% and a return on equity of 26.48%. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period last year, the firm earned $1.18 earnings per share. sell-side analysts forecast that Western Digital will post 12.18 EPS for the current year.
Western Digital declared that its Board of Directors has approved a share repurchase program on Thursday, November 9th that allows the company to buyback $2.10 billion in outstanding shares. This buyback authorization allows the data storage provider to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
In related news, CFO Mark P. Long sold 4,467 shares of the business’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $88.13, for a total value of $393,676.71. Following the transaction, the chief financial officer now owns 88,384 shares in the company, valued at $7,789,281.92. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Michael D. Cordano sold 9,404 shares of the business’s stock in a transaction 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 completion of the transaction, the insider now owns 75,385 shares in the company, valued at approximately $6,687,403.35. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,042 shares of company stock worth $2,116,143. 0.31% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Swiss National Bank increased its stake in Western Digital by 2.1% in the third quarter. Swiss National Bank now owns 1,073,763 shares of the data storage provider’s stock valued at $92,773,000 after purchasing an additional 21,900 shares in the last quarter. Buckingham Capital Management Inc. bought a new stake in Western Digital in the second quarter valued at $1,754,000. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in Western Digital by 18.3% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 67,329 shares of the data storage provider’s stock valued at $5,965,000 after purchasing an additional 10,428 shares in the last quarter. Capital Analysts LLC bought a new stake in Western Digital in the second quarter valued at $2,777,000. Finally, Calamos Advisors LLC increased its stake in Western Digital by 2.7% in the second quarter. Calamos Advisors LLC now owns 45,377 shares of the data storage provider’s stock valued at $4,020,000 after purchasing an additional 1,201 shares in the last quarter. Institutional investors and hedge funds own 83.99% of the company’s stock.
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About Western Digital
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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