Western Digital Corp (NASDAQ:WDC)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $40.32, but opened at $41.95. Western Digital shares last traded at $43.57, with a volume of 119417 shares trading hands.

Several equities analysts have recently weighed in on WDC shares. ValuEngine raised Western Digital from a “sell” rating to a “hold” rating in a report on Wednesday, January 30th. Craig Hallum cut Western Digital from a “buy” rating to a “hold” rating and set a $49.00 target price on the stock. in a report on Tuesday, April 30th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $55.00 target price on shares of Western Digital in a report on Thursday, March 28th. Robert W. Baird cut Western Digital from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $50.00 to $40.00 in a report on Friday, April 26th. Finally, Summit Insights raised Western Digital from a “hold” rating to a “buy” rating in a report on Friday, January 25th. Five investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $60.42.

The company has a market capitalization of $12.87 billion, a P/E ratio of 3.22 and a beta of 1.49. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.30 and a current ratio of 2.11.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Monday, April 29th. The data storage provider reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.29). The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.68 billion. Western Digital had a return on equity of 19.87% and a net margin of 1.10%. The business’s quarterly revenue was down 26.7% on a year-over-year basis. During the same period last year, the firm earned $3.63 EPS. On average, equities analysts anticipate that Western Digital Corp will post 4.07 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 4.60%. The ex-dividend date of this dividend is Thursday, June 27th. Western Digital’s dividend payout ratio (DPR) is 14.80%.

In related news, insider Mark P. Long sold 17,623 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $50.00, for a total value of $881,150.00. Following the completion of the transaction, the insider now owns 158,744 shares of the company’s stock, valued at $7,937,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.36% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WDC. First Interstate Bank grew its holdings in Western Digital by 159.2% in the first quarter. First Interstate Bank now owns 578 shares of the data storage provider’s stock worth $28,000 after purchasing an additional 355 shares during the last quarter. Ropes Wealth Advisors LLC grew its holdings in shares of Western Digital by 706.0% during the fourth quarter. Ropes Wealth Advisors LLC now owns 806 shares of the data storage provider’s stock valued at $30,000 after buying an additional 706 shares during the last quarter. AdvisorNet Financial Inc grew its holdings in shares of Western Digital by 2,500.0% during the first quarter. AdvisorNet Financial Inc now owns 624 shares of the data storage provider’s stock valued at $30,000 after buying an additional 600 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its holdings in shares of Western Digital by 57.0% during the first quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 650 shares of the data storage provider’s stock valued at $31,000 after buying an additional 236 shares during the last quarter. Finally, WealthBridge Capital Management LLC purchased a new stake in shares of Western Digital during the first quarter valued at $32,000. 83.93% of the stock is currently owned by institutional investors and hedge funds.

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Western Digital Company Profile (NASDAQ:WDC)

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.

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