Western Digital Co. (NASDAQ:WDC) Receives Average Rating of “Hold” from Brokerages

Western Digital Co. (NASDAQ:WDC) Receives Average Rating of “Hold” from Brokerages

Western Digital Co. (NASDAQ:WDC – Get Rating) has been given an average rating of “Hold” by the twenty-four brokerages that are currently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $55.32.

A number of brokerages recently issued reports on WDC. Evercore ISI increased their target price on shares of Western Digital from $60.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, June 2nd. BNP Paribas began coverage on shares of Western Digital in a report on Tuesday, September 13th. They issued an “underperform” rating and a $30.00 price target for the company. Exane BNP Paribas began coverage on shares of Western Digital in a report on Tuesday, September 13th. They issued an “underperform” rating and a $30.00 price target for the company. Morgan Stanley cut their price target on shares of Western Digital from $71.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, August 8th. Finally, Benchmark downgraded shares of Western Digital from a “hold” rating to a “sell” rating and set a $34.00 price target for the company. in a report on Thursday, September 1st.

Western Digital Stock Performance

Shares of WDC opened at $32.18 on Friday. The firm has a 50-day moving average price of $43.46 and a 200 day moving average price of $48.62. The firm has a market capitalization of $10.12 billion, a PE ratio of 6.77 and a beta of 1.51. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 0.57. Western Digital has a 52-week low of $31.56 and a 52-week high of $69.36.

Western Digital (NASDAQ:WDC – Get Rating) last announced its earnings results on Friday, August 5th. The data storage provider reported $1.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.52 by $0.02. The firm had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.57 billion. Western Digital had a net margin of 7.98% and a return on equity of 19.15%. Western Digital’s revenue was down 8.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.96 EPS. On average, sell-side analysts anticipate that Western Digital will post 1.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Gene M. Zamiska sold 2,169 shares of the business’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $40.90, for a total transaction of $88,712.10. Following the transaction, the senior vice president now directly owns 31,554 shares in the company, valued at approximately $1,290,558.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Western Digital

Large investors have recently bought and sold shares of the business. Addison Advisors LLC boosted its holdings in Western Digital by 6,375.0% in the first quarter. Addison Advisors LLC now owns 518 shares of the data storage provider’s stock worth $26,000 after purchasing an additional 510 shares in the last quarter. Clear Street Markets LLC lifted its position in Western Digital by 411.7% during the 2nd quarter. Clear Street Markets LLC now owns 655 shares of the data storage provider’s stock worth $29,000 after acquiring an additional 527 shares during the last quarter. TCI Wealth Advisors Inc. lifted its position in Western Digital by 368.3% during the 2nd quarter. TCI Wealth Advisors Inc. now owns 679 shares of the data storage provider’s stock worth $30,000 after acquiring an additional 534 shares during the last quarter. Newbridge Financial Services Group Inc. acquired a new position in Western Digital during the 2nd quarter worth $34,000. Finally, Herold Advisors Inc. acquired a new position in Western Digital during the 1st quarter worth $40,000. 84.57% of the stock is currently owned by institutional investors.

Western Digital Company Profile

(Get Rating)

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook personal computers (PCs), smart video 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, Internet of Things, industrial, and connected home applications; and flash-based memory wafers.

Further Reading

Analyst Recommendations for Western Digital (NASDAQ:WDC)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]

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