Western Digital Corp (NASDAQ:WDC)‘s stock had its “buy” rating reaffirmed by Deutsche Bank AG in a note issued to investors on Saturday, April 29th. They presently have a $105.00 target price on the data storage provider’s stock, up from their previous target price of $88.00. Deutsche Bank AG’s price objective suggests a potential upside of 21.94% from the stock’s previous close.
A number of other equities research analysts also recently issued reports on the company. Stifel Nicolaus restated a “buy” rating and set a $80.00 price objective on shares of Western Digital Corp in a research report on Saturday, January 14th. Citigroup Inc set a $85.00 price target on Western Digital Corp and gave the stock a “buy” rating in a report on Wednesday, January 18th. Royal Bank of Canada reiterated an “outperform” rating and issued a $96.00 price target on shares of Western Digital Corp in a report on Monday, April 17th. Barclays PLC reduced their price target on Western Digital Corp from $100.00 to $93.00 and set an “overweight” rating on the stock in a report on Tuesday, January 31st. Finally, Jefferies Group LLC increased their price target on Western Digital Corp from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, January 24th. Six analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $94.19.
Western Digital Corp (NASDAQ:WDC) traded up 1.56% during midday trading on Friday, hitting $87.45. The stock had a trading volume of 1,849,606 shares. The company has a 50-day moving average price of $86.07 and a 200-day moving average price of $74.46. The stock’s market cap is $25.47 billion. Western Digital Corp has a 52 week low of $38.65 and a 52 week high of $91.00.
Western Digital Corp (NASDAQ:WDC) last released its quarterly earnings data on Thursday, April 27th. The data storage provider reported $2.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.22. The firm had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.57 billion. Western Digital Corp had a positive return on equity of 13.38% and a negative net margin of 2.56%. The business’s quarterly revenue was up 64.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.21 earnings per share. Equities analysts expect that Western Digital Corp will post $8.88 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 17th. Stockholders of record on Friday, June 30th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date is Wednesday, June 28th. Western Digital Corp’s dividend payout ratio is currently -133.33%.
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In related news, insider Mark P. Long sold 57,846 shares of the business’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $87.02, for a total transaction of $5,033,758.92. Following the completion of the transaction, the insider now owns 114,522 shares in the company, valued at $9,965,704.44. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Srinivasan Sivaram sold 40,182 shares of the business’s stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $89.18, for a total transaction of $3,583,430.76. Following the transaction, the executive vice president now owns 102,202 shares of the company’s stock, valued at approximately $9,114,374.36. The disclosure for this sale can be found here. Insiders have sold 203,506 shares of company stock worth $17,378,672 in the last ninety days. Corporate insiders own 0.46% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. American Beacon Advisors Inc. bought a new position in Western Digital Corp during the first quarter valued at about $111,000. Acrospire Investment Management LLC bought a new position in Western Digital Corp during the first quarter valued at about $112,000. Reilly Financial Advisors LLC boosted its stake in shares of Western Digital Corp by 49.8% in the first quarter. Reilly Financial Advisors LLC now owns 1,383 shares of the data storage provider’s stock worth $114,000 after buying an additional 460 shares during the last quarter. Harbour Capital Advisors LLC acquired a new stake in shares of Western Digital Corp during the first quarter worth approximately $117,000. Finally, SRS Capital Advisors Inc. boosted its stake in shares of Western Digital Corp by 26.7% in the first quarter. SRS Capital Advisors Inc. now owns 1,453 shares of the data storage provider’s stock worth $119,000 after buying an additional 306 shares during the last quarter. Institutional investors own 88.22% of the company’s stock.
Western Digital Corp 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).
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