Western Digital (NASDAQ:WDC) Given Buy Rating at Rosenblatt Securities

Western Digital (NASDAQ:WDCGet Free Report)‘s stock had its “buy” rating reiterated by equities research analysts at Rosenblatt Securities in a note issued to investors on Tuesday, Benzinga reports. They currently have a $115.00 price objective on the data storage provider’s stock. Rosenblatt Securities’ price objective suggests a potential upside of 49.16% from the stock’s current price.

A number of other analysts have also recently commented on WDC. Benchmark upgraded Western Digital from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research report on Friday, April 26th. Morgan Stanley lifted their target price on Western Digital from $83.00 to $86.00 and gave the stock an “overweight” rating in a research report on Friday, April 26th. Barclays lifted their target price on Western Digital from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Monday, April 22nd. Raymond James cut Western Digital from an “outperform” rating to a “market perform” rating in a research report on Monday, April 22nd. Finally, StockNews.com upgraded Western Digital from a “sell” rating to a “hold” rating in a research report on Tuesday, June 4th. Six analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $81.87.

View Our Latest Stock Report on WDC

Western Digital Trading Up 2.8 %

NASDAQ:WDC opened at $77.10 on Tuesday. The firm has a market cap of $25.17 billion, a PE ratio of -15.51 and a beta of 1.45. The stock has a fifty day moving average price of $72.30 and a 200 day moving average price of $61.35. Western Digital has a 12-month low of $35.62 and a 12-month high of $77.66. The company has a current ratio of 1.86, a quick ratio of 1.07 and a debt-to-equity ratio of 0.72.

Western Digital (NASDAQ:WDCGet Free Report) last posted its quarterly earnings results on Thursday, April 25th. The data storage provider reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.42. Western Digital had a negative return on equity of 13.75% and a negative net margin of 12.87%. The company had revenue of $3.46 billion for the quarter, compared to analysts’ expectations of $3.37 billion. During the same period last year, the firm earned ($1.57) earnings per share. Western Digital’s quarterly revenue was up 23.3% on a year-over-year basis. Sell-side analysts anticipate that Western Digital will post -1.68 earnings per share for the current fiscal year.

Insider Transactions at Western Digital

In other news, SVP Gene M. Zamiska sold 443 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $75.00, for a total transaction of $33,225.00. Following the sale, the senior vice president now owns 30,958 shares of the company’s stock, valued at approximately $2,321,850. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Kimberly Alexy sold 2,648 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $69.95, for a total value of $185,227.60. Following the sale, the director now owns 20,509 shares of the company’s stock, valued at approximately $1,434,604.55. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Gene M. Zamiska sold 443 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $75.00, for a total value of $33,225.00. Following the completion of the sale, the senior vice president now directly owns 30,958 shares in the company, valued at approximately $2,321,850. The disclosure for this sale can be found here. Insiders have sold 30,360 shares of company stock valued at $2,221,513 in the last quarter. 0.25% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Kodai Capital Management LP acquired a new stake in shares of Western Digital during the 4th quarter worth $212,900,000. Norges Bank acquired a new stake in shares of Western Digital during the 4th quarter worth $150,958,000. Canada Pension Plan Investment Board increased its holdings in shares of Western Digital by 1,089.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,071,600 shares of the data storage provider’s stock worth $73,126,000 after buying an additional 981,527 shares during the last quarter. Westfield Capital Management Co. LP purchased a new stake in Western Digital during the 4th quarter worth $48,466,000. Finally, Nomura Holdings Inc. boosted its position in Western Digital by 7.0% during the 3rd quarter. Nomura Holdings Inc. now owns 13,361,999 shares of the data storage provider’s stock worth $609,708,000 after purchasing an additional 870,971 shares during the period. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Western Digital Company Profile

(Get Free Report)

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 desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and 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.

Further Reading

Analyst Recommendations for Western Digital (NASDAQ:WDC)

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