Western Digital (NASDAQ:WDC) Stock Rating Upgraded by Summit Insights

Western Digital (NASDAQ:WDC) was upgraded by research analysts at Summit Insights from a “hold” rating to a “buy” rating in a report released on Wednesday, Marketbeat reports.

A number of other equities research analysts also recently issued reports on WDC. Wedbush reaffirmed an “underperform” rating on shares of Western Digital in a research note on Friday, April 11th. Mizuho decreased their target price on shares of Western Digital from $82.00 to $68.00 and set an “outperform” rating on the stock in a research report on Thursday, April 10th. UBS Group dropped their price target on Western Digital from $74.00 to $50.00 and set a “neutral” rating for the company in a research report on Monday, March 17th. Morgan Stanley began coverage on Western Digital in a research report on Wednesday, April 16th. They set an “overweight” rating and a $46.00 price objective on the stock. Finally, Susquehanna dropped their target price on Western Digital from $72.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, April 11th. Four equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, Western Digital currently has an average rating of “Moderate Buy” and a consensus target price of $65.65.

Western Digital Trading Up 0.2 %

Shares of Western Digital stock opened at $43.95 on Wednesday. Western Digital has a twelve month low of $28.83 and a twelve month high of $81.55. The company has a quick ratio of 1.26, a current ratio of 1.99 and a debt-to-equity ratio of 0.60. The business has a 50-day moving average price of $40.54 and a 200-day moving average price of $57.28. The firm has a market cap of $15.29 billion, a price-to-earnings ratio of 10.46 and a beta of 1.39.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Wednesday, April 30th. The data storage provider reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.30. The business had revenue of ($1,465.00) million during the quarter, compared to analysts’ expectations of $2.70 billion. Western Digital had a return on equity of 15.68% and a net margin of 9.95%. The firm’s revenue for the quarter was down 33.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.63 EPS. Equities research analysts anticipate that Western Digital will post 4.89 EPS for the current fiscal year.

Insider Buying and Selling at Western Digital

In other news, SVP Gene M. Zamiska sold 1,659 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $41.36, for a total transaction of $68,616.24. Following the transaction, the senior vice president now owns 43,776 shares in the company, valued at approximately $1,810,575.36. This trade represents a 3.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc lifted its position in shares of Western Digital by 278.9% in the 4th quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock worth $25,000 after purchasing an additional 304 shares during the period. Sierra Ocean LLC bought a new position in Western Digital in the fourth quarter worth approximately $29,000. Comprehensive Financial Planning Inc. PA purchased a new stake in Western Digital during the fourth quarter worth $30,000. OFI Invest Asset Management bought a new stake in Western Digital during the 4th quarter valued at $36,000. Finally, Allworth Financial LP increased its holdings in shares of Western Digital by 34.1% in the 1st quarter. Allworth Financial LP now owns 955 shares of the data storage provider’s stock valued at $38,000 after acquiring an additional 243 shares during the period. 92.51% of the stock is currently owned by institutional investors.

Western Digital Company Profile

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.