Western Digital (NASDAQ:WDC) Hits New 52-Week Low at $40.16

Western Digital Co. (NASDAQ:WDCGet Rating) shares hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $40.16 and last traded at $40.22, with a volume of 45263 shares trading hands. The stock had previously closed at $40.97.

Analyst Upgrades and Downgrades

Several analysts have issued reports on WDC shares. Craig Hallum lowered their target price on Western Digital to $85.00 in a research note on Monday, August 15th. Credit Suisse Group started coverage on Western Digital in a research note on Tuesday, August 16th. They issued a “neutral” rating and a $52.00 target price on the stock. Evercore ISI boosted their target price on Western Digital from $60.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, June 2nd. Mizuho reduced their price target on Western Digital from $68.00 to $62.00 and set a “buy” rating for the company in a research report on Monday, August 8th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on Western Digital from $64.00 to $56.00 in a research report on Monday, August 8th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $61.35.

Western Digital Price Performance

The business has a 50-day simple moving average of $46.37 and a 200 day simple moving average of $50.05. The firm has a market cap of $13.34 billion, a P/E ratio of 8.93 and a beta of 1.51. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.11 and a current ratio of 1.80.

Western Digital (NASDAQ:WDCGet Rating) last released its quarterly earnings results on Friday, August 5th. The data storage provider reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.51 by $0.27. The business had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.57 billion. Western Digital had a return on equity of 19.15% and a net margin of 7.98%. Western Digital’s quarterly revenue was down 8.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.96 EPS. On average, analysts anticipate that Western Digital Co. will post 2.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norinchukin Bank The grew its holdings in shares of Western Digital by 8.5% during the 1st quarter. Norinchukin Bank The now owns 28,712 shares of the data storage provider’s stock worth $1,426,000 after acquiring an additional 2,246 shares during the period. SG Americas Securities LLC grew its stake in shares of Western Digital by 217.5% in the 1st quarter. SG Americas Securities LLC now owns 24,092 shares of the data storage provider’s stock worth $1,196,000 after buying an additional 16,504 shares during the last quarter. Guggenheim Capital LLC grew its stake in shares of Western Digital by 11.6% in the 4th quarter. Guggenheim Capital LLC now owns 155,574 shares of the data storage provider’s stock worth $10,145,000 after buying an additional 16,194 shares during the last quarter. NuWave Investment Management LLC purchased a new stake in shares of Western Digital in the 1st quarter worth approximately $46,000. Finally, Empowered Funds LLC purchased a new stake in shares of Western Digital in the 1st quarter worth approximately $4,651,000. Hedge funds and other institutional investors own 84.57% of the company’s stock.

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.

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