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

Western Digital (NASDAQ:WDCGet Free Report)‘s stock had its “buy” rating reissued by Rosenblatt Securities in a research note issued 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 45.22% from the stock’s current price.

WDC has been the topic of several other research reports. Evercore ISI lifted their price objective on shares of Western Digital from $80.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, April 26th. Benchmark upgraded shares of Western Digital from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research report on Friday, April 26th. StockNews.com raised Western Digital from a “sell” rating to a “hold” rating in a report on Tuesday, June 4th. Loop Capital raised their price objective on Western Digital from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, June 4th. Finally, Robert W. Baird lifted their target price on Western Digital from $65.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, April 26th. Six equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Western Digital currently has an average rating of “Moderate Buy” and an average target price of $82.09.

View Our Latest Report on WDC

Western Digital Price Performance

NASDAQ WDC opened at $79.19 on Tuesday. Western Digital has a 12 month low of $35.62 and a 12 month high of $79.84. The firm has a market capitalization of $25.86 billion, a PE ratio of -15.93 and a beta of 1.45. The company’s 50 day simple moving average is $72.58 and its 200 day simple moving average is $61.77. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.86 and a quick ratio of 1.07.

Western Digital (NASDAQ:WDCGet Free Report) last posted its quarterly earnings data on Thursday, April 25th. The data storage provider reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.42. The company had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.37 billion. Western Digital had a negative return on equity of 13.75% and a negative net margin of 12.87%. The company’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.57) EPS. As a group, equities research analysts forecast that Western Digital will post -1.68 EPS for the current fiscal year.

Insider Buying and Selling

In other Western Digital news, SVP Gene M. Zamiska sold 416 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $71.88, for a total transaction of $29,902.08. Following the transaction, the senior vice president now directly owns 30,321 shares in the company, valued at $2,179,473.48. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, EVP Robert Soderbery sold 26,853 shares of Western Digital stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $73.48, for a total value of $1,973,158.44. Following the transaction, the executive vice president now owns 144,623 shares of the company’s stock, valued at $10,626,898.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Gene M. Zamiska sold 416 shares of the business’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $71.88, for a total transaction of $29,902.08. Following the completion of the sale, the senior vice president now owns 30,321 shares of the company’s stock, valued at $2,179,473.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,360 shares of company stock worth $2,221,513. Corporate insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of WDC. Kodai Capital Management LP bought a new stake in Western Digital during the fourth quarter valued at about $212,900,000. Norges Bank bought a new position in shares of Western Digital in the fourth quarter worth about $150,958,000. Canada Pension Plan Investment Board lifted its position 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 purchasing an additional 981,527 shares during the last quarter. Westfield Capital Management Co. LP bought a new stake in Western Digital during the 4th quarter valued at approximately $48,466,000. Finally, Nomura Holdings Inc. grew its holdings in Western Digital by 7.0% in the 3rd quarter. Nomura Holdings Inc. now owns 13,361,999 shares of the data storage provider’s stock valued at $609,708,000 after buying an additional 870,971 shares during the last quarter. Institutional investors own 92.51% of the company’s stock.

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.

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