Western Digital’s (WDC) “Buy” Rating Reaffirmed at Robert W. Baird

Western Digital (NASDAQ:WDC)‘s stock had its “buy” rating reissued by equities researchers at Robert W. Baird in a report released on Friday. They currently have a $55.00 target price on the data storage provider’s stock. Robert W. Baird’s price target would indicate a potential upside of 20.03% from the company’s current price.

WDC has been the subject of several other research reports. Longbow Research set a $100.00 price target on Western Digital and gave the stock a “buy” rating in a research note on Thursday, September 6th. Mizuho lowered Western Digital from a “buy” rating to a “neutral” rating in a research note on Monday, October 1st. TheStreet lowered Western Digital from a “b-” rating to a “c+” rating in a research note on Friday, October 12th. BidaskClub raised Western Digital from a “strong sell” rating to a “sell” rating in a research note on Saturday, November 3rd. Finally, Wells Fargo & Co dropped their price target on Western Digital from $115.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, October 26th. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and thirteen have given a buy rating to the company. Western Digital presently has an average rating of “Hold” and a consensus target price of $84.04.

WDC stock traded down $1.74 during mid-day trading on Friday, hitting $45.82. 4,483,690 shares of the stock were exchanged, compared to its average volume of 7,233,503. The company has a quick ratio of 1.70, a current ratio of 2.41 and a debt-to-equity ratio of 0.96. Western Digital has a 12 month low of $40.58 and a 12 month high of $106.96. The firm has a market cap of $14.19 billion, a P/E ratio of 3.39, a price-to-earnings-growth ratio of 0.42 and a beta of 1.17.

Western Digital declared that its Board of Directors has initiated a share repurchase plan on Thursday, July 26th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the data storage provider to reacquire up to 22.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

In related news, Director Matthew E. Massengill sold 1,681 shares of the business’s stock in a transaction dated Monday, November 5th. The stock was sold at an average price of $47.68, for a total transaction of $80,150.08. Following the transaction, the director now owns 17,848 shares in the company, valued at approximately $850,992.64. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.36% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of the business. BlackRock Inc. grew its holdings in shares of Western Digital by 9.2% during the 2nd quarter. BlackRock Inc. now owns 21,040,844 shares of the data storage provider’s stock worth $1,628,774,000 after acquiring an additional 1,772,435 shares during the period. LSV Asset Management grew its holdings in shares of Western Digital by 8.9% during the 3rd quarter. LSV Asset Management now owns 3,699,443 shares of the data storage provider’s stock worth $216,565,000 after acquiring an additional 301,197 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Western Digital by 1.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,060,836 shares of the data storage provider’s stock worth $236,931,000 after acquiring an additional 49,960 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Western Digital by 4.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,000,178 shares of the data storage provider’s stock worth $175,631,000 after acquiring an additional 128,343 shares during the period. Finally, Wells Fargo & Company MN grew its holdings in shares of Western Digital by 6.2% during the 2nd quarter. Wells Fargo & Company MN now owns 2,321,676 shares of the data storage provider’s stock worth $179,720,000 after acquiring an additional 135,550 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

About Western Digital

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance 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, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.

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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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