Western Digital Corp (NASDAQ:WDC) Receives $79.00 Consensus PT from Analysts

Shares of Western Digital Corp (NASDAQ:WDC) have received an average rating of “Buy” from the twenty-nine analysts that are presently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have issued a buy rating on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $79.00.

A number of analysts have commented on the stock. Deutsche Bank boosted their price target on shares of Western Digital from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, January 31st. Morgan Stanley boosted their price target on shares of Western Digital from $88.00 to $94.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Mizuho restated a “buy” rating and set a $80.00 price target (up from $75.00) on shares of Western Digital in a research report on Thursday, January 30th. Maxim Group boosted their price target on shares of Western Digital from $89.00 to $101.00 and gave the stock a “buy” rating in a research report on Friday, January 31st. Finally, Longbow Research boosted their price target on shares of Western Digital from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, January 31st.

In other news, COO Michael D. Cordano sold 10,015 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $66.26, for a total transaction of $663,593.90. Following the sale, the chief operating officer now owns 241,215 shares in the company, valued at $15,982,905.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Charles Ray sold 4,387 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $69.00, for a total transaction of $302,703.00. Following the sale, the executive vice president now owns 56,149 shares in the company, valued at approximately $3,874,281. The disclosure for this sale can be found here. Insiders sold a total of 48,318 shares of company stock worth $3,193,648 over the last quarter. Insiders own 0.44% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Quest Capital Management Inc. ADV purchased a new position in Western Digital during the third quarter valued at approximately $27,000. Knuff & Co LLC purchased a new position in Western Digital during the third quarter valued at approximately $30,000. Mizuho Securities Co. Ltd. purchased a new position in Western Digital during the fourth quarter valued at approximately $32,000. Raab & Moskowitz Asset Management LLC purchased a new position in Western Digital during the fourth quarter valued at approximately $42,000. Finally, Evoke Wealth LLC purchased a new position in Western Digital during the third quarter valued at approximately $47,000. Institutional investors and hedge funds own 82.50% of the company’s stock.

Western Digital stock traded up $0.09 during midday trading on Friday, reaching $59.62. 4,825,129 shares of the stock traded hands, compared to its average volume of 4,948,198. The company has a current ratio of 1.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02. The firm has a fifty day moving average price of $67.92 and a two-hundred day moving average price of $59.58. The firm has a market cap of $19.00 billion, a price-to-earnings ratio of -14.68, a PEG ratio of 13.54 and a beta of 1.83. Western Digital has a fifty-two week low of $35.61 and a fifty-two week high of $72.00.

Western Digital (NASDAQ:WDC) last posted its earnings results on Thursday, January 30th. The data storage provider reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.32. The firm had revenue of $4.23 billion during the quarter, compared to analyst estimates of $4.23 billion. Western Digital had a negative net margin of 7.66% and a positive return on equity of 1.01%. Western Digital’s revenue was up .0% on a year-over-year basis. During the same period in the previous year, the business posted $1.45 EPS. Analysts anticipate that Western Digital will post 2.35 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 17th. Investors of record on Friday, April 3rd will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.35%. Western Digital’s payout ratio is currently 52.49%.

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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