Western Digital (NASDAQ:WDC) Upgraded by Cleveland Research to Neutral

Western Digital (NASDAQ:WDC) was upgraded by equities research analysts at Cleveland Research from an “underperform” rating to a “neutral” rating in a research note issued to investors on Wednesday, The Fly reports.

WDC has been the topic of several other research reports. Susquehanna Bancshares reiterated a “buy” rating and set a $90.00 price target on shares of Western Digital in a research note on Wednesday, August 5th. Zacks Investment Research downgraded Western Digital from a “hold” rating to a “strong sell” rating and set a $46.00 price target on the stock. in a research note on Saturday, July 4th. Summit Insights downgraded Western Digital from a “buy” rating to a “hold” rating in a research note on Thursday, August 6th. Mizuho restated a “buy” rating and issued a $62.00 target price (down previously from $75.00) on shares of Western Digital in a research note on Wednesday, August 5th. Finally, Bank of America lowered their target price on Western Digital from $61.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $61.87.

WDC stock traded up $3.55 on Wednesday, hitting $40.02. 235,619 shares of the company’s stock were exchanged, compared to its average volume of 6,019,253. Western Digital has a 12-month low of $27.40 and a 12-month high of $72.00. The firm has a 50 day moving average price of $37.13 and a two-hundred day moving average price of $41.33. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.36 and a current ratio of 2.05. The stock has a market cap of $11.03 billion, a P/E ratio of -48.36 and a beta of 1.49.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Wednesday, August 5th. The data storage provider reported $1.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.22. Western Digital had a positive return on equity of 6.72% and a negative net margin of 1.49%. During the same quarter in the prior year, the firm posted $0.17 EPS. Sell-side analysts expect that Western Digital will post 1.69 earnings per share for the current fiscal year.

A number of institutional investors have recently modified their holdings of the stock. Ellevest Inc. raised its stake in shares of Western Digital by 172.0% in the second quarter. Ellevest Inc. now owns 574 shares of the data storage provider’s stock valued at $25,000 after acquiring an additional 363 shares in the last quarter. Kore Private Wealth LLC increased its position in shares of Western Digital by 4,250.0% during the second quarter. Kore Private Wealth LLC now owns 609 shares of the data storage provider’s stock worth $26,000 after purchasing an additional 595 shares in the last quarter. Valeo Financial Advisors LLC increased its position in shares of Western Digital by 2,219.2% during the second quarter. Valeo Financial Advisors LLC now owns 603 shares of the data storage provider’s stock worth $27,000 after purchasing an additional 577 shares in the last quarter. Flagship Harbor Advisors LLC increased its position in shares of Western Digital by 177.0% during the second quarter. Flagship Harbor Advisors LLC now owns 615 shares of the data storage provider’s stock worth $27,000 after purchasing an additional 393 shares in the last quarter. Finally, Capital Directions Investment Advisors LLC acquired a new stake in shares of Western Digital during the first quarter worth about $29,000. Institutional investors own 78.49% of the company’s stock.

Western Digital Company Profile

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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