Western Digital (NASDAQ:WDC) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Thursday.
WDC has been the topic of a number of other research reports. Morgan Stanley cut shares of Western Digital from an “overweight” rating to an “equal weight” rating and set a $120.00 target price on the stock. in a report on Monday, November 27th. Vetr cut shares of Western Digital from a “buy” rating to a “hold” rating and set a $95.09 target price on the stock. in a report on Tuesday, November 21st. KeyCorp reissued a “hold” rating on shares of Western Digital in a report on Friday, October 27th. Citigroup raised their target price on shares of Western Digital from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, October 27th. Finally, Maxim Group reissued a “buy” rating and issued a $124.00 target price on shares of Western Digital in a report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have given a buy rating and three have assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $112.10.
Western Digital (WDC) opened at $80.91 on Thursday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.13 and a current ratio of 2.64. Western Digital has a 12-month low of $69.10 and a 12-month high of $95.77. The company has a market cap of $23,880.00, a PE ratio of 16.89, a PEG ratio of 0.27 and a beta of 1.12.
Western Digital declared that its board has approved a share buyback plan on Thursday, November 9th that authorizes the company to buyback $2.10 billion in outstanding shares. This buyback authorization authorizes the data storage provider to buy shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
In related news, insider Michael D. Cordano sold 1,401 shares of the firm’s stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $85.00, for a total transaction of $119,085.00. Following the transaction, the insider now owns 70,560 shares in the company, valued at $5,997,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael D. Cordano sold 1,397 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $88.13, for a total transaction of $123,117.61. Following the transaction, the insider now owns 70,556 shares in the company, valued at approximately $6,218,100.28. The disclosure for this sale can be found here. Insiders have sold 16,039 shares of company stock worth $1,400,999 in the last quarter. Company insiders own 0.31% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Western Digital by 4.2% in the second quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock worth $2,652,936,000 after buying an additional 1,201,394 shares during the last quarter. Capital World Investors acquired a new position in Western Digital in the second quarter worth approximately $1,019,202,000. Iridian Asset Management LLC CT grew its position in Western Digital by 4.9% in the third quarter. Iridian Asset Management LLC CT now owns 5,920,657 shares of the data storage provider’s stock worth $511,545,000 after buying an additional 278,951 shares during the last quarter. Bank of New York Mellon Corp grew its position in Western Digital by 22.3% in the third quarter. Bank of New York Mellon Corp now owns 3,281,695 shares of the data storage provider’s stock worth $283,538,000 after buying an additional 598,563 shares during the last quarter. Finally, Northern Trust Corp grew its position in Western Digital by 0.5% in the second quarter. Northern Trust Corp now owns 3,191,625 shares of the data storage provider’s stock worth $282,778,000 after buying an additional 16,436 shares during the last quarter. Institutional investors and hedge funds own 83.78% of the company’s stock.
About Western Digital
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).
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