Western Digital (NASDAQ:WDC) Rating Increased to Neutral at Wedbush

Western Digital (NASDAQ:WDC) was upgraded by investment analysts at Wedbush from an “underperform” rating to a “neutral” rating in a report released on Thursday, Marketbeat.com reports. The brokerage presently has a $54.50 price target on the data storage provider’s stock, up from their prior price target of $32.50. Wedbush’s price objective would indicate a potential upside of 0.20% from the company’s current price.

A number of other equities research analysts have also weighed in on the company. Goldman Sachs Group set a $54.00 price objective on Western Digital and gave the company a “hold” rating in a report on Sunday, July 21st. Benchmark reiterated a “sell” rating and set a $40.00 price target on shares of Western Digital in a research report on Thursday. Maxim Group reiterated a “buy” rating and set a $126.00 price target on shares of Western Digital in a research report on Friday, July 26th. Stifel Nicolaus lifted their price target on shares of Western Digital from $48.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, April 30th. Finally, Royal Bank of Canada lifted their price target on shares of Western Digital from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, April 9th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Western Digital has a consensus rating of “Hold” and an average price target of $59.98.

WDC traded down $1.12 during trading on Thursday, reaching $54.39. The company’s stock had a trading volume of 6,106,664 shares, compared to its average volume of 5,882,047. Western Digital has a 52-week low of $33.83 and a 52-week high of $69.55. The firm has a fifty day moving average of $48.91. The company has a market capitalization of $15.79 billion, a P/E ratio of 14.28, a price-to-earnings-growth ratio of 16.68 and a beta of 1.87. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.11 and a quick ratio of 1.30.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Wednesday, July 31st. The data storage provider reported $0.17 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.22. Western Digital had a positive return on equity of 10.52% and a negative net margin of 4.55%. The company had revenue of $3.63 billion for the quarter, compared to analyst estimates of $3.67 billion. During the same quarter in the previous year, the company earned $3.61 EPS. The firm’s revenue for the quarter was down 29.0% compared to the same quarter last year. As a group, research analysts anticipate that Western Digital will post 1.62 EPS for the current year.

Several institutional investors have recently modified their holdings of WDC. BlackRock Inc. raised its position in shares of Western Digital by 17.6% during the 1st quarter. BlackRock Inc. now owns 28,802,905 shares of the data storage provider’s stock worth $1,384,267,000 after purchasing an additional 4,308,455 shares during the last quarter. Norges Bank acquired a new position in shares of Western Digital during the 4th quarter worth approximately $112,698,000. FMR LLC raised its position in shares of Western Digital by 50.8% during the 4th quarter. FMR LLC now owns 4,576,631 shares of the data storage provider’s stock worth $169,198,000 after purchasing an additional 1,540,813 shares during the last quarter. DNB Asset Management AS raised its position in shares of Western Digital by 3,652.9% during the 2nd quarter. DNB Asset Management AS now owns 1,288,814 shares of the data storage provider’s stock worth $61,283,000 after purchasing an additional 1,254,472 shares during the last quarter. Finally, Clearbridge Investments LLC raised its position in shares of Western Digital by 14.1% during the 1st quarter. Clearbridge Investments LLC now owns 9,884,919 shares of the data storage provider’s stock worth $475,069,000 after purchasing an additional 1,224,950 shares during the last quarter. Hedge funds and other institutional investors own 88.16% 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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