Longbow Research Raises Western Digital (NASDAQ:WDC) Price Target to $80.00

Western Digital (NASDAQ:WDC) had its price objective boosted by Longbow Research from $70.00 to $80.00 in a research note published on Tuesday, The Fly reports. They currently have a buy rating on the data storage provider’s stock.

A number of other analysts also recently weighed in on the stock. Bank of America upped their price target on shares of Western Digital from to in a report on Wednesday, January 8th. Royal Bank of Canada reduced their price target on shares of Western Digital to $64.00 and set an outperform rating for the company in a report on Thursday, October 31st. Benchmark restated a sell rating and issued a $46.00 price target on shares of Western Digital in a report on Friday, September 27th. Mizuho raised their price target on shares of Western Digital from $64.00 to $75.00 and gave the stock a buy rating in a report on Thursday, January 16th. Finally, Cleveland Research restated a hold rating on shares of Western Digital in a report on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Western Digital has a consensus rating of Buy and a consensus target price of $72.76.

WDC traded down $1.20 during trading on Tuesday, hitting $69.73. The company had a trading volume of 265,460 shares, compared to its average volume of 4,337,361. The company has a market capitalization of $20.41 billion, a PE ratio of -13.24, a PEG ratio of 20.28 and a beta of 1.87. Western Digital has a one year low of $35.61 and a one year high of $72.00. The firm’s 50-day moving average price is $61.70 and its 200 day moving average price is $57.30. The company has a quick ratio of 1.22, a current ratio of 1.98 and a debt-to-equity ratio of 1.04.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Wednesday, October 30th. The data storage provider reported $0.34 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.41. The business had revenue of $4.04 billion for the quarter, compared to analysts’ expectations of $3.92 billion. Western Digital had a negative net margin of 9.89% and a positive return on equity of 3.28%. The firm’s revenue was down 19.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.04 EPS. Sell-side analysts forecast that Western Digital will post 1.69 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 21st. Shareholders of record on Friday, January 3rd were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date was Thursday, January 2nd. Western Digital’s dividend payout ratio (DPR) is 52.49%.

In related news, COO Michael D. Cordano sold 14,706 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $70.80, for a total transaction of $1,041,184.80. Following the transaction, the chief operating officer now directly owns 248,946 shares of the company’s stock, valued at $17,625,376.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Charles Ray sold 4,663 shares of Western Digital stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $59.79, for a total transaction of $278,800.77. The disclosure for this sale can be found here. Insiders sold 47,091 shares of company stock worth $2,941,823 over the last ninety days. Insiders own 0.44% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. Quest Capital Management Inc. ADV acquired a new stake in shares of Western Digital during the 3rd quarter worth about $27,000. TCI Wealth Advisors Inc. increased its holdings in shares of Western Digital by 62.1% in the third quarter. TCI Wealth Advisors Inc. now owns 488 shares of the data storage provider’s stock valued at $29,000 after purchasing an additional 187 shares in the last quarter. Knuff & Co LLC acquired a new stake in shares of Western Digital in the third quarter valued at approximately $30,000. Evoke Wealth LLC acquired a new stake in shares of Western Digital in the third quarter valued at approximately $47,000. Finally, Venturi Wealth Management LLC acquired a new stake in shares of Western Digital in the third quarter valued at approximately $50,000. 84.55% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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