Western Digital (WDC) – Investment Analysts’ Recent Ratings Updates

Several brokerages have updated their recommendations and price targets on shares of Western Digital (NASDAQ: WDC) in the last few weeks:

  • 11/28/2017 – Western Digital was upgraded by analysts at Vetr from a “hold” rating to a “buy” rating. They now have a $95.09 price target on the stock.
  • 11/27/2017 – Western Digital was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating. They now have a $120.00 price target on the stock.
  • 11/21/2017 – Western Digital was downgraded by analysts at Vetr from a “buy” rating to a “hold” rating. They now have a $95.09 price target on the stock.
  • 11/14/2017 – Western Digital is now covered by analysts at Wells Fargo & Company. They set an “outperform” rating and a $115.00 price target on the stock.
  • 11/13/2017 – Western Digital was downgraded by analysts at Vetr from a “strong-buy” rating to a “buy” rating. They now have a $97.62 price target on the stock.
  • 11/1/2017 – Western Digital was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “strong-buy” rating. They now have a $103.00 price target on the stock. According to Zacks, “Western Digital reported strong first-quarter fiscal 2018 results. Top-line growth benefited from robust demand in the company’s end markets as well as for flash-based storage products. Moreover, the ongoing transformation to 3D NAND technology also drove results. We note that the company is benefiting from strong demand for both hard drive and NAND-based products from all categories of customers, largely driven by cloud and mobility based applications. Moreover, the acquisitions of Upthere and Tegile Systems will help the company in expanding its presence with a wider range of products and solutions. However, the ongoing legal tussle with Toshiba regarding the memory unit in Japan remains a concern.”
  • 10/30/2017 – Western Digital was downgraded by analysts at Vetr from a “strong-buy” rating to a “buy” rating. They now have a $98.49 price target on the stock.
  • 10/27/2017 – Western Digital had its price target raised by analysts at UBS AG from $93.00 to $97.00. They now have a “neutral” rating on the stock.
  • 10/27/2017 – Western Digital had its price target raised by analysts at Barclays PLC from $131.00 to $133.00. They now have an “overweight” rating on the stock.
  • 10/27/2017 – Western Digital had its “buy” rating reaffirmed by analysts at Maxim Group. They now have a $124.00 price target on the stock.
  • 10/27/2017 – Western Digital had its price target raised by analysts at Citigroup Inc. from $110.00 to $115.00. They now have a “buy” rating on the stock.
  • 10/27/2017 – Western Digital had its “hold” rating reaffirmed by analysts at KeyCorp.
  • 10/24/2017 – Western Digital was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. According to Zacks, “Western Digital provided weak first-quarter fiscal 2018 guidance that reflects weak PC shipment as well as intensifying competition in the hard-drive disk (HDD) market. Moreover, the ongoing legal tussle with Toshiba regarding the memory unit in Japan remains a concern. Notably, the shares have outperformed the industry on a year-to-date basis. We note that the company is benefiting from strong demand for both hard drive and NAND-based products from all categories of customers, largely driven by cloud and mobility based applications. Moreover, the acquisitions of Upthere and planned buyout of Tegile Systems will help the company in expanding its presence with a wider range of products and solutions. We believe that strong demand for NAND flash memory chips is a key catalyst for the company.”
  • 10/23/2017 – Western Digital was downgraded by analysts at Vetr from a “strong-buy” rating to a “buy” rating. They now have a $98.49 price target on the stock.
  • 10/17/2017 – Western Digital was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating.
  • 10/16/2017 – Western Digital was upgraded by analysts at Vetr from a “buy” rating to a “strong-buy” rating. They now have a $98.49 price target on the stock.
  • 10/12/2017 – Western Digital had its price target lowered by analysts at UBS AG from $101.00 to $93.00. They now have a “neutral” rating on the stock.
  • 10/10/2017 – Western Digital was downgraded by analysts at Vetr from a “strong-buy” rating to a “buy” rating. They now have a $93.86 price target on the stock.
  • 10/10/2017 – Western Digital had its “neutral” rating reaffirmed by analysts at Goldman Sachs Group Inc. They now have a $88.00 price target on the stock.
  • 10/8/2017 – Western Digital had its “buy” rating reaffirmed by analysts at Mizuho. They now have a $105.00 price target on the stock.

Western Digital Corporation (WDC) traded up $1.45 during mid-day trading on Tuesday, hitting $78.56. The stock had a trading volume of 4,533,489 shares, compared to its average volume of 4,169,904. Western Digital Corporation has a 52-week low of $61.85 and a 52-week high of $95.77. The company has a quick ratio of 2.13, a current ratio of 2.64 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $23,473.62, a PE ratio of 7.97 and a beta of 1.10.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.01 by $0.55. Western Digital had a return on equity of 26.48% and a net margin of 7.38%. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.13 billion. During the same quarter in the previous year, the business earned $1.18 earnings per share. The company’s revenue was up 9.9% on a year-over-year basis. analysts expect that Western Digital Corporation will post 12.01 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Thursday, December 28th. Western Digital’s dividend payout ratio is currently 41.75%.

In related news, insider Mark P. Long sold 1,446 shares of the company’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $87.63, for a total transaction of $126,712.98. Following the completion of the sale, the insider now owns 86,939 shares in the company, valued at $7,618,464.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael D. Cordano sold 1,397 shares of the company’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $88.13, for a total value of $123,117.61. Following the sale, the insider now owns 70,556 shares of the company’s stock, valued at approximately $6,218,100.28. The disclosure for this sale can be found here. Insiders sold 25,488 shares of company stock valued at $2,242,856 in the last 90 days. Company insiders own 0.31% of the company’s stock.

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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