Western Digital (WDC) Lifted to Buy at Summit Redstone

Western Digital (NASDAQ:WDC) was upgraded by investment analysts at Summit Redstone from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.

WDC has been the subject of several other research reports. BidaskClub raised Western Digital from a “sell” rating to a “hold” rating in a report on Wednesday. UBS increased their price objective on Western Digital from $93.00 to $97.00 and gave the stock a “neutral” rating in a research report on Friday, October 27th. Benchmark reiterated a “buy” rating and issued a $135.00 price objective on shares of Western Digital in a research report on Monday, September 25th. Longbow Research reiterated a “buy” rating and issued a $120.00 price objective on shares of Western Digital in a research report on Thursday, September 14th. Finally, Deutsche Bank lowered Western Digital from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $105.00 to $80.00 in a research report on Wednesday, October 4th. Nine research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and three have given a strong buy rating to the company. Western Digital currently has an average rating of “Buy” and a consensus target price of $114.20.

Western Digital (WDC) opened at $81.77 on Wednesday. The firm has a market capitalization of $24,017.87, a PE ratio of 8.15 and a beta of 1.10. Western Digital has a fifty-two week low of $66.59 and a fifty-two 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.

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

Western Digital announced that its board has authorized a share buyback plan on Thursday, November 9th that allows the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization allows the data storage provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

In other news, insider Michael D. Cordano sold 1,397 shares of Western Digital stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $123,117.61. Following the sale, the insider now owns 70,556 shares in the company, valued at $6,218,100.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark P. Long sold 4,467 shares of Western Digital stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $88.13, for a total value of $393,676.71. Following the sale, the chief financial officer now owns 88,384 shares in the company, valued at approximately $7,789,281.92. The disclosure for this sale can be found here. Insiders have sold 24,042 shares of company stock worth $2,116,143 in the last quarter. Insiders own 0.31% of the company’s stock.

A number of hedge funds have recently modified their holdings of WDC. Quantbot Technologies LP purchased a new stake in Western Digital in the 2nd quarter valued at approximately $135,000. Sun Life Financial INC boosted its holdings in Western Digital by 16,215.4% in the 2nd quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock valued at $188,000 after purchasing an additional 2,108 shares in the last quarter. SSI Investment Management Inc. purchased a new stake in shares of Western Digital during the 2nd quarter worth approximately $207,000. Adviser Investments LLC purchased a new stake in shares of Western Digital during the 3rd quarter worth approximately $204,000. Finally, Greenwood Capital Associates LLC purchased a new stake in shares of Western Digital during the 2nd quarter worth approximately $209,000. Hedge funds and other institutional investors own 83.99% of the company’s stock.

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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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