Western Digital Corp. (NASDAQ:WDC) posted its quarterly earnings results on Thursday. The data storage provider reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.08. The business had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.44 billion. During the same period in the previous year, the firm posted $1.51 earnings per share. The firm’s quarterly revenue was up 9.5% on a year-over-year basis.
A number of research analysts have commented on the company. Argus restated a “buy” rating on shares of Western Digital Corp. in a research note on Saturday, July 9th. Citigroup Inc. lowered their target price on Western Digital Corp. from $60.00 to $53.00 and set a “buy” rating on the stock in a research note on Friday, May 27th. Benchmark Co. lowered their target price on Western Digital Corp. from $94.00 to $84.00 and set a “buy” rating on the stock in a research note on Friday, May 27th. Cowen and Company restated a “buy” rating on shares of Western Digital Corp. in a research note on Sunday, May 29th. Finally, Vetr downgraded Western Digital Corp. from a “strong-buy” rating to a “buy” rating and set a $48.74 target price on the stock. in a research note on Tuesday, May 31st. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $68.14.
Western Digital Corp. (NASDAQ:WDC) traded up 0.49% during midday trading on Thursday, reaching $53.70. The company had a trading volume of 5,003,641 shares. The firm has a 50-day moving average of $48.79 and a 200-day moving average of $45.59. Western Digital Corp. has a 12 month low of $34.99 and a 12 month high of $88.46. The stock has a market cap of $12.51 billion and a P/E ratio of 15.17.
In other Western Digital Corp. news, CEO Stephen D. Milligan purchased 22,500 shares of Western Digital Corp. stock in a transaction that occurred on Tuesday, May 31st. The stock was acquired at an average price of $45.53 per share, for a total transaction of $1,024,425.00. Following the completion of the acquisition, the chief executive officer now owns 105,106 shares of the company’s stock, valued at approximately $4,785,476.18. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. The Company’s product portfolio includes hard disk drives (HDDs), solid-state drives, direct attached storage solutions, personal cloud network attached storage solutions, and public and private cloud data center storage solutions.
