Western Digital (WDC) Upgraded by Craig Hallum to Buy

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Western Digital (NASDAQ:WDC) was upgraded by stock analysts at Craig Hallum from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, MarketBeat.com reports.

A number of other research analysts also recently issued reports on WDC. Cowen downgraded shares of Western Digital from an “outperform” rating to a “market perform” rating and set a $70.00 price objective on the stock. in a research report on Wednesday, August 15th. Longbow Research set a $100.00 price objective on shares of Western Digital and gave the stock a “buy” rating in a research report on Thursday, September 6th. Royal Bank of Canada downgraded shares of Western Digital from an “outperform” rating to a “sector perform” rating and cut their price objective for the stock from $95.00 to $70.00 in a research report on Tuesday, September 11th. Goldman Sachs Group downgraded shares of Western Digital to a “hold” rating and set a $63.00 price objective on the stock. in a research report on Wednesday, September 12th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $125.00 price objective on shares of Western Digital in a research report on Monday, September 17th. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating and thirteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $79.80.

Shares of Western Digital stock opened at $42.03 on Thursday. The company has a current ratio of 2.41, a quick ratio of 1.70 and a debt-to-equity ratio of 0.96. Western Digital has a 52-week low of $40.58 and a 52-week high of $106.96. The company has a market capitalization of $12.62 billion, a PE ratio of 3.31, a PEG ratio of 0.37 and a beta of 1.15.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, October 25th. The data storage provider reported $2.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.70 by $0.08. Western Digital had a net margin of 2.46% and a return on equity of 35.37%. The firm had revenue of $5.03 billion for the quarter, compared to the consensus estimate of $5.14 billion. On average, equities research analysts expect that Western Digital will post 6.19 earnings per share for the current fiscal year.

In other Western Digital news, Director Matthew E. Massengill sold 1,681 shares of the business’s stock in a transaction that occurred on Monday, November 5th. The shares were sold at an average price of $47.68, for a total transaction of $80,150.08. Following the sale, the director now owns 17,848 shares of the company’s stock, valued at approximately $850,992.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.36% of the stock is currently owned by insiders.

Large investors have recently added to or reduced their stakes in the business. Ruggie Capital Group acquired a new stake in Western Digital during the 2nd quarter valued at approximately $100,000. TRUE Private Wealth Advisors acquired a new stake in Western Digital during the 3rd quarter valued at approximately $107,000. Captrust Financial Advisors lifted its stake in Western Digital by 387.0% during the 3rd quarter. Captrust Financial Advisors now owns 1,836 shares of the data storage provider’s stock valued at $108,000 after acquiring an additional 1,459 shares during the period. NEXT Financial Group Inc acquired a new stake in Western Digital during the 3rd quarter valued at approximately $109,000. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its stake in Western Digital by 16,520.0% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,662 shares of the data storage provider’s stock valued at $129,000 after acquiring an additional 1,652 shares during the period. 83.64% of the stock is currently owned by institutional investors.

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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