Western Digital (WDC) PT Lowered to $100.00 at Cowen

Western Digital (NASDAQ:WDC) had its price target reduced by research analysts at Cowen from $105.00 to $100.00 in a note issued to investors on Friday, July 27th, Marketbeat Ratings reports. The brokerage presently has an “outperform” rating on the data storage provider’s stock. Cowen’s target price would suggest a potential upside of 54.34% from the stock’s current price.

A number of other equities analysts have also weighed in on the stock. ValuEngine lowered shares of Western Digital from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. Zacks Investment Research raised shares of Western Digital from a “hold” rating to a “strong-buy” rating and set a $108.00 price target for the company in a research report on Friday, March 30th. Morgan Stanley upped their price target on shares of Western Digital from $92.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday, April 27th. Royal Bank of Canada upped their price target on shares of Western Digital to $120.00 and gave the stock an “outperform” rating in a research report on Monday, April 2nd. Finally, Standpoint Research raised shares of Western Digital from a “hold” rating to a “buy” rating in a research report on Tuesday, July 10th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $104.00.

Shares of Western Digital traded down $1.32, reaching $64.79, on Friday, MarketBeat.com reports. 4,603,621 shares of the company were exchanged, compared to its average volume of 4,145,685. Western Digital has a one year low of $64.68 and a one year high of $106.96. The stock has a market cap of $19.78 billion, a P/E ratio of 4.84, a P/E/G ratio of 0.32 and a beta of 0.96. The company has a quick ratio of 1.73, a current ratio of 2.39 and a debt-to-equity ratio of 0.95.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, July 26th. The data storage provider reported $3.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.20 by $0.41. The firm had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.07 billion. Western Digital had a return on equity of 36.35% and a net margin of 3.27%. The company’s revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.93 earnings per share. sell-side analysts expect that Western Digital will post 10.71 EPS for the current year.

Western Digital announced that its board has authorized a share repurchase plan on Thursday, July 26th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the data storage provider to buy up to 22.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

In other news, insider Mark P. Long sold 24,938 shares of the stock in a transaction on Monday, July 30th. The stock was sold at an average price of $70.83, for a total transaction of $1,766,358.54. Following the sale, the insider now directly owns 215,963 shares of the company’s stock, valued at approximately $15,296,659.29. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Stephen D. Milligan sold 16,510 shares of the stock in a transaction on Monday, May 14th. The stock was sold at an average price of $80.94, for a total value of $1,336,319.40. Following the sale, the chief executive officer now directly owns 84,624 shares in the company, valued at $6,849,466.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 136,216 shares of company stock worth $11,137,352. 0.31% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. NuWave Investment Management LLC boosted its stake in Western Digital by 10,140.0% in the first quarter. NuWave Investment Management LLC now owns 1,536 shares of the data storage provider’s stock valued at $140,000 after buying an additional 1,521 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its stake in Western Digital by 16,520.0% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,662 shares of the data storage provider’s stock valued at $129,000 after buying an additional 1,652 shares in the last quarter. Assetmark Inc. boosted its stake in Western Digital by 437.9% in the first quarter. Assetmark Inc. now owns 1,673 shares of the data storage provider’s stock valued at $154,000 after buying an additional 1,362 shares in the last quarter. Financial Gravity Wealth Inc. acquired a new stake in Western Digital in the first quarter valued at about $145,000. Finally, Signaturefd LLC acquired a new stake in Western Digital in the first quarter valued at about $178,000. 84.36% of the stock is currently owned by institutional investors.

Western Digital Company Profile

Western Digital Corporation, together with its subsidiaries, develops, manufactures, and sells data storage devices and solutions worldwide. It offers performance hard disk drives (HDDs) that are used in enterprise servers, data analysis, and other enterprise applications; capacity HDDs and drive configurations for use in data storage systems and tiered storage models; and enterprise solid state drives (SSDs), including NAND-flash SSDs and software solutions that are designed to enhance the performance in various enterprise workload environments.

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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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