Western Digital (NASDAQ:WDC) Given New $110.00 Price Target at Bank of America

Western Digital (NASDAQ:WDC) had its price target lowered by Bank of America from $120.00 to $110.00 in a research note issued on Friday, July 27th. The firm presently has a “buy” rating on the data storage provider’s stock. Bank of America’s price target points to a potential upside of 69.78% from the company’s current price.

Other equities analysts also recently issued research reports about the company. BMO Capital Markets decreased their target price on Western Digital from $90.00 to $74.00 and set a “market perform” rating for the company in a report on Friday, July 27th. JPMorgan Chase & Co. decreased their target price on Western Digital from $120.00 to $117.00 and set an “overweight” rating for the company in a report on Friday, July 27th. Cross Research downgraded Western Digital from a “buy” rating to a “hold” rating in a report on Friday, July 27th. Stifel Nicolaus decreased their target price on Western Digital from $114.00 to $93.00 and set a “buy” rating for the company in a report on Friday, July 27th. Finally, Cowen decreased their target price on Western Digital from $105.00 to $100.00 and set an “outperform” rating for the company in a report on Friday, July 27th. 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’s stock. Western Digital has a consensus rating of “Buy” and an average target price of $104.00.

WDC traded down $1.32 during midday trading on Friday, hitting $64.79. The stock had a trading volume of 4,603,621 shares, compared to its average volume of 4,145,685. The firm 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 debt-to-equity ratio of 0.95, a current ratio of 2.39 and a quick ratio of 1.73. Western Digital has a 1 year low of $64.68 and a 1 year high of $106.96.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 26th. The data storage provider reported $3.61 earnings per share for the quarter, beating analysts’ consensus estimates 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 business’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.93 earnings per share. equities analysts anticipate that Western Digital will post 10.71 earnings per share for the current year.

Western Digital declared that its Board of Directors has initiated a stock repurchase program on Thursday, July 26th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the data storage provider to repurchase up to 22.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

In other news, CEO Stephen D. Milligan sold 16,510 shares of Western Digital stock in a transaction dated Monday, May 14th. The stock was sold at an average price of $80.94, for a total transaction of $1,336,319.40. Following the transaction, the chief executive officer now directly owns 84,624 shares of the company’s stock, valued at approximately $6,849,466.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Michael Charles Ray sold 4,387 shares of Western Digital stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $67.65, for a total value of $296,780.55. Following the sale, the executive vice president now directly owns 107,155 shares in the company, valued at approximately $7,249,035.75. The disclosure for this sale can be found here. Insiders sold 136,216 shares of company stock worth $11,137,352 over the last three months. Insiders own 0.31% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. First National Bank of Omaha raised its stake in Western Digital by 1.7% during the 2nd quarter. First National Bank of Omaha now owns 37,221 shares of the data storage provider’s stock valued at $2,881,000 after purchasing an additional 640 shares during the period. Augustine Asset Management Inc. increased its stake in Western Digital by 2.1% in the 2nd quarter. Augustine Asset Management Inc. now owns 33,241 shares of the data storage provider’s stock worth $2,573,000 after acquiring an additional 674 shares during the last quarter. LS Investment Advisors LLC increased its stake in Western Digital by 6.5% in the 1st quarter. LS Investment Advisors LLC now owns 11,485 shares of the data storage provider’s stock worth $1,060,000 after acquiring an additional 702 shares during the last quarter. Amalgamated Bank increased its stake in Western Digital by 1.9% in the 2nd quarter. Amalgamated Bank now owns 38,520 shares of the data storage provider’s stock worth $2,982,000 after acquiring an additional 720 shares during the last quarter. Finally, Spectrum Management Group Inc. increased its stake in Western Digital by 3.4% in the 2nd quarter. Spectrum Management Group Inc. now owns 23,855 shares of the data storage provider’s stock worth $1,847,000 after acquiring an additional 775 shares during the last quarter. 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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