Western Digital (NASDAQ:WDC) Stock Passes Above Fifty Day Moving Average of $41.81

Western Digital Corp (NASDAQ:WDC)’s share price passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $41.81 and traded as high as $55.41. Western Digital shares last traded at $55.15, with a volume of 241,448 shares traded.

WDC has been the subject of several research reports. Stifel Nicolaus increased their price target on shares of Western Digital from $48.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, April 30th. Citigroup decreased their price target on shares of Western Digital from $63.00 to $59.00 and set a “buy” rating for the company in a research note on Tuesday, April 30th. Deutsche Bank reiterated a “buy” rating and issued a $18.00 price target on shares of STMicroelectronics in a research note on Monday, April 15th. Bank of America reiterated a “buy” rating and issued a $60.00 price target (up from $55.00) on shares of Western Digital in a research note on Wednesday, April 24th. Finally, UBS Group increased their price target on shares of Spotify Technology from $180.00 to $182.00 and gave the stock a “buy” rating in a research note on Tuesday, April 30th. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Western Digital presently has a consensus rating of “Hold” and an average price target of $56.62.

The stock’s 50-day moving average price is $41.81. The stock has a market capitalization of $15.87 billion, a P/E ratio of 4.09, a PEG ratio of 11.78 and a beta of 1.82. The company has a quick ratio of 1.30, a current ratio of 2.11 and a debt-to-equity ratio of 1.01.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Monday, April 29th. The data storage provider reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.29). The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.68 billion. Western Digital had a net margin of 1.10% and a return on equity of 19.87%. The business’s revenue was down 26.7% compared to the same quarter last year. During the same period in the previous year, the business earned $3.63 EPS. Sell-side analysts forecast that Western Digital Corp will post 4.01 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date of this dividend is Thursday, June 27th. Western Digital’s payout ratio is presently 14.80%.

Hedge funds and other institutional investors have recently made changes to their positions in the company. CENTRAL TRUST Co boosted its holdings in shares of Western Digital by 16.1% in the second quarter. CENTRAL TRUST Co now owns 5,415 shares of the data storage provider’s stock worth $294,000 after buying an additional 751 shares during the last quarter. Nexus Investment Management Inc. boosted its holdings in shares of Western Digital by 2.9% in the second quarter. Nexus Investment Management Inc. now owns 281,688 shares of the data storage provider’s stock worth $13,394,000 after buying an additional 7,900 shares during the last quarter. NN Investment Partners Holdings N.V. boosted its holdings in shares of Western Digital by 6.4% in the second quarter. NN Investment Partners Holdings N.V. now owns 44,994 shares of the data storage provider’s stock worth $2,139,000 after buying an additional 2,703 shares during the last quarter. Xact Kapitalforvaltning AB boosted its holdings in shares of Western Digital by 8.1% in the second quarter. Xact Kapitalforvaltning AB now owns 61,714 shares of the data storage provider’s stock worth $2,935,000 after buying an additional 4,615 shares during the last quarter. Finally, Trilogy Capital Inc. boosted its holdings in shares of Western Digital by 4.3% in the second quarter. Trilogy Capital Inc. now owns 15,418 shares of the data storage provider’s stock worth $833,000 after buying an additional 637 shares during the last quarter. 87.64% of the stock is currently owned by hedge funds and other institutional investors.

Western Digital Company Profile (NASDAQ:WDC)

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.

Further Reading: Put Option

Receive News & Ratings for Western Digital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Digital and related companies with MarketBeat.com's FREE daily email newsletter.