Western Digital (NASDAQ:WDC) Price Target Raised to $64.00 at Craig Hallum

Western Digital (NASDAQ:WDC) had its target price lifted by Craig Hallum from $54.00 to $64.00 in a research note published on Thursday morning, The Fly reports. Craig Hallum currently has a positive rating on the data storage provider’s stock.

Several other research firms have also issued reports on WDC. Bank of America restated a buy rating and set a $60.00 target price (up from $55.00) on shares of Western Digital in a research report on Wednesday, April 24th. Cascend Securities restated a buy rating and set a $68.00 target price (up from $58.00) on shares of Western Digital in a research report on Monday. Benchmark restated a sell rating and set a $40.00 target price on shares of Western Digital in a research report on Thursday. Zacks Investment Research lowered Western Digital from a hold rating to a sell rating in a research report on Thursday, April 18th. Finally, UBS Group boosted their target price on Western Digital from $43.00 to $47.00 and gave the stock a neutral rating in a research report on Tuesday, April 30th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Western Digital currently has an average rating of Hold and an average target price of $59.98.

WDC stock traded down $1.12 during midday trading on Thursday, reaching $54.39. The stock had a trading volume of 5,919,799 shares, compared to its average volume of 6,784,068. The business’s fifty day moving average price is $48.57. The company has a current ratio of 2.11, a quick ratio of 1.30 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $15.94 billion, a price-to-earnings ratio of 14.28, a price-to-earnings-growth ratio of 17.52 and a beta of 1.82. Western Digital has a twelve month low of $33.83 and a twelve month high of $69.55.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Wednesday, July 31st. The data storage provider reported $0.17 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.22. The firm had revenue of $3.63 billion during the quarter, compared to analyst estimates of $3.67 billion. Western Digital had a return on equity of 19.87% and a net margin of 1.10%. The company’s revenue was down 29.0% on a year-over-year basis. During the same period last year, the company earned $3.61 earnings per share. Equities analysts anticipate that Western Digital will post 1.62 EPS for the current year.

Several large investors have recently added to or reduced their stakes in WDC. BlackRock Inc. lifted its stake in Western Digital by 17.6% in the 1st quarter. BlackRock Inc. now owns 28,802,905 shares of the data storage provider’s stock valued at $1,384,267,000 after acquiring an additional 4,308,455 shares in the last quarter. Norges Bank bought a new stake in Western Digital in the 4th quarter valued at approximately $112,698,000. FMR LLC lifted its stake in Western Digital by 50.8% in the 4th quarter. FMR LLC now owns 4,576,631 shares of the data storage provider’s stock valued at $169,198,000 after acquiring an additional 1,540,813 shares in the last quarter. DNB Asset Management AS lifted its stake in Western Digital by 3,652.9% in the 2nd quarter. DNB Asset Management AS now owns 1,288,814 shares of the data storage provider’s stock valued at $61,283,000 after acquiring an additional 1,254,472 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its stake in Western Digital by 14.1% in the 1st quarter. Clearbridge Investments LLC now owns 9,884,919 shares of the data storage provider’s stock valued at $475,069,000 after acquiring an additional 1,224,950 shares in the last quarter. Institutional investors and hedge funds own 88.16% of the company’s stock.

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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