Mizuho Increases Western Digital (NASDAQ:WDC) Price Target to $61.00

Western Digital (NASDAQ:WDC) had its price objective boosted by equities researchers at Mizuho from $55.00 to $61.00 in a report issued on Thursday, The Fly reports. The brokerage presently has an “in-line” rating on the data storage provider’s stock. Mizuho’s price objective indicates a potential upside of 12.15% from the stock’s previous close.

Other analysts have also issued reports about the stock. Longbow Research set a $55.00 price target on shares of Western Digital and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Cleveland Research began coverage on shares of Western Digital in a research report on Friday, June 7th. They set a “hold” rating on the stock. Citigroup dropped their price target on shares of Western Digital from $63.00 to $59.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. Benchmark lowered shares of Western Digital from a “hold” rating to a “sell” rating and set a $40.00 price target on the stock. in a research report on Tuesday, July 2nd. Finally, Stifel Nicolaus upped their price target on shares of Western Digital from $48.00 to $55.00 and gave the stock a “buy” 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 given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $59.98.

Shares of WDC stock traded down $1.12 during trading on Thursday, reaching $54.39. The company’s stock had a trading volume of 6,106,664 shares, compared to its average volume of 5,882,047. The firm’s fifty day moving average is $48.91. 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 stock has a market capitalization of $15.79 billion, a P/E ratio of 14.28, a price-to-earnings-growth ratio of 16.68 and a beta of 1.87. Western Digital has a one year low of $33.83 and a one year 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 business had revenue of $3.63 billion for the quarter, compared to analyst estimates of $3.67 billion. Western Digital had a negative net margin of 4.55% and a positive return on equity of 10.52%. The firm’s revenue for the quarter was down 29.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.61 earnings per share. On average, equities analysts forecast that Western Digital will post 1.62 EPS for the current fiscal year.

Several large investors have recently added to or reduced their stakes in WDC. Dimensional Fund Advisors LP boosted its holdings in Western Digital by 1.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,104,843 shares of the data storage provider’s stock valued at $114,788,000 after purchasing an additional 43,310 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Western Digital by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 4,730,731 shares of the data storage provider’s stock valued at $174,707,000 after purchasing an additional 179,818 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Western Digital by 1.8% during the 4th quarter. Thrivent Financial for Lutherans now owns 13,079 shares of the data storage provider’s stock valued at $484,000 after acquiring an additional 230 shares during the period. Macquarie Group Ltd. lifted its position in shares of Western Digital by 6.8% during the 4th quarter. Macquarie Group Ltd. now owns 56,300 shares of the data storage provider’s stock valued at $2,081,000 after acquiring an additional 3,600 shares during the period. Finally, FMR LLC lifted its position in shares of Western Digital by 50.8% during 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 during the period. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Western Digital Company Profile

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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