BidaskClub upgraded shares of Western Digital (NASDAQ:WDC) from a strong sell rating to a sell rating in a research report report published on Saturday.
Several other brokerages also recently weighed in on WDC. Loop Capital downgraded Western Digital from a buy rating to a hold rating and lowered their price objective for the company from $80.00 to $42.00 in a research report on Monday, October 29th. Evercore ISI lowered their price objective on Western Digital from $130.00 to $100.00 and set an outperform rating for the company in a research report on Tuesday, July 17th. Royal Bank of Canada downgraded Western Digital from an outperform rating to a sector perform rating and lowered their price objective for the company from $95.00 to $70.00 in a research report on Tuesday, September 11th. Benchmark reiterated a hold rating on shares of Western Digital in a research report on Friday, October 26th. Finally, Bank of America lowered their price objective on Western Digital from $120.00 to $110.00 and set a buy rating for the company in a research report on Friday, July 27th. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have issued a buy rating to the company. The company has an average rating of Hold and a consensus price target of $85.25.
NASDAQ:WDC opened at $48.90 on Friday. The company has a market capitalization of $13.85 billion, a P/E ratio of 3.62, a PEG ratio of 0.41 and a beta of 1.17. Western Digital has a 1-year low of $40.58 and a 1-year high of $106.96. The company has a quick ratio of 1.70, a current ratio of 2.41 and a debt-to-equity ratio of 0.96.
Western Digital declared that its board has initiated a stock buyback plan on Thursday, July 26th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the data storage provider to repurchase up to 22.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
In other news, Director Matthew E. Massengill sold 1,681 shares of the business’s stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $47.68, for a total transaction of $80,150.08. Following the transaction, the director now directly owns 17,848 shares of the company’s stock, valued at $850,992.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.36% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. Ruggie Capital Group purchased a new position in shares of Western Digital during the second quarter valued at approximately $100,000. Migdal Insurance & Financial Holdings Ltd. grew 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 worth $129,000 after purchasing an additional 1,652 shares during the period. TRUE Private Wealth Advisors purchased a new stake in Western Digital in the third quarter worth $107,000. NEXT Financial Group Inc purchased a new stake in Western Digital in the third quarter worth $109,000. Finally, Legacy Financial Advisors Inc. grew its stake in Western Digital by 32,283.3% in the second quarter. Legacy Financial Advisors Inc. now owns 1,943 shares of the data storage provider’s stock worth $155,000 after purchasing an additional 1,937 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.
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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