BNP Paribas Upgrades Western Digital (NASDAQ:WDC) to Neutral

Western Digital (NASDAQ:WDCGet Rating) was upgraded by BNP Paribas from an “underperform” rating to a “neutral” rating in a research note issued to investors on Monday, Marketbeat Ratings reports. The firm currently has a $42.00 price objective on the data storage provider’s stock. BNP Paribas’ price objective would indicate a potential upside of 2.19% from the company’s current price.

Several other equities analysts have also recently weighed in on WDC. Benchmark upgraded Western Digital from a “sell” rating to a “hold” rating in a research report on Friday, January 6th. Wedbush dropped their price target on Western Digital from $70.00 to $60.00 and set an “outperform” rating for the company in a research note on Tuesday, October 25th. Credit Suisse Group dropped their price target on Western Digital to $42.00 in a research note on Thursday, October 27th. Mizuho dropped their price target on Western Digital from $40.00 to $38.00 and set a “neutral” rating for the company in a research note on Tuesday, November 29th. Finally, Craig Hallum lowered their target price on Western Digital from $85.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, October 4th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Western Digital presently has an average rating of “Hold” and an average price target of $49.71.

Western Digital Stock Performance

Shares of Western Digital stock opened at $41.10 on Monday. The business’s fifty day simple moving average is $35.20 and its 200 day simple moving average is $38.92. The firm has a market capitalization of $13.06 billion, a P/E ratio of 14.17 and a beta of 1.57. Western Digital has a 12 month low of $29.73 and a 12 month high of $63.26. The company has a current ratio of 1.83, a quick ratio of 1.05 and a debt-to-equity ratio of 0.58.

Western Digital (NASDAQ:WDCGet Rating) last released its earnings results on Thursday, October 27th. The data storage provider reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). Western Digital had a return on equity of 12.93% and a net margin of 5.25%. The firm had revenue of $3.74 billion during the quarter, compared to analysts’ expectations of $3.63 billion. As a group, analysts anticipate that Western Digital will post -1.51 EPS for the current year.

Hedge Funds Weigh In On Western Digital

Institutional investors and hedge funds have recently bought and sold shares of the company. American Century Companies Inc. lifted its position in Western Digital by 292.1% during the first quarter. American Century Companies Inc. now owns 30,302 shares of the data storage provider’s stock valued at $1,504,000 after purchasing an additional 22,573 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Western Digital in the first quarter worth about $57,000. Acadian Asset Management LLC increased its stake in shares of Western Digital by 1,535.0% during the first quarter. Acadian Asset Management LLC now owns 8,649 shares of the data storage provider’s stock worth $426,000 after purchasing an additional 8,120 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Western Digital by 7.0% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 41,869 shares of the data storage provider’s stock worth $2,079,000 after purchasing an additional 2,755 shares in the last quarter. Finally, Great West Life Assurance Co. Can increased its stake in shares of Western Digital by 1.9% during the first quarter. Great West Life Assurance Co. Can now owns 197,219 shares of the data storage provider’s stock worth $10,331,000 after purchasing an additional 3,642 shares in the last quarter. 85.47% of the stock is owned by hedge funds and other institutional investors.

Western Digital Company Profile

(Get Rating)

Western Digital Corp. engages in the development, manufacture, marketing, and sale of data storage devices and solutions. It operates through the Flash and Hard Disk Drive segments. The Flash segment represents flash-based data storage devices. The Hard Disk Drive segment provides hard disk storage solutions.

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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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