Western Digital (WDC) Earns “Hold” Rating from Mizuho

Western Digital (NASDAQ:WDC)‘s stock had its “hold” rating reaffirmed by stock analysts at Mizuho in a research note issued on Wednesday, May 1st, AnalystRatings.com reports. They presently have a $47.00 price objective on the data storage provider’s stock. Mizuho’s price objective indicates a potential upside of 5.31% from the company’s current price.

Several other brokerages have also issued reports on WDC. Zacks Investment Research lowered Western Digital from a “hold” rating to a “sell” rating in a research report on Thursday, April 18th. Bank of America reaffirmed 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. Robert W. Baird lowered Western Digital from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $50.00 to $40.00 in a research report on Friday, April 26th. Deutsche Bank raised Western Digital from a “hold” rating to a “buy” rating and raised their target price for the stock from $45.00 to $60.00 in a research report on Monday, April 15th. Finally, Longbow Research upgraded Western Digital from a “neutral” rating to a “buy” rating and set a $65.00 price target for the company in a report on Monday, April 15th. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twelve have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $60.42.

Shares of WDC stock traded down $0.46 during trading hours on Wednesday, reaching $44.63. The company’s stock had a trading volume of 4,467,000 shares, compared to its average volume of 6,960,168. The company has a market cap of $13.33 billion, a PE ratio of 3.30 and a beta of 1.49. Western Digital has a fifty-two week low of $33.83 and a fifty-two week high of $88.62. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.30 and a current ratio of 2.11.

Western Digital (NASDAQ:WDC) last issued its earnings results on Monday, April 29th. The data storage provider reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.46 by ($0.29). Western Digital had a net margin of 1.10% and a return on equity of 19.87%. The business had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.68 billion. During the same period in the prior year, the business posted $3.63 EPS. The company’s revenue for the quarter was down 26.7% compared to the same quarter last year. On average, equities analysts predict that Western Digital will post 4.07 EPS for the current fiscal year.

In other Western Digital news, insider Mark P. Long sold 17,623 shares of Western Digital stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $50.00, for a total transaction of $881,150.00. Following the transaction, the insider now owns 158,744 shares of the company’s stock, valued at approximately $7,937,200. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.36% of the stock is owned by company insiders.

Several large investors have recently bought and sold shares of WDC. Oregon Public Employees Retirement Fund raised its holdings in shares of Western Digital by 6,696.6% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 8,203,643 shares of the data storage provider’s stock worth $222,000 after purchasing an additional 8,082,941 shares during the period. American International Group Inc. raised its holdings in Western Digital by 1,949.8% during the 4th quarter. American International Group Inc. now owns 7,444,864 shares of the data storage provider’s stock valued at $275,237,000 after acquiring an additional 7,081,673 shares during the period. Wellington Management Group LLP raised its holdings in Western Digital by 484.1% during the 1st quarter. Wellington Management Group LLP now owns 6,901,602 shares of the data storage provider’s stock valued at $331,691,000 after acquiring an additional 5,720,088 shares during the period. BlackRock Inc. raised its holdings in Western Digital by 17.6% during 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 during the period. Finally, Norges Bank bought a new stake in Western Digital during the 4th quarter valued at $112,698,000. 83.93% of the stock is currently owned by 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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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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