Western Digital (NASDAQ:WDC) PT Raised to $80.00 at Cascend Securities

Western Digital (NASDAQ:WDC) had its price target increased by Cascend Securities from $70.00 to $80.00 in a report published on Tuesday, January 7th, BenzingaRatingsTable reports. Cascend Securities currently has a buy rating on the data storage provider’s stock.

A number of other analysts also recently commented on WDC. ValuEngine raised Western Digital from a sell rating to a hold rating in a research note on Saturday, December 21st. Susquehanna Bancshares raised Western Digital from a neutral rating to a positive rating and lifted their target price for the stock from $55.00 to $90.00 in a report on Monday, December 16th. UBS Group set a $63.00 price target on shares of Western Digital and gave the company a hold rating in a report on Tuesday, September 10th. Stifel Nicolaus initiated coverage on shares of Western Digital in a research report on Monday, December 2nd. They set a hold rating and a $53.00 price objective for the company. Finally, Cowen upgraded shares of Western Digital from a market perform rating to an outperform rating and boosted their target price for the stock from $45.00 to $88.00 in a report on Tuesday, January 7th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $69.45.

WDC stock traded up $1.45 on Tuesday, reaching $68.12. The company’s stock had a trading volume of 982,007 shares, compared to its average volume of 4,499,455. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.98 and a quick ratio of 1.22. Western Digital has a 52 week low of $35.02 and a 52 week high of $70.50. The firm has a fifty day moving average of $58.61 and a two-hundred day moving average of $56.46. The company has a market capitalization of $20.58 billion, a P/E ratio of 17.88, a price-to-earnings-growth ratio of 21.10 and a beta of 1.87.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Wednesday, October 30th. The data storage provider reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.41. The company had revenue of $4.04 billion for the quarter, compared to analyst estimates of $3.92 billion. Western Digital had a positive return on equity of 3.28% and a negative net margin of 9.89%. The company’s quarterly revenue was down 19.6% compared to the same quarter last year. During the same period last year, the company earned $3.04 earnings per share. As a group, equities analysts expect that Western Digital will post 1.64 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 21st. Investors of record on Friday, January 3rd will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.94%. The ex-dividend date is Thursday, January 2nd. Western Digital’s payout ratio is presently 52.49%.

In other Western Digital news, CEO Stephen D. Milligan sold 4,629 shares of Western Digital stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $67.97, for a total transaction of $314,633.13. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Michael D. Cordano sold 1,320 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $55.12, for a total transaction of $72,758.40. The disclosure for this sale can be found here. Insiders sold 30,351 shares of company stock valued at $1,757,953 over the last quarter. 0.44% of the stock is currently owned by corporate insiders.

Institutional investors have recently bought and sold shares of the stock. Quest Capital Management Inc. ADV bought a new stake in Western Digital during the 3rd quarter worth approximately $27,000. TCI Wealth Advisors Inc. increased its stake in shares of Western Digital by 62.1% in the third quarter. TCI Wealth Advisors Inc. now owns 488 shares of the data storage provider’s stock valued at $29,000 after buying an additional 187 shares in the last quarter. Knuff & Co LLC acquired a new stake in shares of Western Digital in the third quarter valued at $30,000. Evoke Wealth LLC bought a new position in shares of Western Digital in the third quarter valued at about $47,000. Finally, Venturi Wealth Management LLC bought a new position in shares of Western Digital in the third quarter valued at about $50,000. Institutional investors and hedge funds own 84.35% 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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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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