Western Digital (NASDAQ:WDC) Downgraded by StockNews.com

StockNews.com downgraded shares of Western Digital (NASDAQ:WDC) from a hold rating to a sell rating in a report released on Friday morning.

A number of other analysts have also recently weighed in on WDC. Susquehanna raised their price objective on shares of Western Digital from $80.00 to $88.00 and gave the stock a neutral rating in a report on Tuesday, June 11th. Citigroup initiated coverage on shares of Western Digital in a research report on Tuesday, May 14th. They issued a buy rating and a $90.00 price target for the company. Wells Fargo & Company raised their price objective on Western Digital from $72.00 to $95.00 and gave the stock an overweight rating in a report on Wednesday, April 10th. Loop Capital boosted their target price on Western Digital from $90.00 to $100.00 and gave the company a buy rating in a report on Tuesday, June 4th. Finally, Robert W. Baird raised their price target on Western Digital from $65.00 to $100.00 and gave the stock an outperform rating in a research note on Friday, April 26th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nineteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $82.09.

Western Digital Stock Up 0.8 %

Shares of NASDAQ:WDC opened at $76.38 on Friday. The firm has a market capitalization of $24.94 billion, a PE ratio of -15.37 and a beta of 1.37. Western Digital has a 1 year low of $35.62 and a 1 year high of $81.55. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.86 and a quick ratio of 1.07. The firm’s 50-day moving average is $74.45 and its two-hundred day moving average is $64.67.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, April 25th. The data storage provider reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.42. The business had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.37 billion. Western Digital had a negative return on equity of 13.75% and a negative net margin of 12.87%. The company’s revenue was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.57) earnings per share. Analysts predict that Western Digital will post -1.45 EPS for the current year.

Insider Activity at Western Digital

In related news, SVP Gene M. Zamiska sold 416 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $71.88, for a total transaction of $29,902.08. Following the transaction, the senior vice president now owns 30,321 shares of the company’s stock, valued at $2,179,473.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Gene M. Zamiska sold 416 shares of the stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $71.88, for a total transaction of $29,902.08. Following the transaction, the senior vice president now directly owns 30,321 shares in the company, valued at $2,179,473.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Robert Soderbery sold 26,853 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $73.48, for a total value of $1,973,158.44. Following the completion of the sale, the executive vice president now directly owns 144,623 shares in the company, valued at $10,626,898.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,931 shares of company stock valued at $2,053,368. 0.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. John G Ullman & Associates Inc. raised its position in Western Digital by 30.3% in the fourth quarter. John G Ullman & Associates Inc. now owns 103,750 shares of the data storage provider’s stock valued at $5,433,000 after purchasing an additional 24,100 shares during the period. Atria Wealth Solutions Inc. grew its stake in shares of Western Digital by 2.9% in the fourth quarter. Atria Wealth Solutions Inc. now owns 14,113 shares of the data storage provider’s stock valued at $739,000 after buying an additional 404 shares in the last quarter. AGF Management Ltd. purchased a new stake in shares of Western Digital during the 4th quarter valued at about $480,000. CoreCap Advisors LLC acquired a new position in Western Digital during the 4th quarter worth approximately $1,415,000. Finally, Handelsbanken Fonder AB boosted its holdings in Western Digital by 23.1% in the 4th quarter. Handelsbanken Fonder AB now owns 81,346 shares of the data storage provider’s stock worth $4,260,000 after acquiring an additional 15,285 shares during the period. Institutional investors and hedge funds own 92.51% of the company’s stock.

About Western Digital

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.