Western Digital (NASDAQ:WDC) Stock Rating Reaffirmed by Benchmark

Benchmark reaffirmed their buy rating on shares of Western Digital (NASDAQ:WDC) in a research report sent to investors on Tuesday morning, AnalystRatings.net reports. The firm currently has a $56.00 target price on the data storage provider’s stock.

A number of other brokerages have also recently commented on WDC. Bank of America dropped their price target on Western Digital from $61.00 to $52.00 and set a buy rating on the stock in a research report on Thursday, August 6th. Loop Capital dropped their price target on Western Digital from $70.00 to $50.00 and set a buy rating on the stock in a research report on Thursday, August 6th. 140166 reissued a buy rating and issued a $90.00 price target on shares of Western Digital in a research report on Wednesday, August 5th. Zacks Investment Research raised Western Digital from a strong sell rating to a hold rating and set a $38.00 price target on the stock in a research report on Friday, October 9th. Finally, BidaskClub raised Western Digital from a strong sell rating to a sell rating in a research report on Tuesday, September 1st. One analyst has rated the stock with a sell rating, nine have given a hold rating and twenty have given a buy rating to the company. Western Digital currently has a consensus rating of Buy and a consensus target price of $61.71.

WDC stock opened at $38.11 on Tuesday. Western Digital has a fifty-two week low of $27.40 and a fifty-two week high of $72.00. The business’s 50 day moving average price is $38.29 and its two-hundred day moving average price is $40.71. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.36 and a current ratio of 2.05. The company has a market capitalization of $11.59 billion, a price-to-earnings ratio of -44.83 and a beta of 1.49.

Western Digital (NASDAQ:WDC) last posted its earnings results on Wednesday, October 28th. The data storage provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.31. Western Digital had a positive return on equity of 6.72% and a negative net margin of 1.49%. Sell-side analysts forecast that Western Digital will post 1.69 earnings per share for the current year.

Several large investors have recently bought and sold shares of the company. Lyrical Asset Management LP increased its holdings in Western Digital by 2.0% in the second quarter. Lyrical Asset Management LP now owns 4,271,085 shares of the data storage provider’s stock worth $188,568,000 after buying an additional 85,621 shares during the last quarter. DNB Asset Management AS lifted its stake in Western Digital by 39.2% in the 3rd quarter. DNB Asset Management AS now owns 4,254,140 shares of the data storage provider’s stock valued at $155,489,000 after acquiring an additional 1,198,307 shares in the last quarter. First Trust Advisors LP lifted its stake in Western Digital by 27.4% in the 2nd quarter. First Trust Advisors LP now owns 1,854,649 shares of the data storage provider’s stock valued at $81,883,000 after acquiring an additional 398,612 shares in the last quarter. Swiss National Bank lifted its stake in Western Digital by 2.4% in the 2nd quarter. Swiss National Bank now owns 1,182,075 shares of the data storage provider’s stock valued at $52,189,000 after acquiring an additional 27,800 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in Western Digital by 6.8% in the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 1,096,135 shares of the data storage provider’s stock valued at $48,394,000 after acquiring an additional 69,537 shares in the last quarter. Hedge funds and other institutional investors own 78.49% of the company’s stock.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook personal computers (PCs), smart video 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, Internet of Things, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and flash products.

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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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