Citigroup Trims Western Digital (WDC) Target Price to $75.00

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Western Digital (NASDAQ:WDC) had its price target trimmed by Citigroup from $106.00 to $75.00 in a report published on Monday. The firm currently has a buy rating on the data storage provider’s stock.

Several other brokerages also recently weighed in on WDC. Loop Capital downgraded Western Digital from a buy rating to a hold rating and decreased their target price for the company from $80.00 to $42.00 in a research note on Monday. Evercore ISI decreased their target price on Western Digital from $130.00 to $100.00 and set an outperform rating for the company in a research note on Tuesday, July 17th. Royal Bank of Canada downgraded Western Digital from an outperform rating to a sector perform rating and decreased their target price for the company from $95.00 to $70.00 in a research note on Tuesday, September 11th. Benchmark restated a hold rating on shares of Western Digital in a research note on Friday, October 26th. Finally, Bank of America decreased their target price on Western Digital from $120.00 to $110.00 and set a buy rating for the company in a research note on Friday, July 27th. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have assigned a buy rating to the company. Western Digital currently has an average rating of Hold and an average target price of $85.25.

WDC opened at $43.07 on Monday. The stock has a market cap of $12.01 billion, a PE ratio of 3.19, a P/E/G ratio of 0.35 and a beta of 0.90. Western Digital has a 52-week low of $40.58 and a 52-week high of $106.96. The company has a quick ratio of 1.70, a current ratio of 2.41 and a debt-to-equity ratio of 0.96.

Western Digital announced that its Board of Directors has approved a share buyback program on Thursday, July 26th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the data storage provider to buy up to 22.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

In other news, CFO Mark P. Long sold 1,214 shares of the stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $67.65, for a total value of $82,127.10. Following the completion of the transaction, the chief financial officer now directly owns 191,154 shares of the company’s stock, valued at approximately $12,931,568.10. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Mark P. Long sold 2,233 shares of the stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $68.74, for a total value of $153,496.42. Following the completion of the transaction, the chief financial officer now directly owns 191,154 shares of the company’s stock, valued at $13,139,925.96. The disclosure for this sale can be found here. Insiders sold a total of 7,834 shares of company stock valued at $532,404 in the last quarter. Corporate insiders own 0.36% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of WDC. BlackRock Inc. increased its holdings in Western Digital by 9.2% during the 2nd quarter. BlackRock Inc. now owns 21,040,844 shares of the data storage provider’s stock valued at $1,628,774,000 after purchasing an additional 1,772,435 shares in the last quarter. LSV Asset Management increased its holdings in Western Digital by 4.6% during the 2nd quarter. LSV Asset Management now owns 3,398,246 shares of the data storage provider’s stock valued at $263,058,000 after purchasing an additional 149,934 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Western Digital by 1.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,060,836 shares of the data storage provider’s stock valued at $236,931,000 after purchasing an additional 49,960 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Western Digital by 6.2% during the 2nd quarter. Wells Fargo & Company MN now owns 2,321,676 shares of the data storage provider’s stock valued at $179,720,000 after purchasing an additional 135,550 shares in the last quarter. Finally, TCW Group Inc. increased its holdings in Western Digital by 2.9% during the 2nd quarter. TCW Group Inc. now owns 2,160,384 shares of the data storage provider’s stock valued at $167,236,000 after purchasing an additional 61,116 shares in the last quarter. 83.49% of the stock is owned by institutional investors and hedge funds.

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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