Western Digital (NASDAQ:WDC) Given a $63.00 Price Target at UBS Group

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UBS Group set a $63.00 price target on Western Digital (NASDAQ:WDC) in a research note released on Tuesday, TipRanks reports. The brokerage currently has a hold rating on the data storage provider’s stock.

Other equities analysts also recently issued research reports about the stock. Craig Hallum increased their price target on shares of Western Digital from $64.00 to $88.00 and gave the stock a buy rating in a report on Friday, September 6th. ValuEngine upgraded shares of Western Digital from a hold rating to a buy rating in a research note on Thursday, August 1st. Cascend Securities reaffirmed a buy rating and issued a $68.00 price objective (up from $58.00) on shares of Western Digital in a report on Monday, July 29th. Longbow Research increased their price objective on shares of Western Digital from $70.00 to $76.00 and gave the stock a buy rating in a research note on Wednesday. Finally, Maxim Group set a $126.00 target price on shares of Western Digital and gave the stock a buy rating in a report on Friday, September 6th. Four analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $61.83.

Western Digital stock traded up $2.03 during trading hours on Tuesday, hitting $64.30. 4,653,228 shares of the stock traded hands, compared to its average volume of 6,398,365. The firm’s 50 day moving average price is $56.37 and its 200-day moving average price is $49.50. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.22 and a quick ratio of 1.36. The stock has a market capitalization of $18.57 billion, a price-to-earnings ratio of 16.88, a P/E/G ratio of 17.30 and a beta of 1.85. Western Digital has a 1 year low of $33.83 and a 1 year high of $64.88.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Wednesday, July 31st. The data storage provider reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.22. Western Digital had a positive return on equity of 10.73% and a negative net margin of 4.55%. The firm had revenue of $3.63 billion during the quarter, compared to analysts’ expectations of $3.67 billion. During the same period last year, the business posted $3.61 earnings per share. The company’s revenue for the quarter was down 29.0% compared to the same quarter last year. Research analysts forecast that Western Digital will post 1.81 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 22nd. Shareholders of record on Friday, October 4th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend is Thursday, October 3rd. Western Digital’s payout ratio is currently 52.49%.

In related news, EVP Lori S. Sundberg sold 3,442 shares of Western Digital stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $56.82, for a total value of $195,574.44. Following the sale, the executive vice president now owns 29,312 shares of the company’s stock, valued at approximately $1,665,507.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Charles Ray sold 87,053 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $59.96, for a total transaction of $5,219,697.88. Following the completion of the sale, the executive vice president now directly owns 112,480 shares of the company’s stock, valued at approximately $6,744,300.80. The disclosure for this sale can be found here. 0.36% of the stock is owned by insiders.

Large investors have recently bought and sold shares of the business. Boston Partners grew its position in shares of Western Digital by 8.7% in the second quarter. Boston Partners now owns 884,442 shares of the data storage provider’s stock valued at $42,081,000 after purchasing an additional 70,836 shares during the period. Atria Investments LLC increased its stake in shares of Western Digital by 156.9% during the second quarter. Atria Investments LLC now owns 36,619 shares of the data storage provider’s stock worth $2,000,000 after purchasing an additional 22,363 shares in the last quarter. Treasurer of the State of North Carolina lifted its stake in Western Digital by 0.9% in the 2nd quarter. Treasurer of the State of North Carolina now owns 148,794 shares of the data storage provider’s stock valued at $7,075,000 after buying an additional 1,330 shares in the last quarter. Vestmark Advisory Solutions Inc. lifted its stake in Western Digital by 3.6% in the 2nd quarter. Vestmark Advisory Solutions Inc. now owns 20,878 shares of the data storage provider’s stock valued at $993,000 after buying an additional 733 shares in the last quarter. Finally, Phocas Financial Corp. purchased a new position in Western Digital in the 2nd quarter valued at about $56,000. Institutional investors own 86.66% of the company’s stock.

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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