According to The Fly, research analysts at Mizuho downgraded their rating on Western Digital (NASDAQ: WDC-Get Rating) in a note to investors distributed on Wednesday. Their former “buy” rating has been changed to “neutral,” decreasing from the previous rating. In recent times, evaluations of the stock have also been penned and published by several additional research specialists who have contributed their expertise. Wells Fargo & Company dropped their target price on shares of Western Digital from $75.00 to $65.00 and gave the company an “overweight” rating in a research report released on Thursday, July 14. The report was about the company. Evercore ISI indicated that they have an “outperform” rating on shares of Western Digital and that they have lifted their target price for those shares from $60.00 to $80.00. This information was included in a research note issued on Thursday, June 2, 2018. In a research note posted on Friday, September 16, Rosenblatt Securities cut their “neutral “rating on Western Digital shares and decreased their price target for the stock from $45.00 to $35.00 in a research note.
In addition, the price target for the stock was lowered in the research note. In a research note issued on Thursday, August 4, Stifel Nicolaus indicated that they would be dropping their target price for Western Digital shares from $85.00 to $77.00. This price reduction comes as a result of the company’s recent performance.
Last but not least, in a completed and released a study on September 1, Benchmark projected a price of $34.00 for Western Digital stock and shifted their recommendation for the stock from “hold” to “sell.” From the analysts’ perspective, the firm’s stock has been given eight recommendations to buy the stock, three to sell the stock, eleven to hold the stock, and three to purchase the stock. The company’s stock is presently rated as having a “Hold” recommendation on average, and market analysts have projected that the share price will reach $56.64 shortly. $35.54 was the price at which the NASDAQ WDC began trading on Wednesday. The stock price has touched $45.50, which corresponds to its 50-day moving average, and $49.30, which corresponds to its 200-day moving average.
Western Digital has seen a low of $34.94 over the last 12 months, while the business has a high of $69.36 over the same period. In the form of a ratio, these statistics are expressed as follows: the debt-to-equity ratio is 0.57, the current ratio is 1.80, and the quick ratio is 1.11. The company has a PE ratio of 7.48, a market value currently at $11.18 billion, and a beta value currently at 1.51.
The most recent quarterly results for Western Digital (NASDAQ: WDC-Given Rating), which were released to the public on Friday, August 5, were presented. The data storage company reported a quarterly earnings per share figure of $1.78, which was $0.27 more than the median estimate of $1.51. Western Digital’s return on equity came in at 19.15%, while the net margin for the company was 7.98%. The company’s revenue for the period came in at $4.53 billion, which was lower than the $4.57 billion analysts in the relevant field had thought the company would report. The company reported $1.96 per share earnings for the same quarter in the prior year’s financial statements. Compared to the same period in the previous year, the revenue for the current quarter was down by 8.0%. For the current fiscal year, sell-side analysts anticipate that Western Digital will bring in a profit of $2.61 per share of the company’s common stock.
According to the referenced news article, on September 7, senior vice president Gene M. Zamiska sold 2,169 shares of Western Digital stock. This information was made public. Because each share of stock was sold for an average of $40.90, the total proceeds from the stock sale were $88,712.10. The conclusion of the transaction has resulted in the senior vice president gaining direct ownership of 31,554 business shares, which have a value of $1,290,558.60. Following the link provided in the previous line, you will be able to examine the filing made with the Securities and Exchange Commission that made the transaction public knowledge. Company insiders hold the entire number of shares in the company at a rate of 0.17%.
Recently, a few hedge funds have had some trading activity in the market, specifically buying and selling WDC shares. The entire value of Federated Hermes Inc.’s holdings in Western Digital was boosted by 27.0% throughout the second quarter. Federated Hermes Inc. now has a total of 9,621 shares of the stock of the data storage company, which is worth $432,000 after purchasing an additional 2,045 shares over the past three months. During the second quarter, Royal London Asset Management Ltd. increased the amount of Western Digital stock owned by 0.7%, bringing the total percentage of shares owned to 100%. Following the acquisition of an additional 806 shares during the most recent quarter, Royal London Asset Management Ltd. now holds a total of 110,838 stocks held by the data storage provider.
The current value of all of Royal London Asset Management Ltd.’s stock is a total of $4,969,000. Columbia Asset Management made a new stock acquisition from Western Digital during the second quarter for a total cost of about $309,000. The purchase was made from Western Digital. The amount of Western Digital shares that M &G Investment Management Ltd. boosted the number of shares that it owned by 30.6% during the second quarter of the fiscal year. The data storage provider now has a total of 172,099 stocks held by M & G Investment Management Ltd. These shares have a value of $7,744,000, thanks to purchasing 40,278 extra shares during the most recent fiscal year quarter. During the second quarter, Summit Global Investments made a new investment in the shares of Western Digital, totaling about $979,000. This investment was made in the stock of Western Digital. Institutional investors and hedge funds own 84.57% of all the shares in the company. This makes them the biggest stockholders in the company.
The Western Digital Corporation is a data storage device and solution developer, producer, and marketer that serves markets all over the world, including the markets in the United States of America, China, Hong Kong, Europe, the Middle East, Africa, and the rest of Asia, as well as the markets in the rest of the world. Some of the markets that Western Digital serves include: In addition to applications for the automotive industry, the Internet of Things, industrial applications, and connected homes, it offers flash-based embedded storage products that can be used in portable and wearable devices such as mobile phones, tablets, notebook PCs, and other types of portable and wearable devices. In addition to that, it offers wafers that are based on flash memory. Client devices are made up of hard disk drives (HDDs) and solid state drives (SSDs), which are used in a wide range of computing devices, such as personal computers (desktop and laptop), smart TVs, gaming consoles, set-top boxes, and more.