Analysts’ Weekly Ratings Updates for Western Digital (WDC)

Western Digital (NASDAQ: WDC) recently received a number of ratings updates from brokerages and research firms:

• 9/26/2024 – Western Digital had its “buy” rating reaffirmed by analysts at Benchmark Co.. They now have a $92.00 price target on the stock.
• 9/13/2024 – Western Digital had its price target lowered by analysts at TD Cowen from $95.00 to $80.00. They now have a “buy” rating on the stock.
• 9/10/2024 – Western Digital had its “overweight” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $80.00 price target on the stock.
• 9/10/2024 – Western Digital had its price target lowered by analysts at Citigroup Inc. from $95.00 to $85.00. They now have a “buy” rating on the stock.
• 8/15/2024 – Western Digital had its “outperform” rating reaffirmed by analysts at Evercore ISI. They now have a $85.00 price target on the stock.
• 8/2/2024 – Western Digital had its price target lowered by analysts at Susquehanna from $88.00 to $75.00. They now have a “neutral” rating on the stock.
• 8/1/2024 – Western Digital had its “overweight” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $100.00 price target on the stock.
• 8/1/2024 – Western Digital was downgraded by analysts at Summit Insights from a “buy” rating to a “hold” rating.
• 8/1/2024 – Western Digital had its price target raised by analysts at Benchmark Co. from $85.00 to $92.00. They now have a “buy” rating on the stock.
• 8/1/2024 – Western Digital had its “buy” rating reaffirmed by analysts at Rosenblatt Securities. They now have a $115.00 price target on the stock.

Western Digital Stock Down 1.5 %

Western Digital stock traded down $1.04 during midday trading on Friday, reaching $69.42. The company’s stock had a trading volume of 3,801,876 shares, compared to its average volume of 6,278,726. The company has a market cap of $23.84 billion, a P/E ratio of -13.97 and a beta of 1.39. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.53. The business has a 50-day simple moving average of $64.10 and a 200-day simple moving average of $69.55. Western Digital Co. has a fifty-two week low of $35.62 and a fifty-two week high of $81.55.

Western Digital (NASDAQ:WDC) last posted its earnings results on Wednesday, July 31st. The data storage provider reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.17. Western Digital had a negative net margin of 3.75% and a negative return on equity of 2.63%. The firm had revenue of $3.76 billion for the quarter, compared to the consensus estimate of $3.77 billion. On average, research analysts expect that Western Digital Co. will post 7.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Western Digital

In other Western Digital news, CEO David Goeckeler sold 75,000 shares of Western Digital stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $70.32, for a total value of $5,274,000.00. Following the sale, the chief executive officer now owns 896,630 shares of the company’s stock, valued at approximately $63,051,021.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Western Digital news, EVP Robert Soderbery sold 12,154 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $57.09, for a total transaction of $693,871.86. Following the sale, the executive vice president now directly owns 128,413 shares in the company, valued at $7,331,098.17. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO David Goeckeler sold 75,000 shares of the company’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $70.32, for a total value of $5,274,000.00. Following the completion of the sale, the chief executive officer now directly owns 896,630 shares in the company, valued at approximately $63,051,021.60. The disclosure for this sale can be found here. Insiders sold a total of 92,955 shares of company stock valued at $6,327,560 in the last ninety days. Insiders own 0.28% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of WDC. Vanguard Group Inc. lifted its stake in shares of Western Digital by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 38,579,938 shares of the data storage provider’s stock valued at $2,020,431,000 after buying an additional 215,207 shares during the period. DNB Asset Management AS boosted its holdings in shares of Western Digital by 2.7% during the second quarter. DNB Asset Management AS now owns 7,857,586 shares of the data storage provider’s stock worth $595,369,000 after purchasing an additional 206,756 shares during the last quarter. Kodai Capital Management LP purchased a new stake in shares of Western Digital in the fourth quarter valued at $212,900,000. Dimensional Fund Advisors LP increased its stake in Western Digital by 5.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,881,847 shares of the data storage provider’s stock valued at $218,400,000 after purchasing an additional 143,074 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Western Digital by 39.6% during the second quarter. Bank of New York Mellon Corp now owns 2,861,229 shares of the data storage provider’s stock worth $216,795,000 after buying an additional 810,977 shares during the period. 92.51% of the stock is currently owned by institutional investors and hedge funds.

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.