Western Digital (NASDAQ:WDC) Downgraded by Raymond James to “Market Perform”

Raymond James downgraded shares of Western Digital (NASDAQ:WDC) from an outperform rating to a market perform rating in a report issued on Monday, MarketBeat Ratings reports.

WDC has been the subject of a number of other reports. Wells Fargo & Company upped their target price on Western Digital from $72.00 to $95.00 and gave the company an overweight rating in a research report on Wednesday, April 10th. Deutsche Bank Aktiengesellschaft raised Western Digital from a hold rating to a buy rating and upped their target price for the company from $45.00 to $65.00 in a research report on Tuesday, January 16th. Bank of America upped their target price on Western Digital from $75.00 to $85.00 and gave the company a buy rating in a research report on Wednesday, April 17th. UBS Group upped their target price on Western Digital from $65.00 to $80.00 and gave the company a neutral rating in a research report on Monday, April 15th. Finally, Cantor Fitzgerald upped their target price on Western Digital from $70.00 to $100.00 and gave the company an overweight rating in a research report on Monday, April 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Western Digital currently has a consensus rating of Moderate Buy and an average price target of $73.72.

Western Digital Trading Down 0.2 %

WDC opened at $69.44 on Monday. Western Digital has a one year low of $32.01 and a one year high of $76.92. The company has a market cap of $22.63 billion, a P/E ratio of -9.74 and a beta of 1.57. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.98 and a current ratio of 1.67. The business’s 50-day simple moving average is $64.73 and its 200-day simple moving average is $54.78.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Thursday, April 25th. The data storage provider reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.42. Western Digital had a negative return on equity of 19.45% and a negative net margin of 19.90%. The business had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.37 billion. During the same quarter in the prior year, the business posted ($1.57) EPS. The business’s revenue for the quarter was up 23.3% on a year-over-year basis. As a group, equities research analysts expect that Western Digital will post -2.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Kimberly Alexy sold 2,648 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $69.95, for a total value of $185,227.60. Following the completion of the sale, the director now directly owns 20,509 shares of the company’s stock, valued at approximately $1,434,604.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Gene M. Zamiska sold 443 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $75.00, for a total value of $33,225.00. Following the completion of the sale, the senior vice president now directly owns 30,958 shares of the company’s stock, valued at approximately $2,321,850. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kimberly Alexy sold 2,648 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $69.95, for a total value of $185,227.60. Following the completion of the sale, the director now directly owns 20,509 shares of the company’s stock, valued at $1,434,604.55. The disclosure for this sale can be found here. 0.28% of the stock is owned by insiders.

Hedge Funds Weigh In On Western Digital

Several hedge funds have recently bought and sold shares of WDC. Rise Advisors LLC purchased a new position in Western Digital in the 1st quarter valued at approximately $25,000. Naples Money Management LLC purchased a new position in Western Digital during the fourth quarter worth $26,000. SOA Wealth Advisors LLC. purchased a new position in Western Digital during the first quarter worth $31,000. Lindbrook Capital LLC increased its position in Western Digital by 121.7% during the fourth quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider’s stock worth $32,000 after buying an additional 337 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its position in Western Digital by 79.1% during the third quarter. Parkside Financial Bank & Trust now owns 747 shares of the data storage provider’s stock worth $34,000 after buying an additional 330 shares in the last quarter. 92.51% of the stock is owned by hedge funds and other institutional investors.

Western Digital Company Profile

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.