Western Digital Corporation (NASDAQ:WDC)‘s stock had its “overweight” rating reiterated by stock analysts at Barclays PLC in a research note issued on Monday. They currently have a $131.00 price target on the data storage provider’s stock. Barclays PLC’s price target points to a potential upside of 51.48% from the company’s previous close.

Several other equities analysts have also recently weighed in on WDC. Vetr upgraded Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $100.10 price objective on the stock in a report on Monday, May 29th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Western Digital Corporation in a report on Sunday, May 28th. Longbow Research reiterated a “buy” rating and set a $120.00 price objective on shares of Western Digital Corporation in a report on Friday, June 2nd. Jefferies Group LLC reiterated a “hold” rating and set a $90.00 price objective on shares of Western Digital Corporation in a report on Friday, June 2nd. Finally, Mizuho reiterated a “buy” rating and set a $105.00 price objective on shares of Western Digital Corporation in a report on Monday, June 5th. Eight analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $111.34.

Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.51 by $0.42. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The business had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter in the previous year, the business posted $0.79 EPS. Western Digital Corporation’s revenue for the quarter was up 38.5% on a year-over-year basis.

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In other news, insider Michael D. Cordano sold 9,404 shares of the company’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $88.71, for a total transaction of $834,228.84. Following the completion of the sale, the insider now directly owns 75,385 shares in the company, valued at approximately $6,687,403.35. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Mark P. Long sold 28,585 shares of the company’s stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $94.24, for a total value of $2,693,850.40. Following the sale, the insider now owns 53,551 shares of the company’s stock, valued at $5,046,646.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 144,295 shares of company stock valued at $12,689,056. Corporate insiders own 0.31% of the company’s stock.

Several large investors have recently added to or reduced their stakes in WDC. Capital World Investors bought a new stake in shares of Western Digital Corporation during the 2nd quarter valued at $1,019,202,000. Iridian Asset Management LLC CT lifted its position in shares of Western Digital Corporation by 244.0% during the 1st quarter. Iridian Asset Management LLC CT now owns 5,541,511 shares of the data storage provider’s stock worth $457,341,000 after buying an additional 3,930,465 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Western Digital Corporation by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 28,741,455 shares of the data storage provider’s stock worth $2,372,032,000 after buying an additional 1,250,528 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Western Digital Corporation by 140.4% during the 2nd quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock worth $176,746,000 after buying an additional 1,164,954 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Western Digital Corporation by 179.3% during the 1st quarter. Alliancebernstein L.P. now owns 1,619,954 shares of the data storage provider’s stock worth $133,695,000 after buying an additional 1,040,028 shares during the last quarter. Hedge funds and other institutional investors own 82.34% of the company’s stock.

About Western Digital Corporation

Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).

Analyst Recommendations for Western Digital Corporation (NASDAQ:WDC)

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