Western Digital (NASDAQ:WDC) had its target price cut by Stifel Nicolaus from $60.00 to $48.00 in a report published on Friday, The Fly reports. They currently have a buy rating on the data storage provider’s stock.

WDC has been the subject of a number of other research reports. Loop Capital downgraded Western Digital from a buy rating to a hold rating and lowered their price target for the company from $80.00 to $42.00 in a research report on Monday, October 29th. Zacks Investment Research raised Western Digital from a strong sell rating to a hold rating in a research report on Monday, December 31st. Royal Bank of Canada lowered their price target on Western Digital to $40.00 and set a sector perform rating for the company in a research report on Friday, January 18th. Benchmark reissued a hold rating on shares of Western Digital in a research report on Friday, October 26th. Finally, Macquarie set a $50.00 price target on Western Digital and gave the company a hold rating in a research report on Friday, October 26th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating and twelve have issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $69.96.

WDC stock opened at $44.00 on Friday. Western Digital has a 12-month low of $33.83 and a 12-month high of $106.96. The company has a quick ratio of 1.45, a current ratio of 2.24 and a debt-to-equity ratio of 0.95. The stock has a market cap of $12.49 billion, a price-to-earnings ratio of 3.26, a PEG ratio of 0.39 and a beta of 1.22.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, January 24th. The data storage provider reported $1.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.27 by $0.18. Western Digital had a return on equity of 28.88% and a net margin of 4.34%. The firm had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $4.26 billion. During the same quarter in the previous year, the business earned $3.95 earnings per share. The firm’s quarterly revenue was down 20.7% compared to the same quarter last year. On average, research analysts anticipate that Western Digital will post 5.89 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, January 14th. Investors of record on Friday, December 28th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.55%. The ex-dividend date was Thursday, December 27th. Western Digital’s dividend payout ratio (DPR) is 14.80%.

In related news, Director Matthew E. Massengill sold 1,681 shares of the business’s stock in a transaction dated Monday, November 5th. The stock was sold at an average price of $47.68, for a total value of $80,150.08. Following the transaction, the director now owns 17,848 shares in the company, valued at $850,992.64. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.36% of the company’s stock.

Several large investors have recently added to or reduced their stakes in WDC. Alpha Omega Wealth Management LLC raised its stake in Western Digital by 4,440.0% during the fourth quarter. Alpha Omega Wealth Management LLC now owns 681 shares of the data storage provider’s stock valued at $25,000 after buying an additional 666 shares in the last quarter. Avestar Capital LLC raised its stake in Western Digital by 13.9% during the fourth quarter. Avestar Capital LLC now owns 1,993 shares of the data storage provider’s stock valued at $48,000 after buying an additional 243 shares in the last quarter. TRUE Private Wealth Advisors acquired a new stake in Western Digital during the third quarter valued at approximately $107,000. Captrust Financial Advisors raised its stake in Western Digital by 387.0% during the third quarter. Captrust Financial Advisors now owns 1,836 shares of the data storage provider’s stock valued at $108,000 after buying an additional 1,459 shares in the last quarter. Finally, NEXT Financial Group Inc acquired a new stake in Western Digital during the third quarter valued at approximately $109,000. Institutional investors and hedge funds own 84.07% of the company’s stock.

About Western Digital

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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