Western Digital Corporation (NASDAQ:WDC) was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

A number of other research analysts have also recently issued reports on the stock. Royal Bank Of Canada lifted their target price on shares of Western Digital Corporation from $33.00 to $39.00 and gave the company an “outperform” rating in a research note on Thursday, May 11th. Benchmark Co. lifted their target price on shares of Western Digital Corporation from $100.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, April 28th. Maxim Group lifted their target price on shares of Western Digital Corporation from $104.00 to $108.00 and gave the company a “buy” rating in a research note on Friday, April 28th. Citigroup Inc. lifted their target price on shares of Western Digital Corporation from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, May 1st. Finally, Bank of America Corporation upgraded shares of Western Digital Corporation from a “neutral” rating to a “buy” rating in a research note on Friday, April 28th. Seven analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $104.51.

Shares of Western Digital Corporation (WDC) opened at 90.25 on Friday. Western Digital Corporation has a 1-year low of $45.70 and a 1-year high of $95.77. The company has a 50 day moving average price of $87.79 and a 200-day moving average price of $84.86. The stock has a market capitalization of $26.35 billion, a P/E ratio of 67.35 and a beta of 1.22.

Western Digital Corporation (NASDAQ:WDC) last posted its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.51 by $0.42. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The company had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter in the previous year, the company posted $0.79 earnings per share. Western Digital Corporation’s quarterly revenue was up 38.5% compared to the same quarter last year. On average, equities research analysts forecast that Western Digital Corporation will post $12.54 EPS for the current fiscal year.

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In other Western Digital Corporation news, EVP Jacqueline Demaria sold 14,358 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $84.53, for a total transaction of $1,213,681.74. Following the sale, the executive vice president now directly owns 75,772 shares of the company’s stock, valued at approximately $6,405,007.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark P. Long sold 1,517 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $80.97, for a total transaction of $122,831.49. Following the sale, the chief financial officer now directly owns 88,207 shares in the company, valued at $7,142,120.79. The disclosure for this sale can be found here. Insiders have sold a total of 145,291 shares of company stock worth $12,738,849 over the last three months. Insiders own 0.46% of the company’s stock.

Large investors have recently modified their holdings of the company. Arizona State Retirement System boosted its stake in shares of Western Digital Corporation by 1.0% in the first quarter. Arizona State Retirement System now owns 71,313 shares of the data storage provider’s stock valued at $5,885,000 after buying an additional 700 shares during the period. Hillsdale Investment Management Inc. boosted its stake in shares of Western Digital Corporation by 16.9% in the first quarter. Hillsdale Investment Management Inc. now owns 5,610 shares of the data storage provider’s stock valued at $463,000 after buying an additional 810 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Western Digital Corporation during the first quarter valued at approximately $704,000. Korea Investment CORP boosted its stake in shares of Western Digital Corporation by 14.7% in the second quarter. Korea Investment CORP now owns 595,049 shares of the data storage provider’s stock valued at $52,721,000 after buying an additional 76,459 shares during the period. Finally, Exane Derivatives boosted its stake in shares of Western Digital Corporation by 7,574.0% in the first quarter. Exane Derivatives now owns 35,761 shares of the data storage provider’s stock valued at $2,951,000 after buying an additional 35,295 shares during the period. 81.91% of the stock is currently owned by hedge funds and other institutional investors.

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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