Western Digital Corp (NASDAQ:WDC) saw a significant decrease in short interest in the month of January. As of January 31st, there was short interest totalling 9,565,690 shares, a decrease of 27.5% from the January 12th total of 13,185,391 shares. Based on an average daily trading volume, of 5,391,236 shares, the short-interest ratio is currently 1.8 days. Currently, 3.3% of the company’s stock are short sold.

Several analysts have recently commented on WDC shares. UBS Group decreased their price objective on Western Digital to $88.00 and set a “neutral” rating for the company in a report on Wednesday, December 13th. Vetr lowered Western Digital from a “strong-buy” rating to a “buy” rating and set a $97.62 price objective for the company. in a report on Monday, November 13th. BMO Capital Markets lowered Western Digital from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $120.00 to $90.00 in a report on Thursday, January 4th. Maxim Group reiterated a “buy” rating and set a $124.00 price objective on shares of Western Digital in a report on Friday, October 27th. Finally, BidaskClub lowered Western Digital from a “hold” rating to a “sell” rating in a report on Thursday, December 7th. Thirteen investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the stock. Western Digital has an average rating of “Buy” and a consensus target price of $111.78.

Shares of Western Digital (WDC) opened at $82.34 on Tuesday. The firm has a market capitalization of $24,300.00, a PE ratio of 68.05, a price-to-earnings-growth ratio of 0.34 and a beta of 1.13. The company has a debt-to-equity ratio of 1.04, a quick ratio of 2.03 and a current ratio of 2.55. Western Digital has a 12-month low of $71.38 and a 12-month high of $95.77.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, January 25th. The data storage provider reported $3.95 earnings per share for the quarter, topping the consensus estimate of $3.51 by $0.44. The company had revenue of $5.34 billion for the quarter, compared to the consensus estimate of $5.31 billion. Western Digital had a return on equity of 30.78% and a net margin of 1.93%. The firm’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period last year, the firm earned $2.30 EPS. equities analysts anticipate that Western Digital will post 12.62 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Friday, March 30th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.43%. The ex-dividend date is Thursday, March 29th. Western Digital’s dividend payout ratio is currently 165.29%.

Western Digital announced that its Board of Directors has authorized a stock repurchase program on Thursday, November 9th that authorizes the company to buyback $2.10 billion in outstanding shares. This buyback authorization authorizes the data storage provider to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

In other news, CFO Mark P. Long sold 4,466 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $84.20, for a total transaction of $376,037.20. Following the completion of the sale, the chief financial officer now owns 88,383 shares in the company, valued at approximately $7,441,848.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Michael D. Cordano sold 1,401 shares of the stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $85.00, for a total value of $119,085.00. Following the sale, the insider now owns 70,560 shares of the company’s stock, valued at approximately $5,997,600. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 152,529 shares of company stock valued at $13,285,093. 0.31% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Cerebellum GP LLC acquired a new stake in shares of Western Digital during the 4th quarter valued at about $121,000. Acadian Asset Management LLC acquired a new stake in shares of Western Digital during the 4th quarter valued at about $132,000. SeaCrest Wealth Management LLC acquired a new stake in shares of Western Digital during the 4th quarter valued at about $149,000. Harel Insurance Investments & Financial Services Ltd. grew its position in shares of Western Digital by 80.6% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,240 shares of the data storage provider’s stock valued at $178,000 after acquiring an additional 1,000 shares during the period. Finally, Adviser Investments LLC acquired a new stake in shares of Western Digital during the 3rd quarter valued at about $204,000. 83.70% of the stock is currently owned by institutional investors.

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Western Digital Company Profile

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).

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