Western Digital Co. (NASDAQ:WDC) Given Average Rating of “Hold” by Analysts

Posted by on Jun 7th, 2023

Western Digital Co. (NASDAQ:WDC – Get Rating) has been given a consensus rating of “Hold” by the twenty-two analysts that are presently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $45.89.

Several research firms have commented on WDC. TheStreet lowered Western Digital from a “c-” rating to a “d+” rating in a research report on Thursday, May 11th. UBS Group cut their target price on Western Digital from $38.00 to $35.00 and set a “neutral” rating for the company in a research note on Monday, April 24th. StockNews.com initiated coverage on Western Digital in a research note on Thursday, March 16th. They issued a “sell” rating for the company. Bank of America lowered their price target on Western Digital from $50.00 to $41.00 in a report on Tuesday, May 9th. Finally, Mizuho lowered their target price on Western Digital from $50.00 to $45.00 in a report on Tuesday, May 9th.

Western Digital Trading Up 1.2 %

Western Digital stock opened at $39.48 on Wednesday. The company has a current ratio of 1.61, a quick ratio of 0.86 and a debt-to-equity ratio of 0.51. Western Digital has a 12 month low of $29.73 and a 12 month high of $63.00. The stock’s 50 day simple moving average is $36.05 and its two-hundred day simple moving average is $36.82. The firm has a market cap of $12.63 billion, a PE ratio of -18.03 and a beta of 1.68.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in WDC. Price T Rowe Associates Inc. MD boosted its stake in shares of Western Digital by 93.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 20,663,972 shares of the data storage provider’s stock valued at $651,948,000 after buying an additional 9,961,971 shares in the last quarter. Nomura Holdings Inc. increased its stake in Western Digital by 242.7% during the first quarter. Nomura Holdings Inc. now owns 10,606,474 shares of the data storage provider’s stock worth $399,546,000 after acquiring an additional 7,511,896 shares during the last quarter. Norges Bank acquired a new stake in Western Digital during the fourth quarter worth about $89,074,000. Cibc World Markets Corp boosted its position in shares of Western Digital by 7,409.1% in the fourth quarter. Cibc World Markets Corp now owns 2,186,960 shares of the data storage provider’s stock worth $68,999,000 after buying an additional 2,157,836 shares during the period. Finally, Alyeska Investment Group L.P. boosted its position in shares of Western Digital by 249.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 2,553,500 shares of the data storage provider’s stock worth $80,563,000 after buying an additional 1,822,747 shares during the period. Institutional investors and hedge funds own 85.47% of the company’s stock.

Western Digital Company Profile

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Western Digital Corp. engages in the development, manufacture, marketing, and sale of data storage devices and solutions. It operates through the Flash and Hard Disk Drive segments. The Flash segment represents flash-based data storage devices. The Hard Disk Drive segment provides hard disk storage solutions.

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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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