Western Digital Corporation (NASDAQ:WDC) was downgraded by equities researchers at Deutsche Bank AG from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

WDC has been the subject of a number of other reports. Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Western Digital Corporation in a report on Thursday, August 31st. Vetr upgraded shares of Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $104.96 price objective for the company in a report on Wednesday, July 26th. Cowen and Company lifted their price objective on shares of Western Digital Corporation from $115.00 to $117.00 and gave the company an “outperform” rating in a report on Tuesday, June 27th. Zacks Investment Research cut shares of Western Digital Corporation from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 4th. Finally, Wells Fargo & Company reiterated a “market perform” rating on shares of Western Digital Corporation in a report on Thursday, July 13th. One analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $111.98.

Shares of Western Digital Corporation (NASDAQ:WDC) traded up 1.63% during midday trading on Wednesday, reaching $84.35. 3,414,341 shares of the company’s stock traded hands. Western Digital Corporation has a 12 month low of $52.10 and a 12 month high of $95.77. The stock has a 50 day moving average of $87.22 and a 200-day moving average of $87.08. The stock has a market cap of $24.87 billion, a P/E ratio of 62.95 and a beta of 1.24. Western Digital Corporation also was the recipient of some unusual options trading activity on Monday. Stock investors purchased 6,330 call options on the company. This represents an increase of 292% compared to the average daily volume of 1,613 call options.

Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings data 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. The firm had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The business’s revenue was up 38.5% on a year-over-year basis. During the same period last year, the company earned $0.79 earnings per share. On average, equities research analysts forecast that Western Digital Corporation will post $12.38 EPS for the current fiscal year.

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In other Western Digital Corporation news, COO Michael D. Cordano sold 4,954 shares of the business’s stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $94.98, for a total value of $470,530.92. Following the completion of the transaction, the chief operating officer now owns 66,092 shares of the company’s stock, valued at approximately $6,277,418.16. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Michael D. Cordano sold 9,404 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 75,385 shares of the company’s stock, valued at approximately $6,687,403.35. The disclosure for this sale can be found here. In the last three months, insiders sold 128,246 shares of company stock valued at $11,323,928. Corporate insiders own 0.31% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in WDC. Clinton Group Inc. grew its stake in Western Digital Corporation by 167.7% in the 1st quarter. Clinton Group Inc. now owns 16,538 shares of the data storage provider’s stock worth $1,365,000 after buying an additional 10,360 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Western Digital Corporation by 57.7% in the 1st quarter. Victory Capital Management Inc. now owns 1,798,728 shares of the data storage provider’s stock valued at $148,450,000 after purchasing an additional 658,041 shares in the last quarter. Atlantic Trust Group LLC purchased a new stake in shares of Western Digital Corporation in the 1st quarter valued at $1,279,000. Ruggie Capital Group purchased a new stake in shares of Western Digital Corporation in the 1st quarter valued at $127,000. Finally, Schroder Investment Management Group boosted its stake in shares of Western Digital Corporation by 229.9% in the 1st quarter. Schroder Investment Management Group now owns 3,731 shares of the data storage provider’s stock valued at $313,000 after purchasing an additional 2,600 shares in the last quarter. 82.34% of the stock is owned by institutional investors and hedge funds.

Western Digital Corporation 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).

Analyst Recommendations for Western Digital Corporation (NASDAQ:WDC)

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