Western Digital Corp (WDC) is Downgraded by Longbow to Neutral

Western Digital Corp (WDC) was Downgraded by Longbow to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. Longbow advised their investors in a research report released on Apr 13, 2016.

Many Wall Street Analysts have commented on Western Digital Corp. Cowen Initiated Western Digital Corp on Apr 11, 2016 to “Market Perform”, Price Target of the shares are set at $46.Company shares were Reiterated by Mizuho on Mar 15, 2016 to “Neutral”, Firm has raised the Price Target to $ 47 from a previous price target of $45 .Shares were Reiterated by Argus on Feb 3, 2016 to “Buy” and Lowered the Price Target to $ 65 from a previous price target of $90 .

On the company’s financial health, Western Digital Corp reported $1.60 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Jan 28, 2016. Analyst had a consensus of $1.54. The company had revenue of $3317.00 million for the quarter, compared to analysts expectations of $3347.18 million. The company’s revenue was down -14.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $2.26 EPS.

Western Digital Corp opened for trading at $43.8 and hit $45.49 on the upside on Monday, eventually ending the session at $44.23, with a gain of 2.62% or 1.13 points. The heightened volatility saw the trading volume jump to 50,18,025 shares. Company has a market cap of $10,295 M.

In a different news, on Dec 9, 2015, Michael Charles Ray (EVP, Chief Legal Officer & Sec) sold 1,863 shares at $63.59 per share price. According to the SEC, on Nov 10, 2015, Matthew E Massengill (director) sold 1,187 shares at $67.75 per share price. On Nov 4, 2015, Stephen D Milligan (Chief Executive Officer) sold 6,239 shares at $66.33 per share price, according to the Form-4 filing with the securities and exchange commission.

Western Digital Corporation is a data storage solutions company. The Company is a developer manufacturer and provider of data storage solutions that enable consumers businesses governments and other organizations to create manage experience and preserve digital content. The Company’s Technology product includes: Hard Disk Drives and Solid-State Drives. Hard Disk Drives provide non-volatile data storage. Solid-State Drives are semiconductor and non-volatile media. The Company offers solutions including: Enterprise Storage Solutions Client Desktop and Notebook PCs Branded Product Solutions Consumer Electronics Solutions. The Company’s products are marketed under the HGST WD and G-Technology brand names.

Western Digital Corp

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