Western Digital Corp (WDC) was Upgraded by Barclays to ” Overweight” according to the research note released today. The brokerage firm has raised the Price Target to $ 60 from a previous price target of $57 . Earlier the firm had a rating of “Equal Weight ” on the company shares. Barclays advised their investors in a research report released on May 25, 2016.
Many Wall Street Analysts have commented on Western Digital Corp. Company shares were Upgraded by Cowen on May 24, 2016 to ” Outperform”, Firm has raised the Price Target to $ 50 from a previous price target of $45 .Shares were Reiterated by Mizuho on May 18, 2016 to “Neutral” and Lowered the Price Target to $ 40 from a previous price target of $47 .Western Digital Corp was Downgraded by BofA/Merrill to ” Underperform” on May 13, 2016.
On the company’s financial health, Western Digital Corp reported $1.21 EPS for the quarter, missing the analyst consensus estimate by $ -0.08 based on the information available during the earnings call on Apr 28, 2016. Analyst had a consensus of $1.29. The company had revenue of $2822.00 million for the quarter, compared to analysts expectations of $2879.53 million. The company’s revenue was down -20.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.87 EPS.
Western Digital Corp opened for trading at $39.01 and hit $40.37 on the upside on Friday, eventually ending the session at $39.56, with a gain of 3.10% or 1.19 points. The heightened volatility saw the trading volume jump to 60,77,115 shares. Company has a market cap of $11,133,648 M.
Investors should note that on May 4, 2016, Western Digital Corp announced a cash dividend of $0.5000. The company’s management has announced Jun 29, 2016 as the ex-dividend date and fixed the record date on Jul 1, 2016. The payable date has been fixed on Jul 15, 2016.
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 Companys 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 Companys products are marketed under the HGST WD and G-Technology brand names.