In a report released today, Mark Miller from Benchmark Co. maintained a Hold rating on Western Digital (WDC). The company’s shares closed last Friday at $44.62.
According to TipRanks.com, Miller is a top 100 analyst with an average return of 23.2% and a 68.2% success rate. Miller covers the Technology sector, focusing on stocks such as Axcelis Technologies, MKS Instruments, and Onto Innovation.
Currently, the analyst consensus on Western Digital is a Moderate Buy with an average price target of $60.92, representing a 40.3% upside. In a report issued on June 8, Rosenblatt Securities also initiated coverage with a Hold rating on the stock with a $53.00 price target.
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Based on Western Digital’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $4.18 billion and net profit of $17 million. In comparison, last year the company earned revenue of $3.67 billion and had a GAAP net loss of $581 million.
Based on the recent corporate insider activity of 61 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of WDC in relation to earlier this year.
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Western Digital Corp. engages in the development, manufacture, market and sale of data storage devices and solutions. It operates through the following product categories: client devices, data center devices and solutions, and client solutions. The client devices category includes mobile, desktop, gaming and digital video hard drives, solid state drives (SSDs), embedded products, and wafers. The data center devices and solutions category covers capacity and performance enterprise hard disk drives (HDDs), enterprise SSDs, data center software, and system solutions. The client solutions category offers removable products, hard drive content solutions, and flash content solutions. The company was founded by Alvin B. Phillips in 1970 and is headquartered in San Jose, CA.
