Latest Western Digital Corporation (NASDAQ:WDC) Target Price Suggests Stock Is Worth $60.21/Share

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Western Digital Corporation (WDC) down -4.91 per cent in the past week, is under coverage of 30 analysts who collectively recommend a hold rating on stock. 21 of the analysts have a buy or better rating; the 0 sells versus 0 underperforms. The 24 equity analysts who rate the stock have an average target price at $60.21, with individual targets ranging between $30 and $97. The shares closed last trade at $35.44, implying that analysts see shares rising about 69.89 per cent in 12 months’ time.

Insider Activity: Insiders look pessimistic about the prospects of the company that they seem to offload shares while they are -40.37 down so far this year. A EVP, Chief Legal Officer & Sec at Western Digital Corporation (WDC) sold shares in the company in a transaction completed on Monday December 07, 2015. Ray Michael Charles offloaded 1,863 shares in the company at an average price of $63.59 and ended up generating $118,500 in proceeds. Ray Michael Charles retains 21,177 shares in the company after this transaction. A EVP, Chief Legal Officer & Sec in the company, Ray Michael Charles, on Tuesday November 17, 2015 collected $83,700 from the sale of 1,359 shares at $63.59 each. Insiders are expected to know better about the health and prospects of their company, which is why insiders’ move deserves attention.

Earnings to Watch: Investors considering WDC stock at the going market price of $35.44/share should know the stock will next release quarterly results for the June 2016 quarter. For the reporting quarter, analysts expect the company to deliver $1.05 in earnings per share (EPS). That would represent a -30.46% year-over-year decrease. Revenue for the same period is expected to arrive at $2.75B.

Earnings Roundup: In the last fiscal quarter alone, Western Digital Corporation generated around $2.82B in revenue and net income of $1.21/share. That compares with the consensus estimate $2.86B and $1.29/share, respectively. For the prior quarter revenue for the company hit $3.32B, with earnings at $1.6/share.

Analyst Coverage: BofA/Merrill has been a brokerage house following shares of Western Digital Corporation (WDC), so its rating change is noteworthy. The stock was downgraded to Underperform from Neutral, wrote analysts at BofA/Merrill, in a note issued to clients on Friday May 13, 2016. There was another key note issued by Robert W. Baird on Friday April 29, 2016. The firm lowered its rating on WDC from Outperform to Neutral.

Price Momentum: Despite the -2.53% decrease in value, the stock’s new closing price represents a -63.32% fall in value from company’s one year high of $99.76. The stock is currently holding above its 50 day moving average of $-19.93 and below its 200 day moving average of $42.45. Over the last three months and over the last six months, the shares of Western Digital Corporation (WDC), have changed -40.3% and 51.32%, respectively.

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