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Mizuho Securities Sticks to Its Buy Rating for Western Digital (WDC)

Mizuho Securities analyst Vijay Rakesh maintained a Buy rating on Western Digital (WDCResearch Report) on February 10 and set a price target of $78.00. The company’s shares closed last Friday at $53.73.

According to TipRanks.com, Rakesh is a top 100 analyst with an average return of 27.9% and a 68.4% success rate. Rakesh covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Allegro MicroSystems, and Skyworks Solutions.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Western Digital with a $71.42 average price target, implying a 32.4% upside from current levels. In a report issued on January 28, Benchmark Co. also maintained a Buy rating on the stock with a $92.00 price target.

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Based on Western Digital’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $4.83 billion and net profit of $564 million. In comparison, last year the company earned revenue of $3.94 billion and had a net profit of $62 million.

Based on the recent corporate insider activity of 47 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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.

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