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Western Digital (WDC) Receives a Rating Update from a Top Analyst

In a report released yesterday, Kevin Cassidy from Rosenblatt Securities maintained a Hold rating on Western Digital (WDCResearch Report). The company’s shares closed last Wednesday at $54.48.

According to TipRanks.com, Cassidy is a top 25 analyst with an average return of 29.8% and a 73.0% success rate. Cassidy covers the Technology sector, focusing on stocks such as Smart Global Holdings, Skyworks Solutions, and ON Semiconductor.

Currently, the analyst consensus on Western Digital is a Strong Buy with an average price target of $72.64, which is a 37.3% upside from current levels. In a report issued on January 28, Barclays also maintained a Hold rating on the stock with a $60.00 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.

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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.

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