Finally Time to Make a Move? Mizuho Securities Initiates Coverage On Western Digital (NASDAQ:WDC) with $69.00 Price Target


Why Has Mizuho Securities Given Western Digital (NASDAQ:WDC) a $69.00 Price Target

In analysts note distributed to Clients on Friday morning, investment advisers at Mizuho Securities initiated coverage for Western Digital (NASDAQ:WDC) shares. The firm has decided to set a Neutral rating along with a $69.00, adding 13.54% to the target.

From a total of 23 analysts covering Western Digital (NASDAQ:WDC) stock, 20 rate it a ”Buy”, 0 a “Sell”, and 5 a ”Hold”. This means that 80% of the ratings are positive. The highest target price is $150 while the lowest target price is $69. The mean of all analyst targets is $96.35 with a 51.71% above today’s ($61.96) stock price. Western Digital was the topic of 21 analyst reports since July 23, 2015 according to the firm StockzIntelligence Inc. Stifel Nicolaus maintained shares on October 29 with “Buy” rating. UBS initiated shares with “Sell” rating and $71 target share price in a report from a September 10. Needham maintained WDC stock in a recent report from October 20 with “Strong Buy” rating. Susquehanna maintained the rating on August 24. Susquehanna has a “Positive” rating and a $100 price target on shares. Finally, Argus Research upgraded the stock to “Buy” rating in a report issued on an October 1.

Approximately 1.59M shares of stock traded hands. Western Digital Corp (NASDAQ:WDC) has declined 34.37% since May 8, 2015 and is downtrending. It has underperformed by 31.35% the S&P500.

The overall sentiment of institutions has decreased to 0.95 in Q2 2015. Its down 0.05, from 1 in 2015Q2. The ratio is negative, as 74 institutions have sold all the shares of Western Digital Corp that they owned while 200 funds have taken shares off the table. 50 funds have purchased shares for the first time while 210 added to their positions. These institutions now hold 187.33 million shares or 7.25% less than the 201.98 million shares they owned in 2015Q2.

The Fund Alken Asset Management Ltd. currently is holding shares equating to 31.06% of its total portfolio in Western Digital Corp representing a total of 6.86 million shares. Another fund,Karamaan Group Llc, is holding a total of 103,799 shares equating to 8.57% of their holdings. Additionally, Sls Management Llc has a 93,750 share stake in Western Digital Corp which represents 5.69% of their total portfolio. The Fund, Ivory Investment Management. L.P., based out of California, has also built up a stake in the stock, which represents a total of 4.54% of their total portfolio. Finally Zenit Asset Management Ab, a fund which is based in the state of Sweden reported a total holdings of 233,292 shares.

Insider activity is a very important aspect to track on any stock. Going back to March 5, 2015, shareholders of Western Digital Corp have witnessed 0 buys, and a total of 20 selling transactions equating to a net activity of approximately $9.23 million . Long Mark P sold 878 shares worth approximately $72,198. Cordano Michael D sold 2,849 shares worth approximately $227,920. Milligan Stephen D sold 2,291 shares worth approximately $163,328. Ray Michael Charles sold 1,825 shares worth approximately $147,405. The company insider Leonetti Olivier sold 4,463 shares worth $361,949.

Western Digital Corporation, is a data storage solutions company. The company has a market cap of $14.99 billion. The Firm is a developer, maker and well-known provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. It has 11.03 P/E ratio. The Company’s Technology product includes: Hard Disk Drives and Solid-State Drives.

According to Zacks Investment Research, “Western Digital Corp. designs, develops, manufactures and markets a broad line of hard drives featuring leading-edge technology. The company’s hard drives are designed for the desktop PC market and the high-end hard drive market and, recently, for the emerging market for hard drives specially designed for audio-visual applications, such as new video recording devices. The company sells its products worldwide to computer manufacturers for inclusion in their computer systems or subsystems and to distributors, resellers and retailers.” Get a free copy of the Zacks research report on Western Digital Corp (WDC).