Could Western Digital Corp Rise Even More? The Stock Had Bullish Options Activity

 Could Western Digital Corp Rise Even More? The Stock Had Bullish Options Activity

In today’s session Western Digital Corp (WDC) registered an unusually high (2,088) contracts volume of call trades. Someone, most probably a professional was a very active buyer of the December, 2016 call, expecting serious WDC increase. With 2,088 contracts traded and 156884 open interest for the Dec, 16 contract, it seems this is a quite bullish bet. The option with symbol: WDC161216C00065000 closed last at: $0.88 or 4.8% up. About 365,537 shares traded hands. Western Digital Corp (NASDAQ:WDC) has risen 39.81% since April 26, 2016 and is uptrending. It has outperformed by 34.55% the S&P500.

Analysts await Western Digital Corp (NASDAQ:WDC) to report earnings on January, 26. They expect $1.72 EPS, up 7.50% or $0.12 from last year’s $1.6 per share. WDC’s profit will be $496.52 million for 9.12 P/E if the $1.72 EPS becomes a reality. After $1.18 actual EPS reported by Western Digital Corp for the previous quarter, Wall Street now forecasts 45.76% EPS growth.

Western Digital Corp (NASDAQ:WDC) Ratings Coverage

Out of 28 analysts covering Western Digital (NASDAQ:WDC), 19 rate it a “Buy”, 2 “Sell”, while 7 “Hold”. This means 68% are positive. $140 is the highest target while $39 is the lowest. The $70.52 average target is 12.28% above today’s ($62.81) stock price. Western Digital has been the topic of 73 analyst reports since July 23, 2015 according to StockzIntelligence Inc. The rating was maintained by Maxim Group with “Buy” on Thursday, July 30. The firm earned “Outperform” rating on Wednesday, September 7 by Cowen & Co. Goldman Sachs maintained it with “Sell” rating and $39 target price in Wednesday, August 17 report. The rating was maintained by Deutsche Bank on Wednesday, October 21 with “Buy”. Mizuho maintained it with “Buy” rating and $54 target price in Thursday, August 25 report. The firm has “Buy” rating given on Thursday, September 8 by Mizuho. The rating was maintained by RBC Capital Markets with “Outperform” on Friday, January 15. The company was maintained on Tuesday, August 16 by Barclays Capital. Citigroup maintained Western Digital Corp (NASDAQ:WDC) on Friday, May 27 with “Buy” rating. The stock has “Positive” rating given by Susquehanna on Monday, August 24.

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.”

Insitutional Activity: The institutional sentiment decreased to 1.13 in 2016 Q2. Its down 1.02, from 2.15 in 2016Q1. The ratio worsened, as 54 funds sold all Western Digital Corp shares owned while 132 reduced positions. 120 funds bought stakes while 280 increased positions. They now own 241.54 million shares or 6.73% more from 226.31 million shares in 2016Q1.
Natl Pension Serv holds 0.09% of its portfolio in Western Digital Corp (NASDAQ:WDC) for 221,017 shares. Moreover, Gulf Intl Bankshares (Uk) Ltd has 0.07% invested in Western Digital Corp (NASDAQ:WDC) for 82,141 shares. The Alabama-based Andra Ap has invested 0.07% in Western Digital Corp (NASDAQ:WDC). The Pennsylvania-based Berkshire Asset Management Ltd Com Pa has invested 0.04% in Western Digital Corp (NASDAQ:WDC). Veritable Ltd Partnership has invested 0.01% of its portfolio in Western Digital Corp (NASDAQ:WDC). Agf accumulated 0.63% or 1.20 million shares. Blb&B Advsr Ltd Liability owns 51,315 shares or 0.46% of their US portfolio. Profit Mgmt Limited Liability Corp, a Maryland-based fund reported 10,255 shares. Deutsche Bank Ag has 0.05% invested in the company for 1.59 million shares. Meeder Asset Mgmt Incorporated accumulated 0.03% or 6,570 shares. Btim has 10,371 shares for 0.01% of their US portfolio. Teachers Advisors holds 0.13% or 1.62 million shares in its portfolio. Clearbridge Ltd Llc, a New York-based fund reported 11.44 million shares. Massachusetts Fincl Service Com Ma last reported 0% of its portfolio in the stock. First Mercantile Trust holds 7,975 shares or 0.05% of its portfolio.

Insider Transactions: Since May 31, 2016, the stock had 0 buys, and 8 insider sales for $2.34 million net activity. 6,183 shares with value of $370,980 were sold by RAY MICHAEL CHARLES on Monday, October 3. The insider CORDANO MICHAEL D sold 7,185 shares worth $391,583. On Monday, November 7 the insider MASSENGILL MATTHEW E sold $125,348. 22,500 shares with value of $1.02 million were bought by MILLIGAN STEPHEN D on Tuesday, May 31. 1,750 shares with value of $100,499 were sold by DENERO HENRY T on Tuesday, November 8.

Western Digital Corporation is a developer, maker and well-known provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The company has a market cap of $18.13 billion. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions). It currently has negative earnings.

WDC Company Profile

Western Digital Corporation (Western Digital), incorporated on October 26, 2000, is a developer, maker and well-known provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions). The Firm also generates license and royalty revenue related to its intellectual property which is included in each of the three categories.

Another recent and important Western Digital Corp (NASDAQ:WDC) news was published by Investorplace.com which published an article titled: “3 Big Stock Charts: ConocoPhillips (COP), Western Digital Corp (WDC) and …” on October 31, 2016.

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