Thursday, October 29, 2020

Western Digital Corporation [WDC] Stock trading around $38.00 per share: What’s Next?

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Western Digital Corporation [NASDAQ: WDC] stock went on an upward path that rose over 0.72% on Thursday, amounting to a one-week price decrease of less than -1.81%. The company report on October 15, 2020 that Western Digital to Announce First Quarter Fiscal 2021 Financial Results on October 28, 2020.

Western Digital Corp. (NASDAQ: WDC) plans to announce its first quarter fiscal 2021 financial results after the market closes on Wednesday, October 28, 2020. The investment community conference call to discuss these results will be held that day at 1:30 p.m. Pacific / 4:30 p.m. Eastern. The live audio webcast and a webcast replay of the conference call will be available at investor.wdc.com.

About Western Digital.

Over the last 12 months, WDC stock dropped by -36.09%. The one-year Western Digital Corporation stock forecast points to a potential upside of 26.27. The average equity rating for WDC stock is currently 2.20, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $11.74 billion, with 304.23 million shares outstanding and 301.29 million shares in the current float. Compared to the average trading volume of 6.25M shares, WDC stock reached a trading volume of 3673142 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Western Digital Corporation [WDC]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for WDC shares is $51.54 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on WDC stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Craig Hallum have made an estimate for Western Digital Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on September 23, 2020. The new note on the price target was released on September 23, 2020, representing the official price target for Western Digital Corporation stock. Previously, the target price had yet another drop from $60 to $52, while The Benchmark Company kept a Buy rating on WDC stock. On August 06, 2020, analysts decreased their price target for WDC shares from 70 to 50.

The Average True Range (ATR) for Western Digital Corporation is set at 1.37, with the Price to Sales ratio for WDC stock in the period of the last 12 months amounting to 0.70. The Price to Book ratio for the last quarter was 1.19.

WDC Stock Performance Analysis:

Western Digital Corporation [WDC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.81. With this latest performance, WDC shares dropped by -2.02% in over the last four-week period, additionally sinking by -10.21% over the last 6 months – not to mention a drop of -36.09% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for WDC stock in for the last two-week period is set at 53.89, with the RSI for the last a single of trading hit 53.31, and the three-weeks RSI is set at 50.50 for Western Digital Corporation [WDC]. The present Moving Average for the last 50 days of trading for this stock 36.94, while it was recorded at 38.00 for the last single week of trading, and 46.30 for the last 200 days.

Insight into Western Digital Corporation Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Western Digital Corporation [WDC] shares currently have an operating margin of +3.26 and a Gross Margin at +23.66. Western Digital Corporation’s Net Margin is presently recorded at -1.49.

Return on Total Capital for WDC is now 2.73, given the latest momentum, and Return on Invested Capital for the company is -1.27. Return on Equity for this stock declined to -2.56, with Return on Assets sitting at -0.96. When it comes to the capital structure of this company, Western Digital Corporation [WDC] has a Total Debt to Total Equity ratio set at 102.82. Additionally, WDC Total Debt to Total Capital is recorded at 50.69, with Total Debt to Total Assets ending up at 38.27. Long-Term Debt to Equity for the company is recorded at 99.45, with the Long-Term Debt to Total Capital now at 49.03.

Reflecting on the efficiency of the workforce at the company, Western Digital Corporation [WDC] managed to generate an average of -$3,918 per employee. Receivables Turnover for the company is 9.34 with a Total Asset Turnover recorded at a value of 0.64.Western Digital Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.40 and a Current Ratio set at 2.10.

WDC Stock EPS

With the latest financial reports released by the company, Western Digital Corporation posted 0.34/share EPS, while the average EPS was predicted by analysts to be reported at 0.3/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 13.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for WDC.

Western Digital Corporation [WDC] Insider Position Details

There are presently around $9,069 million, or 80.20% of WDC stock, in the hands of institutional investors. The top three institutional holders of WDC stocks are: VANGUARD GROUP INC with ownership of 33,300,482, which is approximately -7.219% of the company’s market cap and around 0.40% of the total institutional ownership; BLACKROCK INC., holding 21,771,168 shares of the stock with an approximate value of $827.3 million in WDC stocks shares; and FMR LLC, currently with $506.36 million in WDC stock with ownership of nearly 51.419% of the company’s market capitalization.

Positions in Western Digital Corporation stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 294 institutional holders increased their position in Western Digital Corporation [NASDAQ:WDC] by around 28,417,905 shares. Additionally, 306 investors decreased positions by around 33,155,947 shares, while 85 investors held positions by with 177,097,176 shares. The mentioned changes placed institutional holdings at 238,671,028 shares, according to the latest SEC report filing. WDC stock had 71 new institutional investments in for a total of 2,281,760 shares, while 87 institutional investors sold positions of 6,669,032 shares during the same period.

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