Western Digital Corporation [NASDAQ: WDC] stock went on a downward path that fall over -0.83% on Wednesday, amounting to a one-week price increase of more than 1.41%. The company report on December 10, 2021 that Western Digital Announces Closing of Debt Offering.
Western Digital Corporation (NASDAQ: WDC) (“Western Digital” or the “Company”) today announced the closing of its underwritten public offering of (i) $500,000,000 aggregate principal amount of 2.850% senior unsecured notes due 2029 and (ii) $500,000,000 aggregate principal amount of 3.100% senior unsecured notes due 2032. The net proceeds of the offering were approximately $988 million, after deducting underwriting discounts and commissions and other estimated offering expenses. Western Digital intends to use the net proceeds of the offering, together with available cash on hand, to refinance existing indebtedness and to pay fees and expenses in connection with the offering.
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On December 3, 2021, the Company received an investment grade corporate rating from Fitch. This marks the Company’s second investment grade corporate rating.
Over the last 12 months, WDC stock rose by 25.56%. The one-year Western Digital Corporation stock forecast points to a potential upside of 10.69. 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 $20.95 billion, with 310.00 million shares outstanding and 305.22 million shares in the current float. Compared to the average trading volume of 3.71M shares, WDC stock reached a trading volume of 5874456 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 $75.09 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.
Mizuho have made an estimate for Western Digital Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on November 23, 2021. While these analysts kept the previous recommendation, Wells Fargo raised their target price from $100 to $80. The new note on the price target was released on October 29, 2021, representing the official price target for Western Digital Corporation stock. Previously, the target price had yet another drop from $66 to $62, while UBS kept a Neutral rating on WDC stock. On October 29, 2021, analysts decreased their price target for WDC shares from 120 to 80.
The Average True Range (ATR) for Western Digital Corporation is set at 1.92, with the Price to Sales ratio for WDC stock in the period of the last 12 months amounting to 1.16. The Price to Book ratio for the last quarter was 1.83, with the Price to Cash per share for the same quarter was set at 10.53. Price to Free Cash Flow for WDC in the course of the last twelve months was 20.91 with Quick ratio for the last quarter at 1.30.
WDC Stock Performance Analysis:
Western Digital Corporation [WDC] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.41. With this latest performance, WDC shares gained by 17.53% in over the last four-week period, additionally sinking by -1.12% over the last 6 months – not to mention a rise of 25.56% 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 70.61, with the RSI for the last a single of trading hit 75.45, and the three-weeks RSI is set at 66.28 for Western Digital Corporation [WDC]. The present Moving Average for the last 50 days of trading for this stock 58.48, while it was recorded at 66.24 for the last single week of trading, and 64.01 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 +7.39 and a Gross Margin at +27.17. Western Digital Corporation’s Net Margin is presently recorded at +4.85.
Return on Total Capital for WDC is now 6.40, given the latest momentum, and Return on Invested Capital for the company is 4.27. Return on Equity for this stock inclined to 8.10, with Return on Assets sitting at 3.17. When it comes to the capital structure of this company, Western Digital Corporation [WDC] has a Total Debt to Total Equity ratio set at 83.59. Additionally, WDC Total Debt to Total Capital is recorded at 45.53, with Total Debt to Total Assets ending up at 34.30. Long-Term Debt to Equity for the company is recorded at 80.94, with the Long-Term Debt to Total Capital now at 44.09.
Reflecting on the efficiency of the workforce at the company, Western Digital Corporation [WDC] managed to generate an average of $12,515 per employee. Receivables Turnover for the company is 7.30 with a Total Asset Turnover recorded at a value of 0.65.Western Digital Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.30 and a Current Ratio set at 2.10.
WDC Stock EPS
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. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Western Digital Corporation go to 47.80%.
Western Digital Corporation [WDC] Insider Position Details
There are presently around $16,577 million, or 82.20% of WDC stock, in the hands of institutional investors. The top three institutional holders of WDC stocks are: VANGUARD GROUP INC with ownership of 33,468,170, which is approximately 1.343% of the company’s market cap and around 0.50% of the total institutional ownership; BLACKROCK INC., holding 24,437,998 shares of the stock with an approximate value of $1.65 billion in WDC stocks shares; and STATE STREET CORP, currently with $812.92 million in WDC stock with ownership of nearly 1.044% of the company’s market capitalization.
Positions in Western Digital Corporation stocks held by institutional investors increased at the end of January and at the time of the January reporting period, where 268 institutional holders increased their position in Western Digital Corporation [NASDAQ:WDC] by around 23,409,292 shares. Additionally, 348 investors decreased positions by around 21,896,894 shares, while 114 investors held positions by with 199,845,465 shares. The mentioned changes placed institutional holdings at 245,151,651 shares, according to the latest SEC report filing. WDC stock had 59 new institutional investments in for a total of 7,419,834 shares, while 109 institutional investors sold positions of 4,405,395 shares during the same period.