Exane BNP Paribas slashes price target on Western Digital Corporation [WDC] – find out why.

Western Digital Corporation [NASDAQ: WDC] plunged by -$0.73 during the normal trading session on Monday and reaching a high of $44.81 during the day while it closed the day at $44.24. The company report on January 13, 2023 that Western Digital to Announce Second Quarter Fiscal 2023 Financial Results on January 31, 2023.

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Western Digital Corp. (NASDAQ: WDC) plans to announce its second quarter fiscal year 2023 financial results after the market closes on Tuesday, January 31, 2023. 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. A live audio webcast and a webcast replay of the conference call will be available at investor.wdc.com.

Western Digital Corporation stock has also gained 5.86% of its value over the past 7 days. However, WDC stock has inclined by 28.83% in the 3 months of the year. Over the past six months meanwhile, it has lost -9.90% and gained 40.22% year-on date.

The market cap for WDC stock reached $13.67 billion, with 317.65 million shares outstanding and 316.67 million shares in the current float. Compared to the average trading volume of 4.85M shares, WDC reached a trading volume of 6795206 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about 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 $44.62 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 2.40. 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.

Exane BNP Paribas have made an estimate for Western Digital Corporation shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on January 23, 2023. The new note on the price target was released on January 06, 2023, representing the official price target for Western Digital Corporation stock. Previously, the target price had yet another drop from $43 to $31, while Goldman kept a Sell rating on WDC stock. On September 21, 2022, analysts decreased their price target for WDC shares from 62 to 40.

The Average True Range (ATR) for Western Digital Corporation is set at 1.51, with the Price to Sales ratio for WDC stock in the period of the last 12 months amounting to 0.78. The Price to Book ratio for the last quarter was 1.15, with the Price to Cash per share for the same quarter was set at 6.63. Price to Free Cash Flow for WDC in the course of the last twelve months was 81.40 with Quick ratio for the last quarter at 1.00.

WDC stock trade performance evaluation

Western Digital Corporation [WDC] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 5.86. With this latest performance, WDC shares gained by 46.44% in over the last four-week period, additionally sinking by -9.90% over the last 6 months – not to mention a drop of -17.83% 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 74.51, with the RSI for the last a single of trading hit 78.47, and the three-weeks RSI is set at 69.79 for Western Digital Corporation [WDC]. The present Moving Average for the last 50 days of trading for this stock 35.95, while it was recorded at 43.08 for the last single week of trading, and 43.27 for the last 200 days.

Western Digital Corporation [WDC]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Western Digital Corporation [WDC] shares currently have an operating margin of +14.52 and a Gross Margin at +32.83. Western Digital Corporation’s Net Margin is presently recorded at +7.98.

Return on Equity for this stock inclined to 13.08, with Return on Assets sitting at 5.73.

Western Digital Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.00 and a Current Ratio set at 1.80.

Earnings per share (EPS) analysis for Western Digital Corporation [WDC] stock

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 -10.70%.

Western Digital Corporation [WDC]: Insider Ownership positions

There are presently around $12,237 million, or 89.60% of WDC stock, in the hands of institutional investors. The top three institutional holders of WDC stocks are: VANGUARD GROUP INC with ownership of 36,628,762, which is approximately 0.98% of the company’s market cap and around 0.70% of the total institutional ownership; BLACKROCK INC., holding 24,958,156 shares of the stock with an approximate value of $1.1 billion in WDC stocks shares; and STATE STREET CORP, currently with $548.66 million in WDC stock with ownership of nearly -0.491% 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 243 institutional holders increased their position in Western Digital Corporation [NASDAQ:WDC] by around 37,918,430 shares. Additionally, 326 investors decreased positions by around 25,608,515 shares, while 91 investors held positions by with 213,067,856 shares. The mentioned changes placed institutional holdings at 276,594,801 shares, according to the latest SEC report filing. WDC stock had 51 new institutional investments in for a total of 1,666,884 shares, while 102 institutional investors sold positions of 3,963,595 shares during the same period.


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