Raymond James slashes price target on Western Digital Corporation [WDC] – find out why.

Western Digital Corporation [NASDAQ: WDC] slipped around -0.81 points on Monday, while shares priced at $37.78 at the close of the session, down -2.10%. The company report on February 10, 2023 that Western Digital to Participate in Upcoming Investor Conference.

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Western Digital Corp. (NASDAQ: WDC) today announced management participation in the upcoming investor conference:.

Event: Morgan Stanley Technology, Media & Telecom ConferenceDate: Tuesday, March 7, 2023 at 8:35 a.m. PT / 11:35 a.m. ET.

Western Digital Corporation stock is now 19.75% up from its year-to-date (YTD) trading value. WDC Stock saw the intraday high of $38.845 and lowest of $37.66 per share. The company’s 52-week high price is 63.26, which means current price is +22.03% above from all time high which was touched on 02/02/23.

Compared to the average trading volume of 4.85M shares, WDC reached a trading volume of 6189264 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus 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 $46.89 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.

Raymond James have made an estimate for Western Digital Corporation shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on March 02, 2023. While these analysts kept the previous recommendation, Mizuho raised their target price from $38 to $50. The new note on the price target was released on February 10, 2023, representing the official price target for Western Digital Corporation stock. Previously, the target price had yet another raise to $42, while Exane BNP Paribas analysts kept a Neutral rating on WDC stock.

The Average True Range (ATR) for Western Digital Corporation is set at 1.25, with the Price to Sales ratio for WDC stock in the period of the last 12 months amounting to 0.76. The Price to Book ratio for the last quarter was 0.99, with the Price to Cash per share for the same quarter was set at 5.89.

How has WDC stock performed recently?

Western Digital Corporation [WDC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.90. With this latest performance, WDC shares dropped by -15.25% in over the last four-week period, additionally sinking by -10.03% over the last 6 months – not to mention a drop of -27.37% 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 36.87, with the RSI for the last a single of trading hit 28.12, and the three-weeks RSI is set at 42.73 for Western Digital Corporation [WDC]. The present Moving Average for the last 50 days of trading for this stock 38.85, while it was recorded at 38.27 for the last single week of trading, and 41.74 for the last 200 days.

Western Digital Corporation [WDC]: Deeper insight into the fundamentals

Western Digital Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.90.

Earnings analysis for Western Digital Corporation [WDC]

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 -12.32%.

Insider trade positions for Western Digital Corporation [WDC]

There are presently around $10,458 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 37,341,622, which is approximately 1.946% of the company’s market cap and around 0.70% of the total institutional ownership; BLACKROCK INC., holding 25,734,282 shares of the stock with an approximate value of $972.24 million in WDC stocks shares; and PRICE T ROWE ASSOCIATES INC /MD/, currently with $780.68 million in WDC stock with ownership of nearly 93.085% of the company’s market capitalization.

256 institutional holders increased their position in Western Digital Corporation [NASDAQ:WDC] by around 45,362,496 shares. Additionally, 307 investors decreased positions by around 44,704,876 shares, while 78 investors held positions by with 186,758,396 shares. The mentioned changes placed institutional holdings at 276,825,768 shares, according to the latest SEC report filing. WDC stock had 67 new institutional investments in for a total of 4,849,197 shares, while 107 institutional investors sold positions of 11,403,541 shares during the same period.


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