Western Digital Corporation [WDC] Revenue clocked in at $15.75 billion, up 11.95% YTD: What’s Next?

Western Digital Corporation [NASDAQ: WDC] price plunged by -2.05 percent to reach at -$0.74. The company report on March 13, 2023 that Ethisphere Names Western Digital as One of the 2023 World’s Most Ethical Companies® for the Fifth Time.

Recognition honors companies demonstrating business integrity through best-in-class ethics, compliance, and governance practices.

Western Digital Corporation (NASDAQ: WDC) has been recognized by Ethisphere, a global leader in defining and advancing the standards of ethical business practices, as one of the 2023 World’s Most Ethical Companies.

A sum of 8269461 shares traded at recent session while its average daily volume was at 4.75M shares. Western Digital Corporation shares reached a high of $35.815 and dropped to a low of $34.51 until finishing in the latest session at $35.32.

The one-year WDC stock forecast points to a potential upside of 24.67. The average equity rating for WDC stock is currently 2.40, trading closer to a bullish pattern in the stock market.

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 $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 1.22, with the Price to Sales ratio for WDC stock in the period of the last 12 months amounting to 0.74. The Price to Book ratio for the last quarter was 0.93, with the Price to Cash per share for the same quarter was set at 5.70.

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 -6.51. With this latest performance, WDC shares dropped by -15.88% in over the last four-week period, additionally sinking by -19.36% over the last 6 months – not to mention a drop of -24.19% 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 29.23, with the RSI for the last a single of trading hit 20.74, and the three-weeks RSI is set at 36.11 for Western Digital Corporation [WDC]. The present Moving Average for the last 50 days of trading for this stock 39.44, while it was recorded at 36.73 for the last single week of trading, and 41.22 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 +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 1.10 and a Current Ratio set at 1.90.

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 -12.32%.

Western Digital Corporation [WDC] Insider Position Details

There are presently around $9,777 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 $908.93 million in WDC stocks shares; and PRICE T ROWE ASSOCIATES INC /MD/, currently with $729.85 million in WDC stock with ownership of nearly 93.085% of the company’s market capitalization.

Positions in Western Digital Corporation stocks held by institutional investors increased at the end of Tuesday and at the time of the Tuesday reporting period, where 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 44,704,048 shares, while 78 investors held positions by with 186,759,096 shares. The mentioned changes placed institutional holdings at 276,825,640 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.