why Western Digital Corporation [WDC] is a Good Choice for Investors After New Price Target of $46.93

Western Digital Corporation [NASDAQ: WDC] gained 1.64% on the last trading session, reaching $35.27 price per share at the time. 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.

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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.

Western Digital Corporation represents 318.00 million in outstanding shares, while the company has a total market value of $11.35 billion with the latest information. WDC stock price has been found in the range of $34.63 to $35.93.

If compared to the average trading volume of 4.58M shares, WDC reached a trading volume of 2529871 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $46.93 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 1.23, with the Price to Sales ratio for WDC stock in the period of the last 12 months amounting to 0.72. 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 5.82.

Trading performance analysis for WDC stock

Western Digital Corporation [WDC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.20. With this latest performance, WDC shares dropped by -10.87% in over the last four-week period, additionally plugging by 1.41% over the last 6 months – not to mention a drop of -29.08% 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 37.28, with the RSI for the last a single of trading hit 37.56, and the three-weeks RSI is set at 39.85 for Western Digital Corporation [WDC]. The present Moving Average for the last 50 days of trading for this stock 39.54, while it was recorded at 35.14 for the last single week of trading, and 40.20 for the last 200 days.

Western Digital Corporation [WDC]: A deeper dive into fundamental analysis

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 Total Capital for WDC is now 13.91, given the latest momentum, and Return on Invested Capital for the company is 7.71. Return on Equity for this stock inclined to 13.08, with Return on Assets sitting at 5.73. When it comes to the capital structure of this company, Western Digital Corporation [WDC] has a Total Debt to Total Equity ratio set at 60.05. Additionally, WDC Total Debt to Total Capital is recorded at 37.52, with Total Debt to Total Assets ending up at 27.95. Long-Term Debt to Equity for the company is recorded at 59.73, with the Long-Term Debt to Total Capital now at 37.32.

Reflecting on the efficiency of the workforce at the company, Western Digital Corporation [WDC] managed to generate an average of $23,077 per employee. Receivables Turnover for the company is 7.43 with a Total Asset Turnover recorded at a value of 0.72.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.

Western Digital Corporation [WDC]: An earnings per share (EPS) analysis

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%.

An analysis of insider ownership at Western Digital Corporation [WDC]

There are presently around $9,764 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 $907.65 million in WDC stocks shares; and PRICE T ROWE ASSOCIATES INC /MD/, currently with $728.82 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 45,363,799 shares. Additionally, 307 investors decreased positions by around 44,704,048 shares, while 79 investors held positions by with 186,761,906 shares. The mentioned changes placed institutional holdings at 276,829,753 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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