Western Digital Corporation [WDC] Stock trading around $33.32 per share: What’s Next?

Western Digital Corporation [NASDAQ: WDC] plunged by -$1.3 during the normal trading session on Thursday and reaching a high of $34.34 during the day while it closed the day at $33.32. The company report on April 19, 2023 at 10:32 PM that Western Digital to Announce Third Quarter Fiscal 2023 Financial Results on May 8, 2023.

Western Digital Corp. (NASDAQ: WDC) plans to announce its third quarter fiscal year 2023 financial results after the market closes on Monday, May 8, 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.

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Western Digital Corporation stock has also loss -9.65% of its value over the past 7 days. However, WDC stock has declined by -11.26% in the 3 months of the year. Over the past six months meanwhile, it has lost -0.86% and gained 5.61% year-on date.

The market cap for WDC stock reached $11.07 billion, with 318.00 million shares outstanding and 316.77 million shares in the current float. Compared to the average trading volume of 4.30M shares, WDC reached a trading volume of 4544392 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 $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 1.30, with the Price to Sales ratio for WDC stock in the period of the last 12 months amounting to 0.70. The Price to Book ratio for the last quarter was 0.87, with the Price to Cash per share for the same quarter was set at 5.63.

WDC stock trade performance evaluation

Western Digital Corporation [WDC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -9.65. With this latest performance, WDC shares dropped by -6.06% in over the last four-week period, additionally sinking by -0.86% over the last 6 months – not to mention a drop of -31.93% 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 35.94, with the RSI for the last a single of trading hit 31.35, and the three-weeks RSI is set at 38.70 for Western Digital Corporation [WDC]. The present Moving Average for the last 50 days of trading for this stock 37.63, while it was recorded at 35.03 for the last single week of trading, and 38.99 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 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.

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 -12.32%.

Western Digital Corporation [WDC]: Insider Ownership positions

There are presently around $9,445 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 $890.92 million in WDC stocks shares; and PRICE T ROWE ASSOCIATES INC /MD/, currently with $715.39 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 Monday and at the time of the Monday reporting period, where 259 institutional holders increased their position in Western Digital Corporation [NASDAQ:WDC] by around 41,495,416 shares. Additionally, 286 investors decreased positions by around 47,182,636 shares, while 82 investors held positions by with 184,145,216 shares. The mentioned changes placed institutional holdings at 272,823,268 shares, according to the latest SEC report filing. WDC stock had 69 new institutional investments in for a total of 3,891,736 shares, while 94 institutional investors sold positions of 11,882,894 shares during the same period.


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