why Western Digital Corporation [WDC] is a Good Choice for Investors After New Price Target of $46.43

Western Digital Corporation [NASDAQ: WDC] slipped around -0.6 points on Tuesday, while shares priced at $42.30 at the close of the session, down -1.40%. The company report on August 22, 2023 at 5:00 PM that Western Digital to Participate in Upcoming Investor Conference.

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

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Event: Goldman Sachs Communacopia + Technology ConferenceDate: Tuesday, September 5, 2023 at 3:45 p.m. PT / 6:45 p.m. ET.

Western Digital Corporation stock is now 34.07% up from its year-to-date (YTD) trading value. WDC Stock saw the intraday high of $43.54 and lowest of $42.22 per share. The company’s 52-week high price is 46.33, which means current price is +36.63% above from all time high which was touched on 09/05/23.

Compared to the average trading volume of 3.34M shares, WDC reached a trading volume of 3472408 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 $46.43 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.

UBS have made an estimate for Western Digital Corporation shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on April 24, 2023.

The Average True Range (ATR) for Western Digital Corporation is set at 1.31, with the Price to Sales ratio for WDC stock in the period of the last 12 months amounting to 1.10. The Price to Book ratio for the last quarter was 1.24, with the Price to Cash per share for the same quarter was set at 6.29.

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 -7.62. With this latest performance, WDC shares gained by 1.00% in over the last four-week period, additionally plugging by 19.76% over the last 6 months – not to mention a drop of -3.42% 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 49.85, with the RSI for the last a single of trading hit 45.54, and the three-weeks RSI is set at 51.93 for Western Digital Corporation [WDC]. The present Moving Average for the last 50 days of trading for this stock 41.02, while it was recorded at 43.51 for the last single week of trading, and 38.10 for the last 200 days.

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

Operating Margin for any stock indicates how profitable investing would be, and Western Digital Corporation [WDC] shares currently have an operating margin of -5.93 and a Gross Margin at +18.25. Western Digital Corporation’s Net Margin is presently recorded at -13.85.

Return on Total Capital for WDC is now -3.78, given the latest momentum, and Return on Invested Capital for the company is -9.20. Return on Equity for this stock declined to -14.79, with Return on Assets sitting at -6.73. When it comes to the capital structure of this company, Western Digital Corporation [WDC] has a Total Debt to Total Equity ratio set at 60.31. Additionally, WDC Total Debt to Total Capital is recorded at 37.62, with Total Debt to Total Assets ending up at 33.69. Long-Term Debt to Equity for the company is recorded at 54.00, with the Long-Term Debt to Total Capital now at 31.17.

Receivables Turnover for the company is 5.60 with a Total Asset Turnover recorded at a value of 0.49.Western Digital Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.80 and a Current Ratio set at 1.50.

Insider trade positions for Western Digital Corporation [WDC]

The top three institutional holders of WDC stocks are: VANGUARD GROUP INC with ownership of 1.31 billion shares, which is approximately 8.2089%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $170.67 trillion in WDC stocks shares; and BERKSHIRE HATHAWAY INC, currently with $150.98 trillion in WDC stock with ownership which is approximately 5.7381%.

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