why Western Digital Corp. [WDC] is a Good Choice for Investors After New Price Target of $68.17

Western Digital Corp. [NASDAQ: WDC] traded at a low on Tuesday, posting a -3.45 loss after which it closed the day’ session at $55.34. The company report on February 13, 2024 at 5:00 PM that Western Digital to Participate in Upcoming Investor Conference.

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

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Event: Morgan Stanley Technology, Media & Telecom ConferenceDate: Tuesday, March 5, 2024 at 11:00 a.m. PT / 2:00 p.m. ET.

The results of the trading session contributed to over 6570884 shares changing hands. Over the past one week, the price volatility of Western Digital Corp. stands at 2.07% while the volatility over the past one month is 2.43%.

The market cap for WDC stock reached $17.94 billion, with 322.00 million shares outstanding and 319.65 million shares in the current float. Compared to the average trading volume of 1.07 shares, WDC reached a trading volume of 6570884 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 Corp. [WDC]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for WDC shares is $68.17 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 1.88. 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.

TD Cowen have made an estimate for Western Digital Corp. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on January 26, 2024.

The Average True Range (ATR) for Western Digital Corp. is set at 1.52, with the Price to Sales ratio for WDC stock in the period of the last 12 months amounting to 1.59. The Price to Book ratio for the last quarter was 1.79, with the Price to Cash per share for the same quarter was set at 7.65.

How has WDC stock performed recently?

Western Digital Corp. [WDC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -5.32. With this latest performance, WDC shares gained by 10.67% in over the last four-week period, additionally plugging by 29.91% over the last 6 months – not to mention a rise of 28.67% 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 48.44, with the RSI for the last a single of trading hit 40.32, and the three-weeks RSI is set at 52.70 for Western Digital Corp. [WDC]. The present Moving Average for the last 50 days of trading for this stock 53.01, while it was recorded at 56.91 for the last single week of trading, and 44.21 for the last 200 days.

Western Digital Corp. [WDC]: Deeper insight into the fundamentals

Western Digital Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.98 and a Current Ratio set at 1.67.

Earnings analysis for Western Digital Corp. [WDC]

With the latest financial reports released by the company, Western Digital Corp. posted -1.37/share EPS, while the average EPS was predicted by analysts to be reported at -1.57/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 12.70%. 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.

Insider trade positions for Western Digital Corp. [WDC]

The top three institutional holders of WDC stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in WDC stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in WDC stock with ownership which is approximately 5.8325%.