Market Analysts see Western Digital Corp. [WDC] gaining to $80. Time to buy?

Western Digital Corp. [NASDAQ: WDC] traded at a high on Monday, posting a 3.82 gain after which it closed the day’ session at $70.85. The company report on March 5, 2024 at 8:30 AM that Western Digital Announces Update on Company Separation.

Momentum Continues Across Broad Scope of Transaction Activities.

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Company Appoints Key Executive Leaders for Flash and HDD Companies.

The results of the trading session contributed to over 12491170 shares changing hands. Over the past one week, the price volatility of Western Digital Corp. stands at 4.06% while the volatility over the past one month is 3.33%.

The market cap for WDC stock reached $23.09 billion, with 322.00 million shares outstanding and 320.73 million shares in the current float. Compared to the average trading volume of 6.82M shares, WDC reached a trading volume of 12491170 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 $71.52 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 1.84. 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.

Evercore ISI have made an estimate for Western Digital Corp. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on March 27, 2024. While these analysts kept the previous recommendation, TD Cowen raised their target price from $50 to $75. The new note on the price target was released on January 26, 2024, representing the official price target for Western Digital Corp. stock. Previously, the target price had yet another raise to $70, while Cantor Fitzgerald analysts kept a Overweight rating on WDC stock. On January 22, 2024, analysts increased their price target for WDC shares from 52 to 73.

The Average True Range (ATR) for Western Digital Corp. is set at 2.29, with the Price to Sales ratio for WDC stock in the period of the last 12 months amounting to 2.05. The Price to Book ratio for the last quarter was 2.29, with the Price to Cash per share for the same quarter was set at 7.61.

How has WDC stock performed recently?

Western Digital Corp. [WDC] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 10.81. With this latest performance, WDC shares gained by 19.14% in over the last four-week period, additionally plugging by 54.69% over the last 6 months – not to mention a rise of 93.58% 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 75.62, with the RSI for the last a single of trading hit 81.00, and the three-weeks RSI is set at 72.16 for Western Digital Corp. [WDC]. The present Moving Average for the last 50 days of trading for this stock 59.89, while it was recorded at 67.97 for the last single week of trading, and 48.08 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 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in WDC stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in WDC stock with ownership which is approximately 5.8386%.