why Western Digital Corp. [WDC] is a Good Choice for Investors After New Price Target of $77.22


Western Digital Corp. [NASDAQ: WDC] plunged by -$0.16 during the normal trading session on while it closed the day at $72.95. The company report on April 8, 2024 at 9:30 PM that Western Digital to Announce Third Quarter Fiscal 2024 Financial Results on April 25, 2024.

Western Digital Corp. (NASDAQ: WDC) plans to announce its third quarter fiscal year 2024 financial results after the market closes on Thursday, April 25, 2024. 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.

Western Digital Corp. stock has also gained 2.96% of its value over the past 7 days. However, WDC stock has inclined by 45.75% in the 3 months of the year. Over the past six months meanwhile, it has gained 58.21% and gained 39.30% year-on date.

The market cap for WDC stock reached $23.77 billion, with 322.00 million shares outstanding and 320.72 million shares in the current float. Compared to the average trading volume of 7.18M shares, WDC reached a trading volume of 7549016 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 Corp. [WDC]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for WDC shares is $77.22 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 1.76. 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.

Rosenblatt have made an estimate for Western Digital Corp. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on April 05, 2024. While these analysts kept the previous recommendation, Evercore ISI raised their target price to Outperform. The new note on the price target was released on March 27, 2024, representing the official price target for Western Digital Corp. stock. Previously, the target price had yet another raise from $50 to $75, while TD Cowen kept a Outperform rating on WDC stock.

The Average True Range (ATR) for Western Digital Corp. is set at 2.83, with the Price to Sales ratio for WDC stock in the period of the last 12 months amounting to 2.11. The Price to Book ratio for the last quarter was 2.36, with the Price to Cash per share for the same quarter was set at 7.61.

WDC stock trade performance evaluation

Western Digital Corp. [WDC] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.96. With this latest performance, WDC shares gained by 13.49% in over the last four-week period, additionally plugging by 58.21% over the last 6 months – not to mention a rise of 108.07% 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 71.22, with the RSI for the last a single of trading hit 73.05, and the three-weeks RSI is set at 69.55 for Western Digital Corp. [WDC]. The present Moving Average for the last 50 days of trading for this stock 61.28, while it was recorded at 71.41 for the last single week of trading, and 48.87 for the last 200 days.

Western Digital Corp. [WDC]: An insightful look at the core 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 per share (EPS) analysis for Western Digital Corp. [WDC] stock

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.

Western Digital Corp. [WDC]: Institutional Ownership

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%.

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