why Western Digital Corp. [WDC] is a Good Choice for Investors After New Price Target of $81.02

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Western Digital Corp. [NASDAQ: WDC] jumped around 0.63 points on Tuesday, while shares priced at $71.06 at the close of the session, up 0.89%.

Compared to the average trading volume of 7.42M shares, WDC reached a trading volume of 4437430 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 $81.02 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 2.76, with the Price to Sales ratio for WDC stock in the period of the last 12 months amounting to 2.06. The Price to Book ratio for the last quarter was 2.30, 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] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -2.19. With this latest performance, WDC shares gained by 18.85% in over the last four-week period, additionally plugging by 55.49% over the last 6 months – not to mention a rise of 100.39% 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 59.90, with the RSI for the last a single of trading hit 56.22, and the three-weeks RSI is set at 61.38 for Western Digital Corp. [WDC]. The present Moving Average for the last 50 days of trading for this stock 62.95, while it was recorded at 71.94 for the last single week of trading, and 49.89 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%.

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