T. Rowe Price Associates, Inc. has recently announced that it has increased stake in Western Digital Corp. (NASDAQ:WDC) by 8.30%. After grabbing 25.54 million shares, the institutional investor is now in possession of 1.96 million shares of the Technology Company. The new investment brought the stake of investor firm to 7.88% having worth around $1.23 billion. Moreover, Nomura Securities Co., Ltd. increased its share by 0.87 million to have a control over 13.36 million shares. And Geode Capital Management LLC raised its holdings to 0.12 million shares by acquiring 7.17 million shares or 2.21% of the stake.
Western Digital Corp. (WDC) concluded trading on 12/28/23 at a closing price of $52.93, with 2.12 million shares of worth about $112.07 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 40.77% during that period and on Thursday the price saw a gain of about 0.97%. Currently the company’s common shares owned by public are about 322.00M shares, out of which, 319.39M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 25 analysts are covering the WDC stock and their offered price forecasts bring an average price target of $51.73. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $68.00 and could fall to a lowest price of $42.00. The stock’s current price level is -2.32% below of average price target set by the analysts, while a dip to estimated low would result in loss of -26.02% for the stock. However, touching the estimated high of $68.00 would mean a gain of 22.16% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 68 times over the past 12 months. They bought 496,061 shares in 21 of the transactions. In 47 selling transactions, insiders dumped 551,373 shares.
Vanguard Total Stock Market ETF, T Rowe Price Mid Cap Value Fund, and Vanguard 500 Index Fund are the top 3 mutual funds which are holding stakes in Western Digital Corp. Vanguard Total Stock Market ETF is currently holding 10.1 million shares of worth totaling $487.89 million. The company recently came buying 12860.0 shares which brought its stake up to 3.12% of the company’s outstanding shares. T Rowe Price Mid Cap Value Fund bought 0.36 million shares, after which its hold over company’s outstanding shares expand to 2.58%, leaving 8.36 million shares with the mutual fund that have a worth of about $404.1 million. Vanguard 500 Index Fund, after buying 7.72 million shares, have now control over 2.38% of the stake in the company. It holds 33657.0 shares of worth $373.09 million.
Western Digital Corp. (NASDAQ: WDC) started trading at $52.50, above $0.08 from concluding price of the previous day. However, the stock later moved at a day high price of 52.95, or with a gain of 0.97%. Stock saw a price change of 7.12% in past 5 days and over the past one month there was a price change of 12.88%. Year-to-date (YTD), WDC shares are showing a performance of 67.77% which increased to 69.81% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $30.17 but also hit the highest price of $53.21 during that period. The average intraday trading volume for Western Digital Corp. shares is 5.38 million. The stock is currently trading 6.66% above its 20-day simple moving average (SMA20), while that difference is up 14.59% for SMA50 and it goes to 28.78% higher than SMA200.
T. Rowe Price Associates, Inc. acquired 25.54 million shares of Western Digital Corp. having value of about $1.23 billion. Data submitted at the U.S SEC by T. Rowe Price Associates, Inc. revealed that the firm now holds 1.96 million shares in the company valued at close to $103570724.57, or have control over 8.30% stake in the company. Western Digital Corp. (NASDAQ: WDC) currently have 322.00M outstanding shares and institutions hold larger chunk of about 86.74% of that. Holding of mutual funds in the company is about 45.07% while other institutional holders and individual stake holders have control over 5.61% and 42.26% of the stake respectively.
The stock has a current market capitalization of $17.16B and its 3Y-monthly beta is at 1.59. It has posted earnings per share of -$7.67 in the same period. It has Quick Ratio of 0.70 while making debt-to-equity ratio of 0.89. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for WDC, volatility over the week remained 1.64% while standing at 2.23% over the month.
Analysts are in expectations that Western Digital Corp. (WDC) stock would likely to be making an EPS of -$1.15 in the current quarter, while forecast for next quarter EPS is -$0.61 and it is $4.14 for next year. For the current quarter EPS, analysts have given the company a lowest target -$1.23 which is -$1.01 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.42 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 3.95% while it is estimated to increase by 218.73% in next year.
Analysts at 25 brokerage firms have issued recommendations for the Western Digital Corp. (WDC)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.96. Out of those 25 Wall Street analysts, 12 recommended a “Buy” rating, while 9 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Goldman on November 21, 2023 offering a Neutral rating for the stock and assigned a target price range of between $31 and $48 to it.
