Today’s Price Action: Will Western Digital Corp Go Down Anytime Soon?

Today's Price Action: Will Western Digital Corp Go Down Anytime Soon?

The stock of Western Digital Corp (NASDAQ:WDC) is a huge mover today! About 1.27M shares traded hands. Western Digital Corp (NASDAQ:WDC) has risen 19.35% since March 9, 2016 and is uptrending. It has outperformed by 11.94% the S&P500.
The move comes after 9 months positive chart setup for the $15.46 billion company. It was reported on Oct, 12 by We have $85.75 PT which if reached, will make NASDAQ:WDC worth $7.88B more.

Analysts await Western Digital Corp (NASDAQ:WDC) to report earnings on October, 26. They expect $0.89 EPS, down 42.95% or $0.67 from last year’s $1.56 per share. WDC’s profit will be $242.29M for 15.95 P/E if the $0.89 EPS becomes a reality. After $0.79 actual EPS reported by Western Digital Corp for the previous quarter, Wall Street now forecasts 12.66% EPS growth.

Western Digital Corp (NASDAQ:WDC) Ratings Coverage

Out of 28 analysts covering Western Digital (NASDAQ:WDC), 19 rate it a “Buy”, 3 “Sell”, while 6 “Hold”. This means 68% are positive. Western Digital has been the topic of 69 analyst reports since July 23, 2015 according to StockzIntelligence Inc. The firm has “Buy” rating given on Tuesday, September 29 by Sterne Agee CRT. The stock of Western Digital Corp (NASDAQ:WDC) earned “Buy” rating by Benchmark on Thursday, July 30. The company was upgraded on Tuesday, May 24 by Cowen & Co. The rating was upgraded by Longbow to “Buy” on Tuesday, September 13. On Thursday, July 30 the stock rating was maintained by KeyBanc Capital Markets with “Overweight”. The firm has “Outperform” rating given on Monday, October 3 by RBC Capital Markets. The stock has “Buy” rating given by Deutsche Bank on Monday, January 11. Citigroup maintained it with “Buy” rating and $53 target price in Friday, May 27 report. The firm has “Market Perform” rating by BMO Capital Markets given on Friday, December 11. Barclays Capital initiated Western Digital Corp (NASDAQ:WDC) rating on Wednesday, October 14. Barclays Capital has “Equalweight” rating and $91 price target.

According to Zacks Investment Research, “Western Digital Corp. designs, develops, manufactures and markets a broad line of hard drives featuring leading-edge technology. The company’s hard drives are designed for the desktop PC market and the high-end hard drive market and, recently, for the emerging market for hard drives specially designed for audio-visual applications, such as new video recording devices. The company sells its products worldwide to computer manufacturers for inclusion in their computer systems or subsystems and to distributors, resellers and retailers.”

Insitutional Activity: The institutional sentiment increased to 2.15 in 2016 Q2. Its up 0.79, from 1.36 in 2016Q1. The ratio is positive, as 54 funds sold all Western Digital Corp shares owned while 132 reduced positions. 120 funds bought stakes while 280 increased positions. They now own 241.54 million shares or 6.73% more from 226.31 million shares in 2016Q1.
Systematic Limited Partnership accumulated 267,283 shares or 0.17% of the stock. State Of Wisconsin Invest Board, a Wisconsin-based fund reported 453,076 shares. The Ontario – Canada-based Intact Invest Management has invested 0.02% in Western Digital Corp (NASDAQ:WDC). Buckhead Ltd Company holds 1.27% of its portfolio in Western Digital Corp (NASDAQ:WDC) for 148,154 shares. Howard Hughes Med Institute accumulated 0.85% or 53,241 shares. Contrarius Invest Mngmt accumulated 1.18M shares or 4.74% of the stock. Schroder Invest Mngmt Grp Incorporated reported 672,167 shares or 0.06% of all its holdings. Moreover, Texas Permanent School Fund has 0.06% invested in Western Digital Corp (NASDAQ:WDC) for 91,310 shares. Prudential Public Limited has invested 0.02% of its portfolio in Western Digital Corp (NASDAQ:WDC). Caisse De Depot Et Placement Du Quebec has 274,688 shares for 0.03% of their US portfolio. Philadelphia holds 0.37% of its portfolio in Western Digital Corp (NASDAQ:WDC) for 90,792 shares. Moreover, Avalon Glob Asset Ltd Liability Corp has 2.05% invested in Western Digital Corp (NASDAQ:WDC) for 75,000 shares. Orca Management Ltd Company has 61,709 shares for 2.85% of their US portfolio. Chesapeake Asset Ltd reported 10,700 shares or 0.41% of all its holdings. Qs Invsts Ltd holds 0.1% or 239,028 shares in its portfolio.

Insider Transactions: Since May 31, 2016, the stock had 1 buy, and 4 insider sales for $977,048 net activity. 22,500 shares with value of $1.02 million were bought by MILLIGAN STEPHEN D on Tuesday, May 31. On Tuesday, September 27 RAY MICHAEL CHARLES sold $159,415 worth of the stock or 2,719 shares. 18,250 shares were sold by CORDANO MICHAEL D, worth $1.08M on Monday, October 3.

More important recent Western Digital Corp (NASDAQ:WDC) news were published by: which released: “Western Digital Corp: WDC Stock Bulls Need to See This” on October 04, 2016, also published article titled: “Western Digital Introduces WD Blue and WD Green Solid State Drives”, published: “Ex-Dividend Reminder: Western Digital, MercadoLibre and ATN International” on September 26, 2016. More interesting news about Western Digital Corp (NASDAQ:WDC) was released by: and their article: “3 Big Stock Charts: Intel Corporation (INTC), Western Digital Corp (WDC) and …” with publication date: September 19, 2016.

WDC Company Profile

Western Digital Corporation (Western Digital), incorporated on October 26, 2000, is a developer, maker and well-known provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions). The Firm also generates license and royalty revenue related to its intellectual property which is included in each of the three categories.

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