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Western Digital

Western Digital is a leading vertically integrated supplier of data storage solutions, spanning both hard disk drives and solid-state drives. In the HDD market it forms a practical duopoly with Seagate, and it is the largest global producer of NAND flash chips for SSDs in a joint venture with competitor Kioxia.

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Western Digital Corporation - Common Stock

Western Digital Corp

WILDCAT RESOURCES LTD by Wildcat Resources Ltd.

Wildcat resources Ltd

WESTERN DIGITAL ORD

Financial giants have made a conspicuous bearish move on Western Digital. Our analysis of options history for Western Digital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) revealed 8 unusual trades.
Delving into the details, we found 25% of traders were bullish, while 75% showed bearish tendencies. Out of all the trades we spotted, 5 were puts, with a value of $222,946, and 3 were calls, valued at $93,700.
<h3>Expected Price Movements</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $30.0 to $72.5 for Western Digital over the recent three months. 
<h3>Volume &amp; Open Interest Development</h3>
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Western Digital's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Western Digital's significant trades, within a strike price range of $30.0 to $72.5, over the past month.
<h3>Western Digital 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1731424561_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th align="right">Open Interest</th>
<th align="right">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>WDC</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>02/21/25</td>
<td>$4.9</td>
<td>$4.75</td>
<td>$4.9</td>
<td>$65.00</td>
<td>$49.5K</td>
<td align="right">179</td>
<td align="right">379</td>
</tr>
<tr>
<td>WDC</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>02/21/25</td>
<td>$4.9</td>
<td>$4.7</td>
<td>$4.9</td>
<td>$65.00</td>
<td>$49.4K</td>
<td align="right">179</td>
<td align="right">185</td>
</tr>
<tr>
<td>WDC</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>02/21/25</td>
<td>$4.9</td>
<td>$4.75</td>
<td>$4.9</td>
<td>$65.00</td>
<td>$45.5K</td>
<td align="right">179</td>
<td align="right">278</td>
</tr>
<tr>
<td>WDC</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>02/21/25</td>
<td>$4.9</td>
<td>$4.8</td>
<td>$4.9</td>
<td>$65.00</td>
<td>$44.5K</td>
<td align="right">179</td>
<td align="right">500</td>
</tr>
<tr>
<td>WDC</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$36.95</td>
<td>$36.45</td>
<td>$36.95</td>
<td>$30.00</td>
<td>$36.9K</td>
<td align="right">7</td>
<td align="right">10</td>
</tr>
</tbody>
</table>

<h3>About Western Digital</h3>
Western Digital is a leading vertically integrated supplier of data storage solutions, spanning both hard disk drives and solid-state drives. In the HDD market it forms a practical duopoly with Seagate, and it is the largest global producer of NAND flash chips for SSDs in a joint venture with competitor Kioxia.
Having examined the options trading patterns of Western Digital, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>Current Position of Western Digital</h3>
<ul>
<li>With a trading volume of 897,296, the price of WDC is down by -2.78%, reaching $65.51.</li>
<li>Current RSI values indicate that the stock is is currently neutral between overbought and oversold.</li>
<li>Next earnings report is scheduled for 72 days from now.</li>
</ul>
<h3>What The Experts Say On Western Digital</h3>
In the last month, 5 experts released ratings on this stock with an average target price of $95.0.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; Consistent in their evaluation, an analyst from Barclays keeps a Overweight rating on Western Digital with a target price of $90. 
&#x2A; An analyst from Rosenblatt has decided to maintain their Buy rating on Western Digital, which currently sits at a price target of $115. 
&#x2A; An analyst from Wedbush has revised its rating downward to Outperform, adjusting the price target to $95. 
&#x2A; An analyst from Benchmark has revised its rating downward to Buy, adjusting the price target to $92. 
&#x2A; Maintaining their stance, an analyst from Susquehanna continues to hold a Neutral rating for Western Digital, targeting a price of $83. 
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Western Digital options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Options

Spotlight on Western Digital: Analyzing the Surge in Options Activity

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Shares of companies within the broader technology sector are trading higher in sympathy with overall market strength after Donald Trump was elected president of the United States.

Investors with a lot of money to spend have taken a bullish stance on Western Digital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with WDC, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 13 uncommon options trades for Western Digital.
This isn't normal.
The overall sentiment of these big-money traders is split between 53% bullish and 38%, bearish.
Out of all of the special options we uncovered, 3 are puts, for a total amount of $118,680, and 10 are calls, for a total amount of $378,161.
<h3>Expected Price Movements</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $60.0 to $80.0 for Western Digital during the past quarter. 
<h3>Volume &amp; Open Interest Development</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Western Digital's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Western Digital's substantial trades, within a strike price spectrum from $60.0 to $80.0 over the preceding 30 days.
<h3>Western Digital Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1730916036_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>WDC</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$3.2</td>
<td>$3.15</td>
<td>$3.2</td>
<td>$72.50</td>
<td>$77.7K</td>
<td>949</td>
<td>764</td>
</tr>
<tr>
<td>WDC</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$3.2</td>
<td>$3.1</td>
<td>$3.2</td>
<td>$72.50</td>
<td>$56.6K</td>
<td>949</td>
<td>197</td>
</tr>
<tr>
<td>WDC</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$4.6</td>
<td>$4.45</td>
<td>$4.45</td>
<td>$70.00</td>
<td>$45.8K</td>
<td>2.9K</td>
<td>640</td>
</tr>
<tr>
<td>WDC</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$1.1</td>
<td>$1.03</td>
<td>$1.05</td>
<td>$62.50</td>
<td>$43.8K</td>
<td>3.1K</td>
<td>1.7K</td>
</tr>
<tr>
<td>WDC</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$1.1</td>
<td>$1.03</td>
<td>$1.05</td>
<td>$62.50</td>
<td>$43.0K</td>
<td>3.1K</td>
<td>1.3K</td>
</tr>
</tbody>
</table>

<h3>About Western Digital</h3>
Western Digital is a leading vertically integrated supplier of data storage solutions, spanning both hard disk drives and solid-state drives. In the HDD market it forms a practical duopoly with Seagate, and it is the largest global producer of NAND flash chips for SSDs in a joint venture with competitor Kioxia.
In light of the recent options history for Western Digital, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Western Digital's Current Market Status</h3>
<ul>
<li>Trading volume stands at 2,502,120, with WDC's price up by 3.48%, positioned at $69.16.</li>
<li>RSI indicators show the stock to be may be approaching overbought.</li>
<li>Earnings announcement expected in 78 days.</li>
</ul>
<h3>What Analysts Are Saying About Western Digital</h3>
5 market experts have recently issued ratings for this stock, with a consensus target price of $93.0.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; An analyst from Cantor Fitzgerald persists with their Overweight rating on Western Digital, maintaining a target price of $95. 
&#x2A; Maintaining their stance, an analyst from Morgan Stanley continues to hold a Overweight rating for Western Digital, targeting a price of $100. 
&#x2A; Reflecting concerns, an analyst from Benchmark lowers its rating to Buy with a new price target of $92. 
&#x2A; An analyst from Susquehanna has decided to maintain their Neutral rating on Western Digital, which currently sits at a price target of $83. 
&#x2A; Reflecting concerns, an analyst from Wedbush lowers its rating to Outperform with a new price target of $95.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Western Digital with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Smart Money Is Betting Big In WDC Options

Disclosed on October 30, Robert Soderbery, EVP &amp; GM at Western Digital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>), executed a substantial insider sell as per the latest SEC filing.
What Happened: Soderbery opted to sell 30,767 shares of Western Digital, according to a Form 4 filing with the <a href="https://www.sec.gov/Archives/edgar/data/0000106040/000126682424000099//Archives/edgar/data/106040/000126682424000099/0001266824-24-000099-index.htm">U.S. Securities and Exchange Commission</a> on Wednesday. The transaction's total worth stands at $2,092,519.
In the Thursday's morning session, Western Digital's shares are currently trading at $67.15, experiencing a down of 1.68%.
<h3>Discovering Western Digital: A Closer Look</h3>
Western Digital is a leading vertically integrated supplier of data storage solutions, spanning both hard disk drives and solid-state drives. In the HDD market it forms a practical duopoly with Seagate, and it is the largest global producer of NAND flash chips for SSDs in a joint venture with competitor Kioxia.
<h3>Western Digital: Delving into Financials</h3>
Revenue Growth: Western Digital's revenue growth over a period of 3 months has been noteworthy. As of 30 September, 2024, the company achieved a revenue growth rate of approximately 8.79%. This indicates a substantial increase in the company's top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Information Technology sector.
Profitability Metrics: Unlocking Value
<ul>
<li>
Gross Margin: The company issues a cost efficiency warning with a low gross margin of 37.88%, indicating potential difficulties in maintaining profitability compared to its peers.
</li>
<li>
Earnings per Share (EPS): Western Digital's EPS is significantly higher than the industry average. The company demonstrates a robust bottom-line performance with a current EPS of 1.4.
</li>
</ul>
Debt Management: Western Digital's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 0.64.
Financial Valuation Breakdown:
<ul>
<li>
Price to Earnings (P/E) Ratio: Western Digital's current Price to Earnings (P/E) ratio of 73.65 is higher than the industry average, indicating that the stock may be overvalued according to market sentiment.
</li>
<li>
Price to Sales (P/S) Ratio: With a lower-than-average P/S ratio of 1.56, the stock presents an attractive valuation, potentially signaling a buying opportunity for investors interested in sales performance.
</li>
<li>
EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation &amp; Amortization): Indicated by a lower-than-industry-average EV/EBITDA ratio of 17.25, the company suggests a potential undervaluation, which might be advantageous for value-focused investors.
</li>
</ul>
Market Capitalization Perspectives: The company's market capitalization falls below industry averages, signaling a relatively smaller size compared to peers. This positioning may be influenced by factors such as perceived growth potential or operational scale.
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<h3>The Relevance of Insider Transactions</h3>
In the complex landscape of investment decisions, investors should approach insider transactions as part of a comprehensive analysis, considering various elements.
Within the legal framework, an "insider" is defined as any officer, director, or beneficial owner holding more than ten percent of a company's equity securities as per Section 12 of the Securities Exchange Act of 1934. This includes executives in the c-suite and major hedge funds. These insiders are mandated to disclose their transactions through a Form 4 filing, to be submitted within two business days of the transaction.
The initiation of a new purchase by a company insider serves as a strong indication that they expect the stock to rise.
However, insider sells may not always signal a bearish view and can be influenced by various factors.
<h3>Breaking Down the Significance of Transaction Codes</h3>
In the domain of transactions, <a href="https://www.benzinga.com/money/investing-tools">investors</a> frequently turn their focus to those taking place in the open market, as meticulously outlined in Table I of the Form 4 filing. A P in Box 3 indicates a purchase, while S signifies a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
<a href="https://www.benzinga.com/sec/insider-trades/search/index?company_cik=0000106040">Check Out The Full List Of Western Digital's Insider Trades.</a>
Insider Buying Alert: Profit from C-Suite Moves
Benzinga Edge reveals every insider trade in real-time. Don't miss the next big stock move driven by insider confidence. Unlock this ultimate sentiment indicator now. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22in8&amp;utm_source=benzinga-insights">Click here for access</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Insider Decision: Robert Soderbery Offloads $2.09M Worth Of Western Digital Stock

Barclays analyst Tom O'Malley maintains Western Digital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) with a Overweight and raises the price target from $80 to $90.

Price Target

Analyst Ratings

Barclays Maintains Overweight on Western Digital, Raises Price Target to $90

Stocks are ending the week on a high note, with tech leading the charge as investors position ahead of next week&#8217;s pivotal earnings releases from <a href="https://www.benzinga.com/topic/magnificent-7">five of the &#8220;Magnificent Seven&#8221; stocks.</a>
Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) will all report quarterly earnings between Oct. 29 and Oct. 31.
Combined, nearly 45% of the S&amp;P 500 by market cap is set to report results next week, with other heavyweights including McDonald&#8217;s Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>), Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>), Eli Lilly and Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>), Mastercard Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>), Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) and Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>).
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) continued its upward trajectory on Friday, rising 2.7% following a massive 21% jump on Thursday — its biggest one-day gain since May 2013.
The S&amp;P 500 was up 0.5% at midday trading in New York, while the Nasdaq 100 surged by 1.5%, fueled by semiconductor stocks. 
The Dow Jones Industrial Average fell 0.3%, on track to end a six-week winning streak. The U.S. dollar strengthened further, with the DXY Index rising past the 104 mark, setting up for a fourth straight week of gains. Meanwhile, Treasury yields were steady. 
WTI crude rose 1.8%, driven by concerns over geopolitical tensions in the Middle East. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is up slightly at $67,695.
<h1 class="wp-block-heading">Friday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day % change</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,500.56</td>
<td>1.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,839.28</td>
<td>0.5%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,219.60</td>
<td>0.3%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,271.11</td>
<td>-0.3%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:50 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent102225&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.5% to $582.19.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;eased 0.2% to $423.18.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rallied 1.3% to $498.83.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) inched 0.2% up to $220.09.</li>
<li>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up by 1.4%. The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) lagged, down 0.9%.</li>
</ul>
<h1 class="wp-block-heading">Thursday&#8217;s Stock Movers</h1>
<ul>
<li>Capital One Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>) rallied 7% to levels last seen in October 2021 on better-than-expected quarterly results. </li>
<li>Digital Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DLR#NYSE">DLR</a>) rallied over 10% after reporting record new lease bookings. </li>
</ul>
Other stocks reacting to earnings included:
<ul>
<li>Ameriprise Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMP#NYSE">AMP</a>), down 0.13%</li>
<li>DexCom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DXCM#NASDAQ">DXCM</a>), down 1%</li>
<li>ResMed Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RMD#NYSE">RMD</a>) up 7.6%, </li>
<li>Skechers U.S.A. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SKX#NYSE">SKX</a>) down 0.2%, </li>
<li>Western Digital Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) up 7.6%, </li>
<li>Deckers Outdoor Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>), up 11%</li>
<li>Edward Lifesciences Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EW#NYSE">EW</a>), down by 0.6%</li>
<li>HCA Healthcare Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCA#NYSE">HCA</a>), down 10%, </li>
<li>Aon plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AON#NYSE">AON</a>), up 6%, </li>
<li>Colgate-Palmolive Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#NYSE">CL</a>), down 3.4%, </li>
<li>Centene Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNC#NYSE">CNC</a>), up 6.7%, </li>
<li>Saia Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAIA#NASDAQ">SAIA</a>), up 9.2%. </li>
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Tech Stocks Rally As Investors Await Magnificent 7 Earnings; Dollar Eyes Fourth Straight Positive Week: What's Driving Markets Friday?

Cantor Fitzgerald analyst C J Muse maintains Western Digital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) with a Overweight and raises the price target from $80 to $95.

Cantor Fitzgerald Maintains Overweight on Western Digital, Raises Price Target to $95

Shares of Western Digital Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) were spiking in early trading on Friday, after the company reported <a href="https://www.benzinga.com/news/earnings/24/10/41531805/western-digital-shares-rally-after-q1-results-eps-beat-revenues-miss">upbeat fiscal first-quarter earnings</a>.
The company reported its results amid an <a href="https://www.benzinga.com/earnings">exciting earnings season</a>. Here are some key analyst takeaways.
<ul>
<li>Cantor Fitzgerald <a href="https://www.benzinga.com/analyst-stock-ratings/analyst/6331beac10b15f0001b58380/c-j%20muse">analyst C.J. Muse</a> maintained an Overweight rating, while lifting the price target from $80 to $95.</li>
<li>Benchmark <a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5978b62d43229a0001537151/mark-miller">analyst Mark Miller</a> reiterated a Buy rating and price target of $92.</li>
<li>RBC Capital Markets <a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5846ee55ee7bf6000154d12b/jonathan-atkin">analyst Matt Bryson</a> reaffirmed an Outperform rating and price target of $95.</li>
</ul>
Check out <a href="https://www.benzinga.com/analyst-stock-ratings">other analyst stock ratings</a>.
Cantor Fitzgerald: Western Digital reported revenues of $4.10 billion, up 49% year-on-year, but missing consensus of $4.12 billion, Muse said in a note. Earnings came in at $1.78 per share, surpassing Street expectations of $1.71 per share, he added.
Management's guidance for the fourth quarter was "much better than feared," the analyst stated. "While the Gross Margin uplift story is taking a pause into the December Q, we continue to look for both HDD and NAND gross margins to continue to push higher leading to earnings power of $9+ in CY25 (cons $8.74) and $10+ in CY26 ($7.57)," he further wrote.
The company's NAND spin remains on track for the first quarter of 2025, Muse added. Its estimated value as a standalone business is <a href="https://www.semimedia.cc/17397.html">expected</a> to be anywhere between $10 billion and $22 billion.
Benchmark: Western Digital's in the data center performance continued to recover, driven by "strong demand for enterprise SSD products," Miller said. The HDD segment delivered record revenues and margins due to record data center sales, he added.
Western Digital's NAND market share has contracted significantly over the past three quarters, the analyst stated. "A second wave of regenerative AI is seen as an opportunity in 2HFY25," he further wrote.
RBC Capital Markets: Gross margins in the HDD segment expanded by 200 bps to 38.1%, "a record level for WDC and we believe the industry," Bryson wrote. The NAND segment's gross margins improved to 38.9%, with ASPs (average selling prices) growing by 4% sequentially, he added.
"Guidance calls for revenues and EPS to lift Q/Q, with margins only expected to moderate slightly (down 50 bps at the midpoint of guidance)," the analyst said. Following the completion of the soft spin, Western Digital's NAND and HDD businesses are now running separately and the formal split is expected to close in the fiscal second quarter, he further stated.
Price Action: Shares of Western Digital had risen by 8.23% to $71.78 at the time of publication on Friday.
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Analyst Color

Earnings Beats

Reiteration

Movers

Western Digital Shares Jump Despite Revenue Miss, Ready To Spin Off NAND Business: Q4 Guidance 'Much Better Than Feared,' Analyst Says

Chip stocks, including Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Advanced Micro Devices, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), Micron Technology, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>), Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), Monolithic Power Systems, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MPWR#NASDAQ">MPWR</a>), Marvell Technology, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) and ON Semiconductor Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>), are trading higher Friday.
The move is in sympathy with Western Digital Corp&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) rally following its upbeat quarterly print.
On Thursday, Western Digital reported <a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41531805/western-digital-shares-rally-after-q1-results-eps-beat-revenues-miss" rel="noreferrer noopener">first-quarter EPS</a> of $1.78, which beat the analyst consensus of $1.73. Quarterly revenue of $4.09 billion trailed the consensus estimate of $4.12 billion compared to $2.75 billion a year ago.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41339315/nvidia-and-intel-competition-threaten-amds-growth-analyst-says" rel="noreferrer noopener">Nvidia and Intel Competition Threaten AMD&#8217;s Growth, Analyst Says</a>
Western Digital expects second-quarter revenue of $4.2 billion-$4.4 billion, versus the $4.35 billion estimate, and adjusted EPS of $1.75-$2.05, versus the $1.95 estimate.
KeyBanc analyst John Vinh <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41235547/nvidia-amd-lead-the-pack-broadcom-stable-intel-falters-analysts-latest-take" rel="noreferrer noopener">recently flagged mixed performance</a> in the semiconductor supply chain, revising several estimates and price targets. Despite weak analog markets, he cited signs of recovery in automotive and robust demand in traditional servers and AI, with Nvidia&#8217;s Blackwell launch on track for the fourth quarter.
Vinh downgraded Qualcomm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) and Synaptics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SYNA#NASDAQ">SYNA</a>) to Sector Weight, pointing to Qualcomm&#8217;s market share loss to MediaTek due to price competition and Synaptics&#8217; challenges in IoT against local competitor HiSilicon.
He highlighted Nvidia and AMD positively for their robust AI and server demand, whereas Micron, Monolithic Power, Marvell, and Intel face headwinds from market share losses and intensifying competition.
<h2 class="wp-block-heading">Western Digital Stock Prediction For 2024</h2>
Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Shares of Western Digital have an average 1-year price target of $92.07, representing an expected upside of 27.01%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Western Digital, while 12 analysts have bullish ratings. The street high price target from Rosenblatt is $115.0, while the street low from Susquehanna is $75.0.
Price Actions: At last check Friday, NVDA stock was up 2.13% at $143.33. AMD stock is up 3.09%, AVGO stock is up 2.47%, MU is up 2.80%, TSM is up 2.64%, ON is up 3.17%, and INTC stock is up 3.69%.
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Photo via Shutterstock

INTC

MPWR

MRVL

QCOM

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What's Going On With Nvidia, AMD And Other Chip Stocks On Friday?

Wedbush analyst Matt Bryson reiterates Western Digital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) with a Outperform and maintains $95 price target.

Wedbush Reiterates Outperform on Western Digital, Maintains $95 Price Target

Susquehanna analyst Medhi Hosseini maintains Western Digital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) with a Neutral and raises the price target from $75 to $83.

Susquehanna Maintains Neutral on Western Digital, Raises Price Target to $83

Benchmark analyst Mark Miller reiterates Western Digital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) with a Buy and maintains $92 price target.

Benchmark Reiterates Buy on Western Digital, Maintains $92 Price Target

Morgan Stanley analyst Joseph Moore maintains Western Digital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) with a Overweight and raises the price target from $94 to $100.

Morgan Stanley Maintains Overweight on Western Digital, Raises Price Target to $100

Across the recent three months, 10 analysts have shared their insights on Western Digital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>), expressing a variety of opinions spanning from bullish to bearish.
The following table encapsulates their recent ratings, offering a glimpse into the evolving sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">6</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts' evaluations of 12-month price targets offer additional insights, showcasing an average target of $91.9, with a high estimate of $115.00 and a low estimate of $75.00. Observing a downward trend, the current average is 3.26% lower than the prior average price target of $95.00. 
<img src="https://www.benzinga.com/files/images/story/2024/1729861225_0.png" alt="price target chart" />
<h2>Investigating Analyst Ratings: An Elaborate Study</h2>
The standing of Western Digital among financial experts is revealed through an in-depth exploration of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Kevin Cassidy</td>
<td>Rosenblatt</td>
<td>Maintains</td>
<td>Buy</td>
<td>$115.00</td>
<td>$115.00</td>
</tr>
<tr>
<td>Mark Miller</td>
<td>Benchmark</td>
<td>Maintains</td>
<td>Buy</td>
<td>$92.00</td>
<td>$92.00</td>
</tr>
<tr>
<td>Karl Ackerman</td>
<td>TD Cowen</td>
<td>Lowers</td>
<td>Buy</td>
<td>$80.00</td>
<td>$95.00</td>
</tr>
<tr>
<td>Asiya Merchant</td>
<td>Citigroup</td>
<td>Lowers</td>
<td>Buy</td>
<td>$85.00</td>
<td>$95.00</td>
</tr>
<tr>
<td>C J Muse</td>
<td>Cantor Fitzgerald</td>
<td>Maintains</td>
<td>Overweight</td>
<td>$80.00</td>
<td>$80.00</td>
</tr>
<tr>
<td>Amit Daryanani</td>
<td>Evercore ISI Group</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$85.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Medhi Hosseini</td>
<td>Susquehanna</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$75.00</td>
<td>$88.00</td>
</tr>
<tr>
<td>Mark Miller</td>
<td>Benchmark</td>
<td>Raises</td>
<td>Buy</td>
<td>$92.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>C J Muse</td>
<td>Cantor Fitzgerald</td>
<td>Maintains</td>
<td>Overweight</td>
<td>$100.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Kevin Cassidy</td>
<td>Rosenblatt</td>
<td>Maintains</td>
<td>Buy</td>
<td>$115.00</td>
<td>$115.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Western Digital. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analyzing trends, analysts offer qualitative evaluations, ranging from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Western Digital compared to the broader market.</li>
<li>Price Targets: Understanding forecasts, analysts offer estimates for Western Digital's future value. Examining the current and prior targets provides insight into analysts' changing expectations.</li>
</ul>
Understanding these analyst evaluations alongside key financial indicators can offer valuable insights into Western Digital's market standing. Stay informed and make well-considered decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/WDC/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Western Digital analyst ratings.</a>
<h2>Discovering Western Digital: A Closer Look</h2>
Western Digital is a leading vertically integrated supplier of data storage solutions, spanning both hard disk drives and solid-state drives. In the HDD market it forms a practical duopoly with Seagate, and it is the largest global producer of NAND flash chips for SSDs in a joint venture with competitor Kioxia.
<h3>Understanding the Numbers: Western Digital's Finances</h3>
Market Capitalization Analysis: The company's market capitalization is below the industry average, suggesting that it is relatively smaller compared to peers. This could be due to various factors, including perceived growth potential or operational scale.
Revenue Growth: Over the 3 months period, Western Digital showcased positive performance, achieving a revenue growth rate of 40.87% as of 30 June, 2024. This reflects a substantial increase in the company's top-line earnings. When compared to others in the Information Technology sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Net Margin: Western Digital's net margin surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 0.77% net margin, the company effectively manages costs and achieves strong profitability.
Return on Equity (ROE): Western Digital's ROE falls below industry averages, indicating challenges in efficiently using equity capital. With an ROE of 0.28%, the company may face hurdles in generating optimal returns for shareholders.
Return on Assets (ROA): Western Digital's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 0.12% ROA, the company effectively utilizes its assets for optimal returns.
Debt Management: With a below-average debt-to-equity ratio of 0.69, Western Digital adopts a prudent financial strategy, indicating a balanced approach to debt management.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Analyst ratings serve as essential indicators of stock performance, provided by experts in banking and financial systems. These specialists diligently analyze company financial statements, participate in conference calls, and engage with insiders to generate quarterly ratings for individual stocks.
Analysts may enhance their evaluations by incorporating forecasts for metrics like growth estimates, earnings, and revenue, delivering additional guidance to investors. It is vital to acknowledge that, although experts in stocks and sectors, analysts are human and express their opinions when providing insights.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.

Expert Ratings For Western Digital

Western Digital shares are trading higher after the company reported better-than-expected Q1 adjusted EPS results.

<h3>Gainers</h3>
<ul>
<li>ARB IOT Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARBB#NASDAQ">ARBB</a>) shares rose 33.4% to $0.44 during Friday's pre-market session. The market value of their outstanding shares is at $11.6 million. </li>
<li>Zapata Computing Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZPTA#NASDAQ">ZPTA</a>) shares increased by 25.13% to $0.11. The company's market cap stands at $4.3 million. </li>
<li>Western Digital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) stock increased by 12.33% to $74.5. The company's market cap stands at $25.5 billion. As per the news, the Q1 earnings report came out yesterday. </li>
<li>Daqo New Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DQ#NYSE">DQ</a>) shares increased by 10.31% to $24.27. The company's market cap stands at $1.5 billion. </li>
<li>Cemtrex (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CETX#NASDAQ">CETX</a>) shares increased by 10.16% to $0.33. </li>
<li>Phunware (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PHUN#NASDAQ">PHUN</a>) stock increased by 9.43% to $9.28. The company's market cap stands at $105.2 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Alpha Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATGL#NASDAQ">ATGL</a>) shares declined by 14.5% to $8.25 during Friday's pre-market session. The market value of their outstanding shares is at $135.8 million. </li>
<li>Syntec Optics Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPTX#NASDAQ">OPTX</a>) stock fell 13.4% to $1.52. The market value of their outstanding shares is at $55.6 million. </li>
<li>Abits Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABTS#NASDAQ">ABTS</a>) shares fell 11.25% to $0.38. The market value of their outstanding shares is at $13.4 million. </li>
<li>Orangekloud Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORKT#NASDAQ">ORKT</a>) shares fell 9.73% to $1.67. The company's market cap stands at $38.6 million. </li>
<li>Nano Labs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NA#NASDAQ">NA</a>) shares decreased by 7.02% to $0.59. The company's market cap stands at $57.5 million. </li>
<li>Signing Day Sports (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/SGN#AMEX">SGN</a>) shares fell 6.48% to $0.21. The company's market cap stands at $3.8 million. 
See Also: <a href="http://www.benzinga.com/money/tech-stocks/" title="www.benzinga.com/money/tech-stocks/">www.benzinga.com/money/tech-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

ABTS

ARBB

ATGL

CETX

OPTX

ORKT

PHUN

ZPTA

12 Information Technology Stocks Moving In Friday's Pre-Market Session

<h3>Gainers</h3>
<ul>
<li>ARB IOT Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARBB#NASDAQ">ARBB</a>) stock rose 33.4% to $0.44 during Friday's pre-market session. The market value of their outstanding shares is at $11.6 million. </li>
<li>Zapata Computing Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZPTA#NASDAQ">ZPTA</a>) shares moved upwards by 25.13% to $0.11. The market value of their outstanding shares is at $4.3 million. </li>
<li>Western Digital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) stock increased by 12.33% to $74.5. The company's market cap stands at $25.5 billion. The company's, Q1 earnings came out yesterday. </li>
<li>Daqo New Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DQ#NYSE">DQ</a>) shares rose 10.31% to $24.27. The market value of their outstanding shares is at $1.5 billion. </li>
<li>Cemtrex (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CETX#NASDAQ">CETX</a>) stock moved upwards by 10.16% to $0.33. </li>
<li>Phunware (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PHUN#NASDAQ">PHUN</a>) stock rose 9.43% to $9.28. The market value of their outstanding shares is at $105.2 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Alpha Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATGL#NASDAQ">ATGL</a>) shares fell 14.5% to $8.25 during Friday's pre-market session. The company's market cap stands at $135.8 million. </li>
<li>Syntec Optics Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPTX#NASDAQ">OPTX</a>) shares declined by 13.4% to $1.52. The company's market cap stands at $55.6 million. </li>
<li>Abits Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABTS#NASDAQ">ABTS</a>) shares declined by 11.25% to $0.38. The company's market cap stands at $13.4 million. </li>
<li>Orangekloud Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORKT#NASDAQ">ORKT</a>) stock fell 9.73% to $1.67. The company's market cap stands at $38.6 million. </li>
<li>Nano Labs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NA#NASDAQ">NA</a>) stock fell 7.02% to $0.59. The market value of their outstanding shares is at $57.5 million. </li>
<li>Signing Day Sports (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/SGN#AMEX">SGN</a>) shares decreased by 6.48% to $0.21. The company's market cap stands at $3.8 million. 
See Also: <a href="http://www.benzinga.com/money/tech-stocks/" title="www.benzinga.com/money/tech-stocks/">www.benzinga.com/money/tech-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Rosenblatt analyst Kevin Cassidy maintains Western Digital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) with a Buy and maintains $115 price target.

Rosenblatt Maintains Buy on Western Digital, Maintains $115 Price Target

The U.S. stock market exhibited a mixed performance on Thursday. The Nasdaq Composite gained over 130 points, while the Dow traded down 0.3% to 42,374.36. The S&amp;P 500 also rose, gaining 0.2% to 5,809.86.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Monopar Therapeutics Inc. (MNPR) skyrocketed by 605.40% to close at $32.66, with an intraday high of $38.5 and a low of $4.87. The company&#8217;s 52-week high and low are $38.5 and $1.37 respectively. The company&#8217;s stock surged after it agreed with AstraZeneca Plc's Alexion for an <a href="https://www.benzinga.com/general/biotech/24/10/41525741/monopar-therapeutics-stock-jumps-4x-inks-licensing-pact-with-astrazeneca-for-once-terminated-phas">exclusive worldwide license</a> to ALXN-1840 for Wilson's disease.
Intellia Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTLA#NASDAQ">NTLA</a>) saw a drop of 20.51%, closing at $15.85. The stock&#8217;s intraday high was $17.74 and the low was $15.35. The 52-week high and low are $34.87 and $15.35 respectively. The stock traded lower following the <a href="https://www.benzinga.com/general/biotech/24/10/41524915/why-is-gene-therapy-focused-intellia-therapeutics-stock-trading-lower-on-thursday">release of Phase 2 data</a> from the ongoing study of NTLA-2002 in patients with hereditary angioedema (HAE).
See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41507504/elon-musk-shuts-down-traditional-tesla-25k-ev-rumors-calls-it-pointless-as-company-focuses-on-al?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Shuts Down Traditional Tesla $25K EV Rumors, Calls It &#8216;Pointless&#8217; As Company Focuses On All-Autonomous Future: &#8216;Yeah. It Would Be Silly&#8217;</a>
Capri Holdings Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPRI#NYSE">CPRI</a>) experienced a slight drop of 0.50%, closing at $41.60. The stock&#8217;s intraday high was $42.21 and the low was $41.46. The 52-week high and low are $51.73 and $29.28 respectively. The shares tanked following reports that a judge has <a href="https://www.benzinga.com/m-a/24/10/41533172/capri-holdings-stock-drops-by-half-after-judge-blocks-tapestry-merger">blocked the company's pending merger</a> with Tapestry Inc.
Western Digital Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) saw a minor drop of 0.44%, closing at $66.32. The stock&#8217;s intraday high was $67.54 and the low was $66.2. The 52-week high and low are $81.55 and $35.62 respectively. The shares rallied after the company reported its <a href="https://www.benzinga.com/news/earnings/24/10/41531805/western-digital-shares-rally-after-q1-results-eps-beat-revenues-miss">first-quarter results</a>, with earnings beating the analyst consensus estimate.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rallied by 21.92% to close at $260.48, with an intraday high of $262.12 and a low of $242.65. The 52-week high and low are $271 and $138.8 respectively. Top Wall Street analysts <a href="https://www.benzinga.com/news/24/10/41515376/tesla-to-rally-more-than-24-here-are-10-top-analyst-forecasts-for-thursday">updated their outlooks</a> on several companies, with Baird raising ServiceNow&#8217;s price target and Keybanc increasing Rocket Lab&#8217;s. Meanwhile, Piper Sandler cut Synopsys&#8217; target, and HC Wainwright raised DBV Technologies&#8217; outlook. Other changes included JP Morgan upgrading NextEra Energy and BMO Capital cutting CoStar Group&#8217;s target.
Image via Shutterstock
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cannabis/24/10/41490763/in-legal-weed-state-woman-faces-30-year-sentence-over-bong-water-aclu-steps-in?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">In Legal Weed State, Woman Faces 30-Year Sentence Over Bong Water: ACLU Steps In</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

CPRI

MNPR

NTLA

Monopar Therapeutics, Intellia Therapeutics, Capri Holdings, Western Digital, And Tesla: Why These 5 Stocks Are On Investors' Radars Today

Western Digital Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) reported its first-quarter results after Thursday's closing bell. Here's a look at the key figures from the quarter.  
The Details: Western Digital reported quarterly earnings of $1.78 per share, which beat the analyst consensus estimate of $1.73. Quarterly revenue came in at $4.09 billion, which missed the analyst consensus estimate of $4.12 billion and represents an increase over sales of $2.75 billion from the same period last year.
<ul>
<li>Cloud revenue increased 17% sequentially and represented 54% of total revenue. The increases were driven by higher nearline shipments in HDD and enterprise SSD bit shipments to data center customers.</li>
<li>Client represented 29% of total revenue. Compared to last quarter, Flash bit shipment growth in gaming and mobile was offset by a decline in PC OEM, while HDD revenue was flat. Year-over-year, an increase in Flash revenue was primarily due to higher ASPs as bit shipments declined, and was partially offset by lower HDD revenue.</li>
<li>Consumer represented 17% of total revenue. Sequentially, a slight growth in HDD offset a decline in Flash driven by softer consumer demand. Year-over-year, the decrease was due to lower Flash and HDD bit shipments partially offset by improved pricing in both Flash and HDD.</li>
</ul>
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41524809/boeing-strike-drags-on-union-contract-rejection-adds-further-uncertainty-costs-reco">Boeing Strike Drags On: Union Contract Rejection &#8216;Adds Further Uncertainty, Costs, Recovery Delays,&#8217; Says Analyst</a>
&#8220;Western Digital&#8217;s performance in the fiscal first quarter demonstrates our commitment to operational excellence and disciplined capital investment as our focus on lasting quality and reliability, driven by industry-leading innovation and a diversified portfolio, has allowed us to target the most attractive end markets to improve profitability,&#8221; said David Goeckeler, Western Digital CEO.
&#8220;With the continued proliferation of the AI Data Cycle, our Flash and HDD product portfolios are well-positioned to capitalize on significant opportunities as adoption continues to grow,&#8221; Goeckeler added. 
Outlook: Western Digital expects second-quarter revenue in a range of $4.2 billion to $4.4 billion, versus the $4.35 billion estimate, and adjusted earnings per share between $1.75 and $2.05, versus the $1.95 estimate. 
WDC Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Western Digital shares are up 8.19% after-hours at $71.75 at the time of publication Thursday.
Read Also:&nbsp;
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<li><a href="https://www.benzinga.com/news/24/10/41489239/bank-of-america-ceo-cautions-fed-not-to-go-too-fast-or-too-slow-on-interest-rate-cuts">Bank Of America CEO Cautions Fed Not To &#8216;Go Too Fast Or Too Slow&#8217; On Interest Rate Cuts</a></li>
</ul>
Photo: Courtesy of Western Digital Corporation

After-Hours Center

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Press Releases

Western Digital to Present "New Era of NAND"

Western Digital Introduces New AI Data Cycle Storage Framework to Help Customers Capture the Value of AI

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Long-Term Shareholders of Western Digital, Shift4 Payments, Masimo, Fidelity National Information Alert: Johnson Fistel, LLP Encourages Investors to Submit Their Information Below

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