Western Digital ( WDC) has some nice industry tailwinds of its own. As the biggest hard drive maker in the world, the firm is riding the rising tide of data consumption in the IT industry, providing storage solutions for PCs, consumer products and enterprise users. The firm's P/E ratio of 5.45 is cheap to begin with, but back out cash and that number drops to 3.7. WDC's biggest move in the last year was the acquisition of Hitachi's hard drive business, which hugely increased Western Digital's share of the HDD market. The computer industry is undergoing a transformation in storage technology as users embrace technology cloud computing, and one major byproduct of that is ramped-up demand for hard drive storage to fuel their datacenters. As data needs continue to increase, WDC should continue to see its sales increase too. That argument only gets accelerated as WDC is able to sell a larger proportion of high-margin drives used in datacenters. The firm's position in to the solid state drive market should stave off some analysts' concerns that WDC's main hard drive business will get overtaken by the speedier and pricier technology. While buying Hitachi was costly, the combined firm still sports a deep net cash position right now, a fact that greatly decreases the risk of owning this stock right now.