Western Digital (WDC) Increases Despite Market Slip: Here's What You Need to Know
Western Digital (WDC) closed at $66.75 in the latest trading session, marking a +1.18% move from the prior day. The stock exceeded the S&P 500, which registered a loss of 0.19% for the day. Elsewhere, the Dow saw an upswing of 0.09%, while the tech-heavy Nasdaq depreciated by 0.36%.
Shares of the maker of hard drives for businesses and personal computers witnessed a gain of 3.01% over the previous month, beating the performance of the Computer and Technology sector with its loss of 0.09% and the S&P 500's gain of 2.06%.
Investors will be eagerly watching for the performance of Western Digital in its upcoming earnings disclosure. On that day, Western Digital is projected to report earnings of $1.72 per share, which would represent year-over-year growth of 197.73%. Our most recent consensus estimate is calling for quarterly revenue of $4.11 billion, up 49.5% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $8.35 per share and revenue of $17.13 billion, which would represent changes of +4275% and +31.77%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Western Digital. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 11.26% decrease. Western Digital is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Western Digital is presently being traded at a Forward P/E ratio of 7.9. This represents a discount compared to its industry's average Forward P/E of 13.05.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 155, which puts it in the bottom 39% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Western Digital Corporation (WDC) : Free Stock Analysis Report