The most recent trading session ended with Western Digital (WDC – Free Report) standing at $31.55, reflecting a +1.25% shift from the previouse trading day’s closing. The stock outpaced the S&P 500’s daily loss of 1.57%. Elsewhere, the Dow lost 0.84%, while the tech-heavy Nasdaq lost 2.15%.
The maker of hard drives for businesses and personal computers’s shares have seen a decrease of 23.14% over the last month, not keeping up with the Computer and Technology sector’s loss of 16.01% and the S&P 500’s loss of 12.16%.
The investment community will be paying close attention to the earnings performance of Western Digital in its upcoming release. The company’s upcoming EPS is projected at $1.06, signifying a 68.25% increase compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $3.85 billion, up 11.4% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $5.46 per share and a revenue of $16.27 billion, demonstrating changes of +2830% and +25.13%, respectively, from the preceding year.
Investors should also note any recent changes to analyst estimates for Western Digital. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts’ positivity towards the company’s business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.24% lower. Right now, Western Digital possesses a Zacks Rank of #3 (Hold).
Looking at valuation, Western Digital is presently trading at a Forward P/E ratio of 5.71. This valuation marks a discount compared to its industry’s average Forward P/E of 10.66.
The Computer- Storage Devices industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 63, placing it within the top 26% of over 250 industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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