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Western Digital (WDC) Outperforms Broader Market: What You Need to Know
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Western Digital (WDC - Free Report) closed the most recent trading day at $67.79, moving +1.25% from the previous trading session. This move outpaced the S&P 500's daily gain of 0.47%. On the other hand, the Dow registered a gain of 0.79%, and the technology-centric Nasdaq increased by 0.28%.
Heading into today, shares of the maker of hard drives for businesses and personal computers had gained 1.61% over the past month, lagging the Computer and Technology sector's gain of 3.88% and the S&P 500's gain of 3.48% in that time.
Investors will be eagerly watching for the performance of Western Digital in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on October 24, 2024. The company's earnings per share (EPS) are projected to be $1.72, reflecting a 197.73% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $4.11 billion, indicating a 49.5% growth compared to the corresponding quarter of the prior year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $8.35 per share and revenue of $17.13 billion. These totals would mark changes of +4275% and +31.77%, respectively, from last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Western Digital. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Right now, Western Digital possesses a Zacks Rank of #5 (Strong Sell).
In the context of valuation, Western Digital is at present trading with a Forward P/E ratio of 8.02. This signifies a discount in comparison to the average Forward P/E of 14.3 for its industry.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 72, which puts it in the top 29% 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Western Digital (WDC) Outperforms Broader Market: What You Need to Know
Western Digital (WDC - Free Report) closed the most recent trading day at $67.79, moving +1.25% from the previous trading session. This move outpaced the S&P 500's daily gain of 0.47%. On the other hand, the Dow registered a gain of 0.79%, and the technology-centric Nasdaq increased by 0.28%.
Heading into today, shares of the maker of hard drives for businesses and personal computers had gained 1.61% over the past month, lagging the Computer and Technology sector's gain of 3.88% and the S&P 500's gain of 3.48% in that time.
Investors will be eagerly watching for the performance of Western Digital in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on October 24, 2024. The company's earnings per share (EPS) are projected to be $1.72, reflecting a 197.73% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $4.11 billion, indicating a 49.5% growth compared to the corresponding quarter of the prior year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $8.35 per share and revenue of $17.13 billion. These totals would mark changes of +4275% and +31.77%, respectively, from last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Western Digital. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Right now, Western Digital possesses a Zacks Rank of #5 (Strong Sell).
In the context of valuation, Western Digital is at present trading with a Forward P/E ratio of 8.02. This signifies a discount in comparison to the average Forward P/E of 14.3 for its industry.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 72, which puts it in the top 29% 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.