The most recent trading session ended with Western Digital (WDC) standing at $70.74, reflecting a -0.46% shift from the previouse trading day's closing. The stock's performance was ahead of the S&P 500's daily loss of 0.61%. Elsewhere, the Dow lost 0.54%, while the tech-heavy Nasdaq lost 0.62%.
Shares of the maker of hard drives for businesses and personal computers have appreciated by 2.1% over the course of the past month, underperforming the Computer and Technology sector's gain of 3.41% and the S&P 500's gain of 2.85%.
The investment community will be closely monitoring the performance of Western Digital in its forthcoming earnings report. The company's upcoming EPS is projected at $1.91, signifying a 376.81% increase compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $4.3 billion, indicating a 41.8% increase compared to the same quarter of the previous year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $7.32 per share and a revenue of $16.74 billion, representing changes of +3760% and +28.74%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Western Digital. Recent revisions tend to reflect the latest near-term business trends. 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 take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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 past month, the Zacks Consensus EPS estimate has remained steady. As of now, Western Digital holds a Zacks Rank of #3 (Hold).
In the context of valuation, Western Digital is at present trading with a Forward P/E ratio of 9.71. Its industry sports an average Forward P/E of 13.83, so one might conclude that Western Digital is trading at a discount comparatively.
The Computer- Storage Devices industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 75, positioning it in the top 30% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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