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Western Digital (WDC) Gains But Lags Market: What You Should Know
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Western Digital (WDC - Free Report) closed at $47.86 in the latest trading session, marking a +0.76% move from the prior day. This change lagged the S&P 500's 1.12% gain on the day. Elsewhere, the Dow gained 1.01%, while the tech-heavy Nasdaq lost 0.08%.
Prior to today's trading, shares of the maker of hard drives for businesses and personal computers had gained 3.4% over the past month. This has outpaced the Computer and Technology sector's gain of 2.22% and lagged the S&P 500's gain of 4.63% in that time.
Wall Street will be looking for positivity from Western Digital as it approaches its next earnings report date. This is expected to be April 28, 2022. In that report, analysts expect Western Digital to post earnings of $1.49 per share. This would mark year-over-year growth of 46.08%. Our most recent consensus estimate is calling for quarterly revenue of $4.36 billion, up 5.41% from the year-ago period.
WDC's full-year Zacks Consensus Estimates are calling for earnings of $7.95 per share and revenue of $18.87 billion. These results would represent year-over-year changes of +74.73% and +11.54%, respectively.
Investors might also notice recent changes to analyst estimates for Western Digital. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Western Digital currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Western Digital is holding a Forward P/E ratio of 5.97. Its industry sports an average Forward P/E of 14.88, so we 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. This industry currently has a Zacks Industry Rank of 66, which puts it in the top 27% of all 250+ industries.
The Zacks Industry Rank includes is listed in order 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Western Digital (WDC) Gains But Lags Market: What You Should Know
Western Digital (WDC - Free Report) closed at $47.86 in the latest trading session, marking a +0.76% move from the prior day. This change lagged the S&P 500's 1.12% gain on the day. Elsewhere, the Dow gained 1.01%, while the tech-heavy Nasdaq lost 0.08%.
Prior to today's trading, shares of the maker of hard drives for businesses and personal computers had gained 3.4% over the past month. This has outpaced the Computer and Technology sector's gain of 2.22% and lagged the S&P 500's gain of 4.63% in that time.
Wall Street will be looking for positivity from Western Digital as it approaches its next earnings report date. This is expected to be April 28, 2022. In that report, analysts expect Western Digital to post earnings of $1.49 per share. This would mark year-over-year growth of 46.08%. Our most recent consensus estimate is calling for quarterly revenue of $4.36 billion, up 5.41% from the year-ago period.
WDC's full-year Zacks Consensus Estimates are calling for earnings of $7.95 per share and revenue of $18.87 billion. These results would represent year-over-year changes of +74.73% and +11.54%, respectively.
Investors might also notice recent changes to analyst estimates for Western Digital. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Western Digital currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Western Digital is holding a Forward P/E ratio of 5.97. Its industry sports an average Forward P/E of 14.88, so we 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. This industry currently has a Zacks Industry Rank of 66, which puts it in the top 27% of all 250+ industries.
The Zacks Industry Rank includes is listed in order 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.
You can find more information on all of these metrics, and much more, on Zacks.com.