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Western Digital (WDC) Outpaces Stock Market Gains: What You Should Know
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In the latest trading session, Western Digital (WDC - Free Report) closed at $43.79, marking a +0.85% move from the previous day. This change outpaced the S&P 500's 0.16% gain on the day. Elsewhere, the Dow lost 0.42%, while the tech-heavy Nasdaq added 0.17%.
Prior to today's trading, shares of the maker of hard drives for businesses and personal computers had lost 27.29% over the past month. This has lagged the Computer and Technology sector's loss of 8.85% and the S&P 500's loss of 6.79% in that time.
Investors will be hoping for strength from Western Digital as it approaches its next earnings release. In that report, analysts expect Western Digital to post earnings of $1.76 per share. This would mark a year-over-year decline of 18.52%. Meanwhile, our latest consensus estimate is calling for revenue of $4.61 billion, down 6.21% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Western Digital. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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. The Zacks Consensus EPS estimate has moved 8.96% lower within the past month. Western Digital is currently a Zacks Rank #5 (Strong Sell).
Looking at its valuation, Western Digital is holding a Forward P/E ratio of 4.81. This valuation marks a discount compared to its industry's average Forward P/E of 11.47.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 212, putting it in the bottom 16% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Western Digital (WDC) Outpaces Stock Market Gains: What You Should Know
In the latest trading session, Western Digital (WDC - Free Report) closed at $43.79, marking a +0.85% move from the previous day. This change outpaced the S&P 500's 0.16% gain on the day. Elsewhere, the Dow lost 0.42%, while the tech-heavy Nasdaq added 0.17%.
Prior to today's trading, shares of the maker of hard drives for businesses and personal computers had lost 27.29% over the past month. This has lagged the Computer and Technology sector's loss of 8.85% and the S&P 500's loss of 6.79% in that time.
Investors will be hoping for strength from Western Digital as it approaches its next earnings release. In that report, analysts expect Western Digital to post earnings of $1.76 per share. This would mark a year-over-year decline of 18.52%. Meanwhile, our latest consensus estimate is calling for revenue of $4.61 billion, down 6.21% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Western Digital. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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. The Zacks Consensus EPS estimate has moved 8.96% lower within the past month. Western Digital is currently a Zacks Rank #5 (Strong Sell).
Looking at its valuation, Western Digital is holding a Forward P/E ratio of 4.81. This valuation marks a discount compared to its industry's average Forward P/E of 11.47.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 212, putting it in the bottom 16% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.