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Western Digital (WDC) Increases Yet Falls Behind Market: What Investors Need to Know
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Western Digital (WDC - Free Report) closed at $78.82 in the latest trading session, marking a +0.06% move from the prior day. The stock's performance was behind the S&P 500's daily gain of 0.28%. Elsewhere, the Dow gained 0.53%, while the tech-heavy Nasdaq added 0.4%.
The maker of hard drives for businesses and personal computers's stock has climbed by 0.83% in the past month, falling short of the Computer and Technology sector's gain of 4.22% and the S&P 500's gain of 3.78%.
The investment community will be paying close attention to the earnings performance of Western Digital in its upcoming release. The company is slated to reveal its earnings on July 31, 2024. In that report, analysts expect Western Digital to post earnings of $1.16 per share. This would mark year-over-year growth of 158.59%. Meanwhile, our latest consensus estimate is calling for revenue of $3.72 billion, up 39.37% from the prior-year quarter.
Investors might also notice recent changes to analyst estimates for Western Digital. Such recent modifications usually signify the changing landscape of 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 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.
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. Within the past 30 days, our consensus EPS projection remained stagnant. At present, Western Digital boasts a Zacks Rank of #3 (Hold).
Looking at its valuation, Western Digital is holding a Forward P/E ratio of 9.45. This valuation marks a discount compared to its industry's average Forward P/E of 18.99.
The Computer- Storage Devices industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 177, positioning it in the bottom 30% of all 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Western Digital (WDC) Increases Yet Falls Behind Market: What Investors Need to Know
Western Digital (WDC - Free Report) closed at $78.82 in the latest trading session, marking a +0.06% move from the prior day. The stock's performance was behind the S&P 500's daily gain of 0.28%. Elsewhere, the Dow gained 0.53%, while the tech-heavy Nasdaq added 0.4%.
The maker of hard drives for businesses and personal computers's stock has climbed by 0.83% in the past month, falling short of the Computer and Technology sector's gain of 4.22% and the S&P 500's gain of 3.78%.
The investment community will be paying close attention to the earnings performance of Western Digital in its upcoming release. The company is slated to reveal its earnings on July 31, 2024. In that report, analysts expect Western Digital to post earnings of $1.16 per share. This would mark year-over-year growth of 158.59%. Meanwhile, our latest consensus estimate is calling for revenue of $3.72 billion, up 39.37% from the prior-year quarter.
Investors might also notice recent changes to analyst estimates for Western Digital. Such recent modifications usually signify the changing landscape of 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 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.
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. Within the past 30 days, our consensus EPS projection remained stagnant. At present, Western Digital boasts a Zacks Rank of #3 (Hold).
Looking at its valuation, Western Digital is holding a Forward P/E ratio of 9.45. This valuation marks a discount compared to its industry's average Forward P/E of 18.99.
The Computer- Storage Devices industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 177, positioning it in the bottom 30% of all 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.