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Western Digital (WDC) closed the most recent trading day at $46.90, moving -1.08% from the previous trading session. This change lagged the S&P 500's daily loss of 0.84%. At the same time, the Dow lost 0.69%, and the tech-heavy Nasdaq lost 0.07%.
Heading into today, shares of the maker of hard drives for businesses and personal computers had gained 2.29% over the past month, outpacing the Computer and Technology sector's gain of 1.72% and the S&P 500's gain of 2.02% in that time.
Investors will be hoping for strength from Western Digital as it approaches its next earnings release, which is expected to be August 5, 2022. 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.
Investors might also notice recent changes to analyst estimates for Western Digital. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
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, 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. Within the past 30 days, our consensus EPS projection has moved 7.68% lower. Western Digital currently has a Zacks Rank of #5 (Strong Sell).
In terms of valuation, Western Digital is currently trading at a Forward P/E ratio of 5.26. Its industry sports an average Forward P/E of 12.11, 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 group has a Zacks Industry Rank of 147, putting it in the bottom 42% 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 Corporation (WDC) : Free Stock Analysis Report
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