Western Digital (NASDAQ:WDC) Updates Q4 Earnings Guidance

Western Digital (NASDAQ:WDC) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided EPS guidance of $0.90-1.20 for the period, compared to the consensus EPS estimate of $0.89. The company issued revenue guidance of $3.6-3.8 billion, compared to the consensus revenue estimate of $3.71 billion. Western Digital also updated its Q4 2024 guidance to 0.900-1.200 EPS.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on WDC. Evercore ISI raised their price objective on shares of Western Digital from $80.00 to $85.00 and gave the company an outperform rating in a research report on Friday. Wells Fargo & Company lifted their price target on Western Digital from $72.00 to $95.00 and gave the stock an overweight rating in a research note on Wednesday, April 10th. Wedbush reiterated an outperform rating and issued a $85.00 price objective on shares of Western Digital in a report on Friday. Rosenblatt Securities raised Western Digital from a neutral rating to a buy rating in a report on Friday, April 5th. Finally, Deutsche Bank Aktiengesellschaft upgraded Western Digital from a hold rating to a buy rating and boosted their target price for the stock from $45.00 to $65.00 in a research report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, Western Digital currently has a consensus rating of Moderate Buy and an average target price of $77.25.

Western Digital Stock Up 2.8 %

WDC stock traded up $1.92 during midday trading on Friday, hitting $71.36. The stock had a trading volume of 13,869,066 shares, compared to its average volume of 7,070,411. The business has a 50-day moving average of $65.08 and a two-hundred day moving average of $54.96. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.67 and a quick ratio of 0.98. Western Digital has a 52-week low of $32.01 and a 52-week high of $76.92.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, April 25th. The data storage provider reported $0.63 EPS for the quarter, topping the consensus estimate of $0.21 by $0.42. Western Digital had a negative net margin of 12.87% and a negative return on equity of 13.67%. The business had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.37 billion. During the same quarter in the previous year, the firm posted ($1.57) earnings per share. Western Digital’s quarterly revenue was up 23.3% on a year-over-year basis. Equities analysts anticipate that Western Digital will post -2.21 EPS for the current year.

Insider Activity at Western Digital

In related news, SVP Gene M. Zamiska sold 443 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $75.00, for a total value of $33,225.00. Following the transaction, the senior vice president now directly owns 30,958 shares of the company’s stock, valued at approximately $2,321,850. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Kimberly Alexy sold 2,648 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $69.95, for a total transaction of $185,227.60. Following the sale, the director now directly owns 20,509 shares in the company, valued at approximately $1,434,604.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Gene M. Zamiska sold 443 shares of the company’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $75.00, for a total transaction of $33,225.00. Following the completion of the transaction, the senior vice president now directly owns 30,958 shares of the company’s stock, valued at approximately $2,321,850. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by insiders.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.