Zacks: Analysts Anticipate Western Digital Co. (NASDAQ:WDC) Will Announce Quarterly Sales of $3.95 Billion


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Equities research analysts expect Western Digital Co. (NASDAQ:WDC) to post sales of $3.95 billion for the current quarter, Zacks reports. Six analysts have made estimates for Western Digital’s earnings, with the highest sales estimate coming in at $3.97 billion and the lowest estimate coming in at $3.95 billion. Western Digital posted sales of $4.18 billion in the same quarter last year, which would indicate a negative year-over-year growth rate of 5.5%. The firm is scheduled to issue its next quarterly earnings report on Thursday, April 29th.

According to Zacks, analysts expect that Western Digital will report full-year sales of $15.98 billion for the current financial year, with estimates ranging from $15.77 billion to $16.12 billion. For the next fiscal year, analysts forecast that the company will report sales of $18.82 billion, with estimates ranging from $17.00 billion to $21.47 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Western Digital.

Western Digital (NASDAQ:WDC) last posted its earnings results on Wednesday, January 27th. The data storage provider reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.15. The business had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.89 billion. Western Digital had a positive return on equity of 6.72% and a negative net margin of 1.49%. The firm’s revenue was down 6.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.62 EPS.

Several analysts recently issued reports on WDC shares. Summit Insights upgraded Western Digital from a “hold” rating to a “buy” rating in a research note on Friday, January 29th. Mizuho restated a “buy” rating and issued a $65.00 price target (up from $59.00) on shares of Western Digital in a research note on Thursday, January 28th. Craig Hallum upped their target price on Western Digital from $72.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, February 17th. Rosenblatt Securities upped their target price on Western Digital from $40.00 to $49.00 and gave the company a “neutral” rating in a research report on Tuesday, December 22nd. Finally, Loop Capital upped their target price on Western Digital from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, January 29th. Six analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Western Digital currently has an average rating of “Buy” and a consensus target price of $60.31.

WDC traded down $0.71 during trading on Tuesday, hitting $67.15. The stock had a trading volume of 4,397,443 shares, compared to its average volume of 5,125,477. The company has a 50 day moving average price of $56.92 and a 200-day moving average price of $45.41. The firm has a market cap of $20.55 billion, a price-to-earnings ratio of -78.01 and a beta of 1.49. Western Digital has a one year low of $27.40 and a one year high of $71.03. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.05 and a quick ratio of 1.36.

In other news, EVP Michael Charles Ray sold 22,735 shares of the stock in a transaction dated Friday, January 29th. The stock was sold at an average price of $59.92, for a total value of $1,362,281.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.12% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mizuho Securities Co. Ltd. bought a new position in Western Digital in the third quarter worth approximately $26,000. Veriti Management LLC bought a new position in Western Digital in the fourth quarter worth approximately $27,000. Freedman Financial Associates Inc. bought a new position in Western Digital in the fourth quarter worth approximately $30,000. Jeppson Wealth Management LLC bought a new position in Western Digital in the third quarter worth approximately $36,000. Finally, Hexagon Capital Partners LLC bought a new position in Western Digital in the third quarter worth approximately $44,000. 78.49% of the stock is owned by institutional investors and hedge funds.

About Western Digital

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook personal computers (PCs), smart video systems, gaming consoles, and set top boxes; 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; flash-based memory wafers; and embedded storage solutions and flash products.

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Earnings History and Estimates for Western Digital (NASDAQ:WDC)

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