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It’s no secret that tech stocks have been lighting up Wall Street this year, but most investors will likely attribute this to the explosion of several trendy new growth picks. As a result, strong tech companies with storied histories, such as Western Digital Corporation (WDC - Free Report) , might be slipping through the cracks right now.

Founded in 1970, Western Digital has been a leader in computer data storage for decades. The company is one of the largest hard disk drive manufacturers in the world, and its products are used in consumer electronics and datacenters alike.

After a strong earnings beat ushered in a slew of positive estimate revisions, Western Digital is currently a Zacks Rank #1 (Strong Buy).

Latest Earnings Report

In its latest quarter, Western Digital reported earnings of $3.56 per share and revenues of $5.18 billion, beating our respective consensus estimates of $3.30 and $5.12 billion. This earnings result marked year-over-year growth of about 200%, while revenues were up about 9.9%.

This top and bottom line expansion was the result of strong performances in several key business units. Client Devices soared 13%, thanks in part to increased demand for solid state drives, and Client Solutions surged 16% on the back of new products like My Cloud Home.

Looking ahead, management expects revenue in the current quarter to be within the range of $5.2 billion to $5.3 billion. Last year, the company posted revenues of $4.89 billion in the quarter. Furthermore, earnings are expected to be between $3.60 per share and $3.70 per share, up from just $2.30 in the prior-year period.

Estimate Revisions and Key Stats

Earnings estimates are moving higher in the wake of Western Digital’s strong report. In fact, the Zacks Consensus Estimate for the company’s current-quarter earnings has gained 15 cents over the past 30 days. Similarly, our consensus estimates for the full fiscal year and next fiscal year have gained 28 cents and 42 cents, respectively, over that same timeframe.

Furthermore, WDC is currently sporting an “A” grade in each of our Style Scores categories, including the weighted-average VGM category.

The stock’s “A” for Value is supported by its remarkable 6.56 P/E ratio and its better-than-average 1.30 P/S ratio. Furthermore, WDC’s “A” for Growth is lifted by the aforementioned growth rates, as well as its current cash flow growth of 96%. Finally, the company has earned an “A” for Momentum after shares have surged more than 50% in the past year.

It’s clear that Western Digital’s latest quarterly performance, as well as its short-term outlook and overall fundamental stability, makes it stick out right now. Investors should consider this stock over competitors like Seagate (STX - Free Report) when looking to add a tried-and-true tech stock to their portfolio.

Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!

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