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Western Digital (WDC) Falls More Steeply Than Broader Market: What Investors Need to Know
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In the latest trading session, Western Digital (WDC - Free Report) closed at $426.94, marking a -4.53% move from the previous day. This change lagged the S&P 500's daily loss of 0.48%. Elsewhere, the Dow lost 0.29%, while the tech-heavy Nasdaq lost 0.56%.
The maker of hard drives for businesses and personal computers's shares have seen a decrease of 12.11% over the last month, not keeping up with the Computer and Technology sector's gain of 1.49% and the S&P 500's loss of 0.82%.
Market participants will be closely following the financial results of Western Digital in its upcoming release. The company is forecasted to report an EPS of $4.07, showcasing a 128.65% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.16 billion, up 47.45% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $20.03 per share and a revenue of $18.78 billion, signifying shifts of +95.99% and +45.39%, respectively, from the last year.
Any recent changes to analyst estimates for Western Digital should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. At present, Western Digital boasts a Zacks Rank of #2 (Buy).
Digging into valuation, Western Digital currently has a Forward P/E ratio of 22.32. This signifies a premium in comparison to the average Forward P/E of 10.28 for its industry.
One should further note that WDC currently holds a PEG ratio of 1.86. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. By the end of yesterday's trading, the Computer- Storage Devices industry had an average PEG ratio of 1.37.
The Computer- Storage Devices industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 11, positioning it in the top 5% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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.
View the Zacks #1 Rank List
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Western Digital (WDC) Falls More Steeply Than Broader Market: What Investors Need to Know
In the latest trading session, Western Digital (WDC - Free Report) closed at $426.94, marking a -4.53% move from the previous day. This change lagged the S&P 500's daily loss of 0.48%. Elsewhere, the Dow lost 0.29%, while the tech-heavy Nasdaq lost 0.56%.
The maker of hard drives for businesses and personal computers's shares have seen a decrease of 12.11% over the last month, not keeping up with the Computer and Technology sector's gain of 1.49% and the S&P 500's loss of 0.82%.
Market participants will be closely following the financial results of Western Digital in its upcoming release. The company is forecasted to report an EPS of $4.07, showcasing a 128.65% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.16 billion, up 47.45% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $20.03 per share and a revenue of $18.78 billion, signifying shifts of +95.99% and +45.39%, respectively, from the last year.
Any recent changes to analyst estimates for Western Digital should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. At present, Western Digital boasts a Zacks Rank of #2 (Buy).
Digging into valuation, Western Digital currently has a Forward P/E ratio of 22.32. This signifies a premium in comparison to the average Forward P/E of 10.28 for its industry.
One should further note that WDC currently holds a PEG ratio of 1.86. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. By the end of yesterday's trading, the Computer- Storage Devices industry had an average PEG ratio of 1.37.
The Computer- Storage Devices industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 11, positioning it in the top 5% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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.