Zacks: Analysts Anticipate Western Digital Co. (NASDAQ:WDC) Will Post Quarterly Sales of $4.62 Billion

Analysts expect Western Digital Co. (NASDAQ:WDCGet Rating) to post sales of $4.62 billion for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for Western Digital’s earnings, with estimates ranging from $4.60 billion to $4.65 billion. Western Digital posted sales of $4.92 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 6.1%. The firm is expected to announce its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that Western Digital will report full year sales of $18.88 billion for the current financial year, with estimates ranging from $18.86 billion to $18.91 billion. For the next year, analysts anticipate that the company will post sales of $20.57 billion, with estimates ranging from $19.96 billion to $21.28 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Western Digital.

Western Digital (NASDAQ:WDCGet Rating) last announced its quarterly earnings results on Thursday, April 28th. The data storage provider reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.14. Western Digital had a return on equity of 20.88% and a net margin of 9.49%. The firm had revenue of $4.38 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the prior year, the company posted $0.75 earnings per share. The company’s quarterly revenue was up 5.9% on a year-over-year basis.

A number of brokerages have commented on WDC. Susquehanna Bancshares cut Western Digital from a “positive” rating to a “neutral” rating and lowered their price target for the stock from $80.00 to $50.00 in a research report on Thursday, April 14th. Wells Fargo & Company lifted their price target on Western Digital from $70.00 to $75.00 in a research note on Wednesday, May 11th. Deutsche Bank Aktiengesellschaft lifted their price target on Western Digital from $63.00 to $72.00 in a research note on Wednesday, May 11th. Mizuho cut their price objective on Western Digital from $78.00 to $72.00 and set a “buy” rating for the company in a research note on Monday, March 14th. Finally, TheStreet upgraded Western Digital from a “c+” rating to a “b” rating in a research note on Thursday, January 27th. Nine investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $69.44.

Shares of WDC stock opened at $60.68 on Friday. The stock has a 50 day moving average price of $52.72 and a 200 day moving average price of $55.31. The firm has a market capitalization of $19.00 billion, a P/E ratio of 10.52 and a beta of 1.42. Western Digital has a 52-week low of $43.85 and a 52-week high of $78.19. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.25 and a current ratio of 2.09.

In other news, SVP Gene M. Zamiska sold 4,776 shares of the stock in a transaction dated Wednesday, May 4th. The shares were sold at an average price of $63.00, for a total transaction of $300,888.00. Following the completion of the sale, the senior vice president now owns 26,719 shares in the company, valued at $1,683,297. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.17% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in the stock. Wedbush Securities Inc. lifted its position in shares of Western Digital by 2.2% during the 4th quarter. Wedbush Securities Inc. now owns 7,165 shares of the data storage provider’s stock valued at $467,000 after acquiring an additional 157 shares during the period. Hexagon Capital Partners LLC increased its stake in shares of Western Digital by 9.9% during the 4th quarter. Hexagon Capital Partners LLC now owns 2,225 shares of the data storage provider’s stock worth $145,000 after purchasing an additional 200 shares in the last quarter. Profund Advisors LLC increased its stake in shares of Western Digital by 4.1% during the 4th quarter. Profund Advisors LLC now owns 5,177 shares of the data storage provider’s stock worth $338,000 after purchasing an additional 205 shares in the last quarter. Empirical Finance LLC increased its stake in shares of Western Digital by 6.2% during the 3rd quarter. Empirical Finance LLC now owns 3,793 shares of the data storage provider’s stock worth $214,000 after purchasing an additional 222 shares in the last quarter. Finally, Securian Asset Management Inc. increased its stake in shares of Western Digital by 0.9% during the 4th quarter. Securian Asset Management Inc. now owns 25,678 shares of the data storage provider’s stock worth $1,674,000 after purchasing an additional 223 shares in the last quarter. Hedge funds and other institutional investors own 81.11% of the company’s stock.

Western Digital Company Profile (Get Rating)

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 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; and flash-based memory wafers.

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