Q3 2024 EPS Estimates for Western Digital Co. (NASDAQ:WDC) Lifted by Wedbush

Western Digital Co. (NASDAQ:WDC) – Stock analysts at Wedbush boosted their Q3 2024 EPS estimates for shares of Western Digital in a research report issued to clients and investors on Wednesday, April 17th. Wedbush analyst M. Bryson now expects that the data storage provider will post earnings of $0.29 per share for the quarter, up from their previous forecast of $0.11. The consensus estimate for Western Digital’s current full-year earnings is ($2.21) per share. Wedbush also issued estimates for Western Digital’s Q4 2024 earnings at $1.62 EPS, FY2024 earnings at ($0.95) EPS, Q2 2025 earnings at $3.19 EPS and FY2025 earnings at $12.30 EPS.

Several other brokerages have also recently weighed in on WDC. Cantor Fitzgerald upped their price target on shares of Western Digital from $70.00 to $100.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Bank of America boosted their price objective on shares of Western Digital from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday. Mizuho boosted their price objective on shares of Western Digital from $66.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, April 9th. UBS Group boosted their price objective on shares of Western Digital from $65.00 to $80.00 and gave the stock a “neutral” rating in a research note on Monday, April 15th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Western Digital from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $45.00 to $65.00 in a research note on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $73.17.

Western Digital Price Performance

Shares of WDC opened at $66.05 on Friday. The company has a 50 day moving average price of $63.71 and a 200-day moving average price of $54.19. Western Digital has a fifty-two week low of $31.97 and a fifty-two week high of $76.92. The stock has a market capitalization of $21.52 billion, a PE ratio of -9.26 and a beta of 1.57. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.98 and a current ratio of 1.67.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Monday, January 29th. The data storage provider reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($1.30) by $0.61. Western Digital had a negative net margin of 19.90% and a negative return on equity of 19.45%. The firm had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $3 billion. During the same quarter in the prior year, the company earned ($0.69) EPS. The company’s revenue was down 2.4% compared to the same quarter last year.

Institutional Trading of Western Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC grew its position in shares of Western Digital by 10.9% in the fourth quarter. Signaturefd LLC now owns 2,577 shares of the data storage provider’s stock valued at $135,000 after purchasing an additional 254 shares during the period. Czech National Bank grew its position in shares of Western Digital by 0.5% in the first quarter. Czech National Bank now owns 57,050 shares of the data storage provider’s stock valued at $3,893,000 after purchasing an additional 261 shares during the period. Parkside Financial Bank & Trust grew its position in shares of Western Digital by 79.1% in the third quarter. Parkside Financial Bank & Trust now owns 747 shares of the data storage provider’s stock valued at $34,000 after purchasing an additional 330 shares during the period. Lindbrook Capital LLC grew its position in shares of Western Digital by 121.7% in the fourth quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider’s stock valued at $32,000 after purchasing an additional 337 shares during the period. Finally, Natixis Advisors L.P. grew its position in shares of Western Digital by 0.9% in the third quarter. Natixis Advisors L.P. now owns 37,156 shares of the data storage provider’s stock valued at $1,695,000 after purchasing an additional 338 shares during the period. Institutional investors and hedge funds own 92.51% of the company’s stock.

Insider Transactions at Western Digital

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

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.