Western Digital (WDC) Ascends But Remains Behind Market: Some Facts to Note

Western Digital (WDC) ended the recent trading session at $61.70, demonstrating a +0.23% swing from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 1.1%. Meanwhile, the Dow gained 0.91%, and the Nasdaq, a tech-heavy index, added 1.35%.Shares of the maker of hard drives for businesses and personal computers witnessed a loss of 11.33% over the previous month, trailing the performance of the Computer and Technology sector with its gain of 5.09% and the S&P 500's gain of 0.22%.The investment community will be closely monitoring the performance of Western Digital in its forthcoming earnings report. The company is expected to report EPS of $1.87, up 371.01% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $4.28 billion, up 41.08% from the prior-year quarter.For the full year, the Zacks Consensus Estimates project earnings of $7.14 per share and a revenue of $16.64 billion, demonstrating changes of +3670% and +27.99%, respectively, from the preceding year.Investors might also notice recent changes to analyst estimates for Western Digital. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 4.52% lower. At present, Western Digital boasts a Zacks Rank of #3 (Hold).Looking at valuation, Western Digital is presently trading at a Forward P/E ratio of 8.62. This valuation marks a discount compared to its industry's average Forward P/E of 13.85.The Computer- Storage Devices industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 76, finds itself in the top 31% echelons of all 250+ industries.The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.To follow WDC in the coming trading sessions, be sure to utilize Zacks.com.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Western Digital Corporation (WDC): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks