Western Digital (WDC) Exceeds Market Returns: Some Facts to Consider

In the latest market close, Western Digital (WDC) reached $73.43, with a +0.6% movement compared to the previous day. The stock outpaced the S&P 500's daily gain of 0.25%. Elsewhere, the Dow lost 0.29%, while the tech-heavy Nasdaq added 0.97%.The maker of hard drives for businesses and personal computers's shares have seen an increase of 10.79% over the last month, surpassing the Computer and Technology sector's gain of 0.06% and the S&P 500's gain of 3.51%.The investment community will be paying close attention to the earnings performance of Western Digital in its upcoming release. The company is predicted to post an EPS of $1.91, indicating a 376.81% growth compared to the equivalent quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $4.3 billion, reflecting a 41.8% rise from the equivalent quarter last year.For the annual period, the Zacks Consensus Estimates anticipate earnings of $7.32 per share and a revenue of $16.74 billion, signifying shifts of +3760% and +28.74%, respectively, from the last year.Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Western Digital. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Right now, Western Digital possesses a Zacks Rank of #3 (Hold).Valuation is also important, so investors should note that Western Digital has a Forward P/E ratio of 9.97 right now. For comparison, its industry has an average Forward P/E of 13.31, which means Western Digital is trading at a discount to the group.The Computer- Storage Devices industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 79, putting it in the top 32% 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.Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.Must-See: Solar Stocks Poised to SkyrocketThe solar industry stands to bounce back as tech companies and the economy transition away from fossil fuels to power the AI boom.Trillions of dollars will be invested in clean energy over the coming years – and analysts predict solar will account for 80% of the renewable energy expansion. This creates an outsized opportunity to profit in the near-term and for years to come. But you have to pick the right stocks to get into.Discover Zacks’ hottest solar stock recommendation FREE.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